A current account – why, what for, and how come?

Are you one of those people who are glad to leave the tiresome topic of finances to Mom and Dad? Understandable – money matters trigger reluctance and aversion in many. But don't worry: Today we'll give you a concise overview of the topic. Based on this, you can easily choose the account that's perfect for you.

First, a few general facts about current accounts : A current account primarily serves to handle everyday financial transactions. You can use it to, for example, deposit and withdraw cash, receive salary and student loan payments, make transfers and direct debits, and set up standing orders. And with many providers, you can even go into overdraft if you're in a pinch.

Account, open up! Here's how to access student benefits.

To open a student account, you generally need to meet two requirements:

Study. You must prove your student status with a certificate of enrollment. The bank may request this proof again later.

Being young. It's somewhat unfair, but that's how banks do it: often a maximum age limit is specified, which is usually between 25 and 30 years.

You can open an account either in a branch or online. In a branch, you only need to bring your ID card . Online, verification is done via the PostIdent procedure , which is free of charge and can be carried out at a post office. Once the formalities are completed, it takes a maximum of a few days before you can use your account.

If you no longer need your checking account, you can close it at any time. However, the law stipulates that the notice period must not exceed one month, and even then, only if this has been explicitly agreed upon beforehand.

Bank account instead of piggy bank – here's how!

Student checking accounts are almost always completely free to manage. However, you should also pay particular attention to the following points:

Free of charge : Not only should account management be free, but also cash withdrawals. Ideally, neither a minimum balance nor a regular monthly deposit should be required.

Flexible banking : Purely online banks, so-called direct banks, do not offer branch services. While you can make cash deposits at other banks, these are subject to fees. Money-saving tip: The deposit service at the Deutsche Bundesbank costs only €1!

Interest on credit balances : A current account is not a savings account. Your balance will generally either not earn any interest or only very little. However, even an interest rate of less than 1% can pay off in the long run.

Low overdraft interest rates : Students are usually only eligible for overdraft facilities if they can demonstrate a regular income, such as a part-time job. Anyone who anticipates going into overdraft should ensure that the overdraft interest rate is in the single digits, i.e., below 10%.

Free bank and credit cards : Necessary and practical for withdrawing money and making payments. You'll especially need a credit card for online shopping or when traveling abroad. Since students usually don't have a high income, the credit limit is manageable, usually under €1,000.

Easy access to cash : If you live in a large city, the number of ATMs where you can withdraw money free of charge is certainly sufficient. A comprehensive ATM network is also a great advantage when traveling abroad.

Extras : To attract students early on, many financial institutions lure them with attractive bonus offers, from free starting credit to additional debit cards.

Under the magnifying glass: the fine print

To save you the tedious task of comparing, we've meticulously analyzed the top ten student bank accounts and compared them based on the criteria mentioned above. * Simply click on the table above for a larger view. You'll also find our personal recommendation there.

allmaxx recommends: Postbank Giro plus

And the winner is… the Postbank Giro plus account ! The €100 starting credit is simply unbeatable. It's available until the end of the year for all students aged 22 and over. Postbank offers the expert advice of a traditional bank branch combined with the convenience of online and telephone banking. Additional perks, such as a free savings account or fuel discounts at Shell, make the decision easier. You can find an overview of all the benefits here .

Finally, one more tip . As unappealing as it may seem: Before choosing a financial institution, you should carefully examine the individual offers. Banks frequently change their rates. An offer that seems particularly attractive today might only be valid with restrictions tomorrow and then only be considered average.

* All statements without guarantee.