GiroDirekt

Introduction

The GiroDirekt from 1822direkt, a direct-banking brand of Frankfurter Sparkasse, is an online current account aimed at customers who want an affordable salary account combined with access to the Sparkasse ATM network in Germany.

Fees

Account management is free with a monthly incoming payment of at least 700 euros, or for account holders under 30. If neither condition is met, a monthly account fee of 4.90 euros applies.

Bonus and Features

Opening the account comes with a bonus of 170 euros. This requires opening the current account with a regular monthly incoming payment, as well as applying for and actually using a Visa credit card. In addition, new customers receive 3.20 percent interest per year on an automatically co-opened overnight savings account (Tagesgeldkonto) — an attractive extra incentive, though it is tied to opening the new savings account and may be time-limited.

The payment card is a girocard with V PAY, which is free. Anyone wanting a credit card can choose between the Visa Classic (free in the first year, then 3 euros per month or 36 euros per year) and the Visa Gold (free in the first year, then 6 euros per month or 72 euros per year). Cash withdrawals are free at Sparkasse ATMs in Germany with the girocard, as well as at supermarkets via the cash service. With the Visa card, withdrawals within Germany and the eurozone are fee-free from 50 euros.

The 1822direkt app lets customers check their balance and transactions at any time, make transfers, set up standing orders, and find nearby ATMs.

Who It's Suitable For

The GiroDirekt suits working professionals with monthly incoming payments of at least 700 euros as well as people under 30 looking for a free account with access to the dense Sparkasse ATM network. Anyone who also wants to open an interest-bearing overnight savings account will benefit from the combination of current account and savings account.

Verdict

With a 170-euro bonus, an additional interest-bearing overnight savings account, and free withdrawals at Sparkasse ATMs, the GiroDirekt offers a well-rounded package, provided the conditions for free account management and the bonus are met. Anyone who regularly uses a credit card should factor in the costs from the second year onward.