Tagesgeldkonto

Introduction

comdirect's Tagesgeldkonto is a free instant-access savings account aimed both at new customers wanting to benefit from a current promotion and at savers willing to open a comdirect checking account at the same time to get the highest interest rate.

Interest rate

As a stand-alone savings account, comdirect currently pays a promotional rate of 1.5% p.a. "until further notice" on balances of up to EUR 5,000,000, with permanently free account management. If the savings account is opened together with a comdirect checking account, the rate rises to 1.75% p.a., plus a bonus of up to EUR 100. For balances above EUR 5,000,000.01, the then-current standard terms apply. Important: the promotional rate applies "until further notice", meaning it has no fixed end date, but comdirect can end it at any time — after which the standard terms model would normally apply, which according to the price and service schedule provides for a rate of 0.75% p.a. with a monthly account fee of EUR 1.90.

Terms and conditions

There is no fixed term and no notice period; the balance is available daily in any amount. As long as the current promotion runs, account management is, contrary to the standard price and service schedule, permanently free. The offer is aimed at adults resident in Germany who were not already comdirect customers in the six months before account opening. A comdirect checking account of your own is not required to open the savings account alone, but is required for the higher rate of 1.75% p.a. and the bonus.

Pros and cons

Pros:

• 1.75% p.a. plus up to EUR 100 bonus when opening a checking account at the same time
• Still 1.5% p.a. without a checking account, on balances up to EUR 5,000,000
• Currently permanently free account management
• No fixed term or notice period

Cons:

• Higher rate (1.75%) only with a simultaneously opened checking account
• Promotional rate applies only "until further notice" and can end at any time
• After the promotion ends, the price and service schedule indicates a drop to 0.75% p.a. with a monthly account fee of EUR 1.90
• Offer only for genuine new customers with no comdirect relationship in the last six months

Verdict

comdirect's savings account currently offers an attractive rate, especially combined with a new checking account (1.75% p.a. plus bonus). Savers should keep in mind, though, that this is an open-ended but freely revocable promotional rate — the standard terms on file in the price and service schedule are markedly lower, at 0.75% p.a. plus a monthly fee of EUR 1.90. Anyone signing up now benefits from good terms, but should keep an eye on how the promotion develops.