DKB Tagesgeld

Introduction

The DKB instant-access savings account is aimed at savers who are already DKB customers or who want to open a checking account with the bank anyway, and who want to invest their money flexibly with no fixed term. It works as a complement to an existing checking account and suits reserves that need to be accessible at any time.

Interest rate

DKB Tagesgeld pays a variable rate of 1% p.a. A separate, time-limited promotional rate for new customers is not listed on the offer page — the 1% p.a. rate applies indefinitely under DKB's current price and service schedule and can be adjusted by the bank at any time. Interest is credited quarterly, creating a compounding effect.

Terms and conditions

There are no minimum or maximum deposit amounts, so the investment amount is not capped. The savings account itself has free account management. However, it requires an individual or joint checking account with DKB to serve as the settlement (reference) account — existing DKB customers can simply add the savings account, while new customers must first open a checking account with DKB. There is no fixed term, and the balance remains fully flexible to access.

Pros and cons

Pros:

• Free account management with no minimum or maximum deposit
• No fixed term, full flexibility of access
• Quarterly interest crediting with a compounding effect
• Easy setup for existing DKB customers

Cons:

• No time-limited new-customer rate, resulting in a comparatively moderate rate of 1% p.a.
• A DKB checking account is a mandatory requirement — new customers must open one first
• The rate is variable and not guaranteed

Verdict

The DKB savings account offers a solid but unremarkable rate of 1% p.a. with no time limit or teaser offer — but in return there are no investment caps and simple management for customers who already have a DKB checking account or want to open one. Savers primarily looking for the highest possible rate who don't already have a DKB checking account should compare this against other banks' time-limited promotional offers before opening a new checking account just for this.