Postbank Tagesgeld

Introduction

Postbank Tagesgeld is a simple, fee-free instant-access savings account for savers who want to keep their money flexibly available with no notice period. It works well as an emergency reserve or for capital parked short-term, but less so for savers looking for a high interest rate.

Interest rate

Postbank Tagesgeld pays 0.75% p.a. on the balance. This is a variable rate with no time-limited promotion - so there is no separate, higher introductory rate for new customers, but also no deadline after which the rate automatically drops. The bank can adjust the rate at any time, however; there is no guarantee on the 0.75% p.a.

Terms and conditions

The minimum deposit is EUR 0.00; no maximum deposit is stated on the offer page. Account management is free at EUR 0.00 per month, and interest is credited quarterly. There is no notice period, withdrawals are possible at any time, and no fees apply for deposits or withdrawals. Since the savings account is not authorized for payment transactions, a reference account is required - this can be held at Postbank itself or at another bank, so a Postbank checking account of your own is not mandatory. Opening the account requires identity verification via video or the PostIdent procedure.

Pros and cons

Pros:

• No minimum deposit required
• Free account management with no monthly fees
• No notice period, available at any time
• Reference account can also be held at another bank
• No fees for deposits and withdrawals

Cons:

• No time-limited new-customer rate, resulting in a comparatively low rate of 0.75% p.a.
• The rate is variable and not guaranteed
• A reference account is mandatory
• Identity verification required when opening the account

Verdict

Postbank Tagesgeld is an uncomplicated, free instant-access account with no teaser offer: the rate of 0.75% p.a. applies equally to new and existing customers, with no time limit, but also no prospect of a higher introductory rate. Anyone who values flexibility, no minimum deposit and simple account management most will find a solid, if middling, solution here in terms of return. Savers looking for the highest possible rate should compare this 0.75% p.a. against other banks' time-limited promotional offers.