6900 models at a glance: Bafin's comparison portal for current accounts
After long delays, Bafin has completed a portal for finding the right payment account. Costs and services can be compared.
(Image: Tatiana_Kuzmina/Shutterstock.com)
The EU has been demanding an independent and free comparison of current accounts for years. After a false start five years ago, such a portal is now also available to consumers in Germany. The Federal Financial Supervisory Authority (Bundesanstalt fĂĽr Finanzdienstleistungsaufsicht, Bafin) launched a corresponding website on Wednesday. It provides an overview of almost 6900 different account models from around 1100 financial service providers for private individuals. In addition to offers from traditional banks and savings banks, it also includes those from neo-banks and fintechs.
Information such as monthly fees, prices for debit and credit cards as well as credit and overdraft interest rates can be compared. It is often advisable to take a look at the small print. "With some accounts, the monthly fee for account management already includes certain payment services," Bafin gives an example. Additional costs may then be incurred for other services: "For example, for depositing or withdrawing cash and transferring funds by direct debit, card payment or bank transfer." Some accounts are also linked to conditions such as a monthly cash inflow. Not all details can be presented immediately, explains the authority: "Please contact the account provider for details."
The account models are presented on the platform using 27 comparison criteria. Users can narrow down the offer using search and filter functions. For example, it is possible to specify features for a desired account, with aspects such as account management fees, free cash withdrawals abroad or the issue of a credit card. Search results can be saved online, forwarded and downloaded. Bafin emphasizes that cookies are not necessary for this.
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Inclusion in the directory is not a seal of approval
The background to this is the EU Payment Accounts Directive, according to which consumers are entitled to at least one relevant online comparison for current and basic accounts. Despite criticism, the German government initially decided to implement this requirement with the private service provider Check24. Its portal was launched in August 2020 – and went offline again in January 2021: Consumer advocates sued for insufficient market coverage of the portal and were upheld in court. The legislator then commissioned Bafin with the project via the Payment Accounts Act.
"Without a current account, there is no rental agreement, no incoming salary and no online order," says Thorsten Pötzsch, Bafin's Executive Director for Securities Supervision, explaining the importance of the initiative. The new website offers "a comprehensive overview", said Federal Consumer Protection Minister Steffi Lemke (Greens). Finance Minister Jörg Kukies (SPD) added that the offer creates "transparency on the current account market". Consumers could thus "choose the right account for them in an informed manner". The account providers themselves are responsible for the accuracy of the information. However, Bafin carries out "random quality checks". According to Bafin, inclusion in the comparison is not to be understood as a seal of approval.
(mma)
