Stadtsparkasse München redefines “saving”!
Stadtsparkasse München recently caused a stir with a new account management fee model. It is introducing four new models. Here is a brief overview:
1. the basic model for € 2.95
With this model, pretty much everything costs money. Bookings cost 49 cents. So if you have a lot of standing orders or do a lot of online shopping, it can be expensive. The first account statement is free. Each additional one costs 50 cents. The Sparkassen-Card costs 15 euros. Cash withdrawals should cost 49 cents from the first withdrawal. More on this later.
2. Munich Giro Compact for €4.95
The Munich Giro Compact includes 20 bookings. A whole 20! Less is more! Each additional transaction costs 35 cents. Cash withdrawals should also cost 35 cents. Cash withdrawals at the counter, on the other hand, cost 4.90 euros after two free withdrawals.
3rd Munich Giro Extra for €9.95
München Giro Extra includes 50 free transactions. However, transfers at ATMs cost 1 euro and by telephone banking 2 euros per transfer.
4th Munich Giro Premium for €11.95
This brings us to the last fee model. This account management model includes all essential components free of charge. Just to mention in passing: the counterpart to this previously cost 8.45 euros per month.
The savings bank has been heavily criticized for this. Consumer associations advise switching banks. The principle is not new either! Many online banks already use this type of fee model. There is just one crucial difference: there are no basic fees!
In the meantime, Stadtsparkasse München has already rowed back a little. Cash withdrawals from ATMs are now to remain free of charge. And the free cash withdrawals at the counter are to be increased to four per month out of consideration for older people, before they then cost 4.90 euros. Payments with the Sparkassen-Card are free of charge up to 10 euros per transaction. The extent to which these changes are intended to reflect positively on Stadtsparkasse München remains questionable.
If you are affected by this and would now like to switch to another bank, you can use the new bank’s account switching service. This is usually uncomplicated and free of charge. Find out more here: Change your bank? It’s quick and free!
Nevertheless, we recommend that you check your file with the bank beforehand. This is because the new bank will find out everything that the old bank already knew! You can use our PepperPapers legal document: What does the bank know about you?
