Bank Account for Self-Employed in Germany
As a self-employed individual, it is crucial to effectively manage your finances and maintain transparency with the tax office. Failing to do so can result in consequences. When reporting payment information to the tax office, it is important to distinguish between personal and business payments, which can be time-consuming.
Separating your personal and business finances is essential. Mixing them in a single account can create confusion and make it challenging to differentiate between the two in the future. By maintaining separate accounts, you not only enhance your chances of success as an entrepreneur but also ensure compliance with German financial regulations.
In summary, although it is not mandatory for self-employed individuals or freelancers to have a business account, I highly recommend getting one. Read our FAQ’s about German bank accounts for self employed!
Your Options
As a self-employed individual or freelancer, there is no legal obligation to open a separate business account. You have the option to either use your personal checking account for your business finances or open a dedicated business account to keep your personal and business finances separate. The choice is yours to make. Explore the respective provider by clicking on the logo. Read our FAQ’s about German bank accounts for self employed! .
Commerzbank
Commerzbank is a leading German financial institution supporting around 30,000 corporate customer organizations and more than 11 million private and business customers in over 40 countries.
Opening a business account at Commerzbank is simple and fast: you can enter your data, such as name, date of birth, and address, and directly enter your desired access data for online banking. After entering the data, you will already see your future account number (IBAN). Then you need to download the app, register, and that’s it.
Commerzbank advantages for your business
To open a bank account with Commerzbank, you must be registered in Germany and be at least 18 years old. Opening a bank account with Commerzbank has many advantages, which we would like to introduce to you:
ClassicKonto – Get-to-know offer
Current offer: the account is free for 7 months. After that it costs 12,90€/ month
Low-priced and reliable basic account – ideal for newcomers, self-employed persons, and legal entities.
Included for you:
Founder Offer
Current offer: 17,90€/month for 25th months. After that 29,90/month.
Discounted premium business accounts for companies in startups or younger than 3 years.
Included for you:
Premium Business Account
Price: 29.90/ month
Comprehensive business account for established companies – with many services included for your daily transactions.
Included for you:
Qonto
Qonto is an online bank account designed specifically for business owners and small startups. With Qonto, entrepreneurs need to spend less time on banking and can focus on running their businesses. It takes only a few minutes to register a Qonto account.
Invoice-tracking special: Interestingly, business account holders at Penta can get their invoices tracked and automatically be compared so that you see which invoices have not been paid. It might be helpful for those who tend to forget to pay bills.
Qonto – Basic
The essentials for managing your activity as a self-employed worker
Qonto- Smart
A complete account to make banking, bookkeeping and invoicing simple
Qonto- Premium
The plan that includes all our features plus priority support
Holvi
Holvi is a user-friendly banking solution designed for freelancers, entrepreneurs, and small businesses. It offers a range of features and tools to simplify financial management and streamline business operations. With Holvi, users can easily manage their business finances, from invoicing and expense tracking to cash flow management. Transactions are automatically categorized for easy monitoring and analysis. The platform integrates with popular accounting software, making bookkeeping seamless and ensuring accurate financial records.
Holvi also provides a prepaid Mastercard for convenient payments and cash withdrawals. It is especially beneficial for freelancers, expats, and small business owners who want a modern and efficient banking solution tailored to their needs. By offering a comprehensive suite of features, Holvi empowers entrepreneurs to focus on their core business activities and achieve financial success.
Holvi advantages for your business
Holvi Lite
Holvi Pro
Deutsche Bank
An essential base for your business is your stable corporate and business account. Because no two companies are alike, Deutsche Bank’s business account service mechanisms are designed to meet the specific needs of each business. A robust base system increases your transparency, openness, and convenience at competitive rates.
If you don’t speak German and wish to remain independent concerning your financial affairs, you should get a bank account at Deutsche Bank. It may be more costly, but they offer you all services in English – apart from the application form and mobile banking. Every Deutsche Bank branch has at least one team member that speaks English.
The customer hotline has English employees whose service you can request upon calling. They have branches worldwide, and Online banking is also available in English. And you can be sure it won’t go bankrupt – after all, it’s Deutsche Bank.
Deutsche Bank advantages for your business
Basic for 12,90 Euro/month.
Classic for 19,90 Euro/month
Premium for 34,90 Euro/month
FAQ – Open a German Bank Account for Self-Employed
Table of Contents
Why should I open a business account?
As a self-employed individual, opening a business account offers several benefits and advantages. Here are some reasons why it is recommended:
In summary, while opening a business account may not be mandatory for all self-employed individuals, it is highly recommended due to the advantages it offers in terms of financial management, compliance, professionalism, and growth potential. It simplifies your financial processes, helps separate personal and business funds, and contributes to your success as an entrepreneur.
Do I need a business bank account if I’m self-employed?
Having a business bank account is not a strict requirement for self-employed individuals. You can utilize your personal bank account for your business transactions. However, opting for a separate business account offers advantages in terms of financial organization and cash flow management. By keeping personal and business transactions separate, you can better track your finances and ensure clarity in your business operations.
Does German law require a business account?
According to German law, if your business is structured as a corporation such as GmbH, UG, AG, eG, KGaA, or eV, it is mandatory to maintain a dedicated business bank account. This means that you cannot manage the financial transactions of your corporation through your personal bank account. The requirement for a separate business account ensures proper financial management and accountability for corporate entities. By adhering to this legal requirement, you can maintain clear and transparent financial records for your business, ensuring compliance with German regulations.
Advantages of a Traditional Bank Branch:
A traditional branch bank refers to a physical bank with multiple brick-and-mortar locations where customers can visit in person to conduct their banking transactions. These banks offer face-to-face interactions with bank representatives, providing personalized advice and assistance. They typically have a wide range of financial products and services available, including business accounts for various legal forms. Traditional branch banks often have established relationships with local communities and may offer additional services such as financial grants and subsidies.
Advantages of a Direct Bank:
On the other hand, a direct bank operates solely online without physical branches. These banks provide their services digitally, allowing customers to manage their accounts and perform transactions through online platforms and mobile apps. Direct banks often emphasize convenience and innovation, offering user-friendly interfaces, efficient online banking experiences, and quick access to financial information. They may cater to a tech-savvy customer base and often provide services in multiple languages, including English. Direct banks are known for their streamlined processes and may offer competitive fees and rates due to lower overhead costs associated with operating physical branches.