A basic account is a payment account that you can use like a current account. You can use the basic account to deposit and withdraw money or to make direct debits, transfers and payment card transactions.

What is special about the basic account, however, is that special protective regulations apply. For example, you have special protection against termination and the bank may only charge reasonable fees for account management.

Any consumer who is legally resident in the European Union is entitled to conclude a basic account agreement. You can also open a basic account if you do not have a permanent residence or are seeking asylum. Even if you do not have a residence permit but cannot be deported for legal or factual reasons (tolerated persons), you are entitled to a basic account.

When opening an account, however, you must provide a postal address (e.g. from friends or a family member).

In principle, every bank that offers payment accounts to consumers must provide basic accounts. A bank may only refuse your application for a basic account if there is a legal reason for refusal.

The bank may therefore only reject the application

• if a payment account has already been set up with a bank and can be used,
• if the applicant has been convicted of an intentional criminal offense against the bank, its customers or employees in the last three years, or
• if the applicant is already the holder of a basic account with the same bank and this account has been justifiably terminated due to late payment
• if provisions for the prevention of money laundering and terrorist financing require an institution to refuse to open an account

Note: You can also apply for the basic account to be managed as a seizure protection account.