Open A Bank Account Without Schufa in Germany [Girokonto Ohne Schufa]

Key Takeaways

• Opening a bank account without a Schufa Score in Germany is tough, but it’s not impossible.
• Schufa Score helps banks assess your creditworthiness. A bad or no Schufa Score usually results in the rejection of your application to open a bank account.

This is how you do it

• If a bank rejects your account opening application, you should request a copy of your Schufa data and review it for errors.
• You can open a Basic Account (Basiskonto). Every EU national and resident can open a Basic Account, regardless of their Schufa score.
• Look for alternative banks that offer bank accounts without Schufa or with less strict criteria.
• Consider bank accounts that do not offer credit cards or overdraft facilities.

Table of Contents

What is a Schufa rating?

Schufa is an agency that gathers customer data from various insurance and financial companies. It assigns a Schufa score or rating to each customer based on data such as their personal and financial information, which include

• loans
• leases
• bank accounts 
• credit cards
• installment transactions

Banks and financial institutions use these scores to learn more about customers’ creditworthiness. 

Why is a good Schufa rating important when opening a bank account in Germany?

Here are the reasons why German banks check your Schufa score before opening an account.

• Banks don’t know anything about you. Schufa rating gives banks an insight into your financial history.
• Schufa is an independent body, and banks can trust their data’s authenticity.
• Many banks offer overdraft facilities or free credit cards to their customers. It’s vital for banks that the customer can repay the credit. The Schufa Score helps banks assess this requirement.

Besides opening a bank account, a good Schufa score also increases your chances of being approved for

• Loan (Car loan, personal loan, etc.)
• Credit cards
• Online shopping (installment payment)
• Phone (installment payment)
• Getting a rental property. Landlords ask potential tenants for their Schufa score to assess their financial standing. Landlords want to ensure that the tenant can pay the rent.

However, there could be cases where you don’t even have a Schufa Score. For example, you are new to Germany and want to open your first bank account.

What can you do in such situations? Let’s check.

How do you open a bank account with a bad Schufa rating

Banks often reject applications to open a bank account from customers with

• a bad Schufa rating or
• those who don’t have a Schufa Score. 

However, you still have three ways to open a bank account without a Schufa rating.

Open a bank account with a bank that doesn’t require a Schufa Score

Some banks do not check your Schufa Score when opening an account. This is common to

• Banks that are new to the market: These banks want to attract new customers. Thus, have more lenient acceptance criteria. 
• Banks outside of Germany: These are banks outside Germany but within the European Union. They don’t have a German IBAN.
• Fintechs or online banks: These banks don’t have a physical branch. They are ideal for individuals who prefer cashless transactions or banking via smartphone.

Here are the banks that don’t require a Schufa Score when opening a bank account.

• Bunq
• Monese
• Revolut
• Tomorrow
• Wise
• Vimpay
• Vivid Money

The following digital banks require a Schufa Score when opening a bank account in Germany.

• C24*
• N26*
• Openbank

NOTE: Bank policies change over time. Make sure to verify the latest information with your preferred bank before proceeding with any applications.

Open a free bank account with C24 (Smartkonto)

• Best free bank account in Germany
• 1.75% interest on checking account
• 2% interest on daily account (Tagesgeldkonto)
• 0.05% cashback on every transaction
• 4 free ATM withdrawals worldwide

Go to C24*

Open a free bank account with N26 (Standard)

• Free bank account
• 1% interest on savings account
• 2 free ATM withdrawals in Germany
• Free trading account

Go to N26*

Choose a bank account that does not offer a credit card

Banks that offer credit cards and overdraft facilities typically have stricter Schufa assessments. Since these services allow customers to spend money without immediate payment, the customer’s creditworthiness is an important consideration for the bank.

If you are rejected by banks that offer credit cards, you may consider alternatives such as

• Banks that issue only debit cards
• Banks that issue only prepaid cards
• Banks that do not grant overdraft facilities

With debit and prepaid cards, you can only spend the money that is in your bank account. As a result, Schufa assessments tend to be less strict than those that offer credit cards.

For example, Revolut doesn’t offer credit cards or an overdraft facility. Thus, opening an account with Revolut is easier than with C24* or N26*.

Open a basic account (Basiskonto)

A basic account (“Basiskonto”) is a checking account with limited features. Everyone who is a legal resident in the European Union (including expats and refugees) and doesn’t have a bank account can open a Basic Account in Germany.

Banks in Germany cannot reject an application to open a basic account. A bank can only reject the Basic Account application if you already have a bank account with another bank in Germany. Moreover, banks must give you the reason for rejection in writing. 

Your Schufa Score plays no role in opening a Basic Account in Germany.

What can you do if a bank rejects your application to open a bank account in Gemrany?

Suppose a bank rejects your application to open a bank account. However, you believe that you have a good financial record. 

In this case, you should request a free copy of your Schufa data and review it for potential errors. Wrong information can negatively affect your score.

You should check

• Is your information accurate?
• Are details, like dates and totals, recorded correctly?
• Are the records up to date?

If you identify any errors, submit a written request to Schufa to have them corrected or deleted. You have the right to have Schufa’s records fixed, and Schufa must do it free of charge.

How much does a checking account cost despite a bad Schufa rating?

Bank account fees are the same for all customers, irrespective of their Schufa Score. Some banks offer free checking accounts, and others charge monthly fees.

When opening a bank account in Germany, you must check the following bank fees.

• Account management fee
• ATM Withdrawal costs
• Cash deposit fee
• Credit card fee (if applicable)

We find C24 Bank’s* free checking account to be the best in Germany. However, it offers services only in German. If English service is important for you, N26* and Revolut are other options.

Open a free bank account with C24 (Smartkonto)

• Best free bank account in Germany
• 1.75% interest on checking account
• 2% interest on daily account (Tagesgeldkonto)
• 0.05% cashback on every transaction
• 4 free ATM withdrawals worldwide

Go to C24*

Open a free bank account with N26 (Standard)

• Free bank account
• 1% interest on savings account
• 2 free ATM withdrawals in Germany
• Free trading account

Go to N26*

FAQ

Can I improve my Schufa rating?

Yes, you may improve your Schufa score. Check out this guide to learn more about how you can assess and improve your Schufa score.