Best Business Bank Accounts for Freelancers in Germany 2025
Business bank accounts comparison
Opening a business bank account is one of the first key steps for freelancers in Germany. The right account can save you time, reduce costs, and simplify your finances.
To make things easier, we’ve put together two comparison tables: one for free business accounts and another for paid options.
We selected business bank accounts for individuals starting as freelancers, small businesses, merchants, or partnerships (GbR). This comparison table is not for founders starting a corporation (UG, GmbH, etc.).
Tips for using the table
- You can compare two or more business bank accounts using the “Column Visibility” dropdown.
- You can also shortlist parameters vital for you in the “Parameter” dropdown and compare different business accounts.
Best free business bank accounts for freelancers in Germany
Free business accounts are a smart choice if you’re just starting or want to keep costs low. These accounts offer essential features like transfers, cards, and accounting integrations without a monthly fee.
NOTE: You must move to a paid business account sooner or later. So, pick the free account of the bank whose paid account also meets your budget and requirements.
Every business owner must open two business bank accounts with different banks. If one bank blocks your account, your business won’t stop. You’ll learn more about this later in the guide.
The table below lists the best free business bank accounts for freelancers in Germany.
Best free business bank accounts for freelancers in Germany
| VIVID | N26 | FINOM | ACCOUNTABLE | |
|---|---|---|---|---|
 |  |  |  |
|
| Account | Freelance Standard | N26 Business Standard A business account can only be opened if you do not have a private N26 account. | Finom Solo Fees are exclusive of VAT | Accountable Geschäftskonto |
| To the provider | Go to provider* | Go to provider* | Go to provider* | Go to provider* |
| New customer bonus | 3% 3% interest for 2 months | ❌ | ❌ | ❌ |
| RATINGS | ||||
| Finanzfluss (Higher the better) | 5.0 | 4.0 | 3.6 | 4.6 |
| Für-Gründer (Lower the better) | 1.4 | 1.7 | 1.8 | – |
| Bild.de ranking Top bank is ranked #1 | #1 | #3 | #2 | – |
| CUSTOMER REVIEW | ||||
| Google Play* | 2.7 (31,327 reviews) | 3.3 (145,462 reviews) | 4.1 (3,318 reviews) | 4.7 (3,288 reviews) |
| App Store* | 4.5 (16,271 reviews) | 4.8 (144,427 reviews) | 4.7 (3,245 reviews) | 4.7 (3,737 reviews) |
| Trustpilot* | 4.3 (15,466 reviews) | 3.4 (33,324 reviews) | 4.3 (6,547 reviews) | 4.8 (762 reviews) |
| Comments summary* | ➕ Quick account set-up ➕ User-friendly interface ➕ Good cashback benefits ➖ Delayed transfers ➖ Account access issues (e.g., frozen or blocked accounts) | ➕ Low-cost banking ➕ User-Friendly App ➖ Poor customer support ➖ Time-consuming verification ➖ Account access issues (e.g., frozen or blocked accounts) | ➕ User-Friendly App ➕ Responsive customer support ➖ Addition of new fees ➖ Required migration from Solaris | ➕ User-Friendly App ➕ Good customer support ➖Needs better invoice setup |
| ACCOUNT OPENING | ||||
| Identification procedure | E-Ident | Video-Ident | Video-Ident | Video-Ident E-Ident |
| Account switching service | ✅ | ✅ | ❌ | ✅ |
| ACCOUNT MANAGEMENT | ||||
| Number of free sub-accounts | 12 | 0 | 0 4€ per month per sub-account/wallet (with own IBAN) | 1 |
| Number of users you can add for free | 12 | 0 | 1 4€ per month per additional team member | 1 |
| Manage account access rights | ✅ | ❌ | ❌ | ✅ For tax consultants |
| Telephone/chat support | 💬 | 💬 | 💬 | 💬📞 |
| FEES | ||||
| Monthly account management fees | 0€ | 0€ | 0€ | 0€ |
| Cost per booking Bookings include transfers, credit notes, and direct debits. We consider these to be paperless bookings, meaning they are initiated online. | 0€ | 0€ | 2€ €0 for incoming transfers, €2 per outgoing transfer + 0.1% fee for each outgoing transfer and direct debit if the monthly turnover with SEPA outgoing payments and direct debits exceeds €25,000 | 0€ |
| Number of free bookings (per month) | Unlimited | Unlimited | Unlimited €0 for incoming transfers, €2 per outgoing transfer + 0.1% fee for each outgoing transfer and direct debit if the monthly turnover with SEPA outgoing payments and direct debits exceeds €25,000 | Unlimited |
| Real-time transfer | 0€ Sending & Receiving (0€) | 0€ Sending & Receiving (0€) Max. €10,000 per transaction. | 1€ to 5€ Sending (1€ to 5€) & Receiving (0€) Sending costs: 0-500€: 1€, 500-2,000€: 3€ over 2,000€: 5€ | 0€ Sending & Receiving (0€) |
| Cash deposit costs | ❌ | 1.5% Fee for participating trading partners | ❌ | ❌ |
| Fees to withdraw cash from ATM | 3% Free withdrawals per month: 200€ (min. of 50€) Fee for each additional withdrawals: 3% of the withdrawal amount | 2€ Free withdrawals per month: 2 withdrawals Fee for each additional withdrawals: 2€ | 1% to 8% 1% up to €500 3% from €500 to €2,000 5% from €2,000 to €5,000 8% from €5,000 | 0€ |
| Overdraft facility | – | 13.4% 8.9% above the interest rate on the ECB’s main refinancing operation | – | – |
| FOREIGN PAYMENTS | ||||
| Fees for transfers in foreign currency | Flat fee For incoming transfer in foreign currency: 5€ For outgoing transfer in foreign currency: 5€ | Percentage of transfer amount For incoming transfer in foreign currency: 12.50€ + 0.1% of the transfer amount. The maximum fee is €100. There is no fee for transfers up to €150. For outgoing transfer in foreign currency: Min. 0.47% of the transfer amount International transfers are possible via Wise. The fees depend on the currency and are at least 0.47%. | Percentage of transfer amount For incoming transfer in foreign currency: €5 For outgoing transfer in foreign currency: 5€ + 2% | Outgoing: 5€ + 0.6%–5% Incoming: Not possible |
| Card payment in foreign currency | 1% | 0€ Conversion at the real mid-market exchange rate without foreign currency surcharge | 3% | 2% |
| CARDS | ||||
| Debit Card |  0€ Virtual debit card: Unlimited free cards Physical debit card: Unlimited free cards |  0€ Virtual debit card only Physical debit card: Additional cards cost 10€ (One-time fee) | 0€ Virtual debit card: Unlimited free cards (1€ monthly fee for inactive cards) Physical debit card: 3 free cards – 3€ monthly fee (active card) – 0€ monthly fee (inactive card) | 0€ Digital debit card: 0€ Physical debit card: 7.50€ |
| Credit card | ❌ | ❌ | ❌ | ❌ |
| Girocard | ❌ | ❌ | ❌ | ❌ |
| ADDITIONAL FEATURES | ||||
| Cashbacks | Up to 1% cashback | 0.1% cashback | ❌ | 2% on every invoice Max. €250/year |
| Income/Expense analytics | ❌ | ✅ | ❌ | ❌ |
| ACCOUNTING | ||||
| Own accounting tool | ❌ | ❌ | ❌ | ✅ |
| Software integrations | HBCI: ❌ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other tools: Puls Project, Commitly, GetMyInvoices, MoneyMoney, Finanzguru, FastBill, easybill, BuchhaltungsButler | HBCI: ❌ DATEV: ❌ Lexoffice: ✅ SevDesk: ✅ | HBCI: ❌ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other tools: Zapier, Finom API, Debitoor, Sorted, NetSuite, Odoo, Accountable, GetMyInvoices, Addison, FastBill, Commitly, BMD, Agenda, Billomat, accountingButler, easybill, Sage, Zoho Books | HBCI: ❌ DATEV: ❌ Lexoffice: ❌ SevDesk: ❌ Other tools: Open Banking APIs (SaltEdge, Bridge, Linxo, Ponto, finAPI, Experian, MRH apps, BudgetBakers, Fino run, CRIF, SSP) |
| Built-in invoicing | ✅ | ❌ | ✅ Basic functions | ✅ |
Last updated on 27 June 2025
Best paid business bank accounts for freelancers in Germany
Paid business accounts offer more advanced features like
- multiple sub-accounts,
- higher transaction limits,
- and integrated accounting tools
The table below lists the best-paid business bank accounts for freelancers in Germany.
Best paid business bank accounts for freelancers in Germany
| VIVID | N26 | FINOM | QONTO | QONTO | ACCOUNTABLE | |
|---|---|---|---|---|---|---|
| | |  | | |
|
| Account | Business Basic | Business Smart A business account can only be opened if you do not have a private N26 account. | Start | Basic Fees are exclusive of VAT | Smart Fees are exclusive of VAT | Grow |
| To the provider | Go to provider* | Go to provider* | Go to provider* | Go to provider* | Go to provider* | Go to provider* |
| New customer bonus | 3% 3% interest for 2 months | ❌ | 30-day free trial | 30-day free trial | 30-day free trial | ❌ |
| RATINGS | ||||||
| Finanzfluss Higher the better | 4.7 | 4.4 | 4.2 | 3.3 | 3.3 | – |
| Für-Gründer Lower the better | 1.8 | 1.6 | 1.2 | 1.7 | 1.7 | – |
| Bild.de ranking Top bank is ranked #1 | #1 | #3 | #2 | #8 | #8 | – |
| CUSTOMER REVIEW | ||||||
| Google Play | 2.7 (31,327 reviews) | 3.3 (145,462 reviews) | 4.1 (3,318 reviews) | 4.4 (26,207 reviews) | 4.4 (26,207 reviews) | 4.7 (3,288 reviews) |
| App Store | 4.5 (16,271 reviews) | 4.8 (144,427 reviews) | 4.7 (3,245 reviews) | 4.8 (6,789 reviews) | 4.8 (6,789 reviews) | 4.7 (3,737 reviews) |
| Trustpilot | 4.3 (15,466 reviews) | 3.4 (33,324 reviews) | 4.3 (6,547 reviews) | 4.8 (29,399 reviews) | 4.8 (29,399 reviews) | 4.8 (762 reviews) |
| Comments summary | ➕ Quick account set-up ➕ User-friendly interface ➕ Good cashback benefits ➖ Delayed transfers ➖ Account access issues (e.g., frozen or blocked accounts) | ➕ Low-cost banking ➕ User-Friendly App ➖ Poor customer support ➖ Time-consuming verification ➖ Account access issues (e.g., frozen or blocked accounts) | ➕ User-Friendly App ➕ Responsive customer support ➖ Addition of new fees ➖ Required migration from Solaris | ➕ Business support from financial tools ➕ Good customer support ➖Addition of new fees ➖ Delays in onboarding or account verificaiton | ➕ Business support from financial tools ➕ Good customer support ➖Addition of new fees ➖ Delays in onboarding or account verificaiton | ➕ User-Friendly App ➕ Good customer support ➖Needs better invoice setup |
| ACCOUNT OPENING | ||||||
| Identification procedure | E-Ident | Video-Ident | Video-Ident | Video-Ident | Video-Ident | Video-Ident E-Ident |
| Account switching service | ✅ | ✅ | ❌ | ✅ | ✅ | ✅ |
| ACCOUNT MANAGEMENT | ||||||
| Number of free sub-accounts | 15 With your own IBAN | 10 With your own IBAN | Unlimited | 0 | 1 With your own IBAN | No info available |
| Number of users you can add for free | 15 | 10 | 2 €2 per month per additional team member. | 0 10€ per month per additional user with admin access. | 0 €10 per month per additional user with admin access. Accounting access is unlimited | No info available |
| Manage account access rights | ✅ | ✅ You can configure who can access which accounts. | ✅ | ❌ | ❌ | ✅ For tax consultants |
| Telephone/chat support | 💬 | 📞💬 | 💬 | 📞💬 | 📞💬 | 💬📞 |
| FEES | ||||||
| Monthly account management fees | 7€ 7€ per month for annual payment 9€ per month for monthly payment | 4.90€ | 7€ The account is free of charge if you can prove you are self-employed. Otherwise, 7€ per month for annual payments 9€ per month for monthly payments. | 9€ 9€ per month for annual payment 11€ per month for monthly payment | 19€ 19€ per month for annual payment 23€ per month for monthly payment | 15.50€ 15.50€ per month for annual payment 18.50€ per month for monthly payment |
| Cost per booking Bookings include transfers, credit notes, and direct debits. We consider these to be paperless bookings, meaning they are initiated online. | 0€ | 0€ | 0€ | 0.40€ | 0.40€ | 0€ |
| Number of free bookings (per month) | Unlimited | Unlimited | Unlimited + 0.1% fee for each outgoing transfer and direct debit if the monthly turnover with SEPA outgoing payments and direct debits exceeds €50,000 | 30 Real-time transfers are also free within the quota. | 60 Real-time transfers are also free within the quota. | Unlimited |
| Real-time transfer | 0€ Sending & Receiving (0€) | 0€ Sending & Receiving (0€) Max. €10,000 per transaction. | 0€ to 0.2€ Sending (0€) & Receiving (0.20€) | 0.4€ Sending (0.40€) & Receiving (0.40€) | 0.4€ Sending (0.40€) & Receiving (0.40€) | 0€ Sending & Receiving (0€) |
| Cash deposit costs | ❌ | 1.5% Fee for participating trading partners | ❌ | ❌ | ❌ | ❌ |
| Fees to withdraw cash from ATM | 1% | 2€ Free withdrawals per month: 3 withdrawals Fee for each additional withdrawals: 2€ | 0% to 8% 0% up to €500 1% from €500 to €2,000 5% from €2,000 to €5,000 8% from €5,000 | 2€ Free withdrawals per month: Plus Card (8€ per month, 5 free cash withdrawals) X Card (20€ per month, unlimited free cash withdrawals) | 2€ Free withdrawals per month: Plus Card (8€ per month, 5 free cash withdrawals) X Card (20€ per month, unlimited free cash withdrawals) | 0€ |
| Overdraft facility | – | 13.4% 8.9% above the interest rate on the ECB’s main refinancing operation | – | – | – | – |
| FOREIGN PAYMENTS | ||||||
| Fees for transfers in foreign currency | Flat fee For incoming transfer: 5€ For outgoing transfer: 5€ | Percentage of transfer amount For incoming transfer: 12.50€ + 0.1% of the transfer amount The maximum fee is €100. There is no fee for transfers up to €150. — For outgoing transfer in foreign currency: Min. 0.43% of the transfer amount International transfers are possible via Wise. The fees depend on the currency and are at least 0.43%. | Percentage of transfer amount For outgoing transfer in foreign currency: 5€ + 0.9% The fee to cover the international transfer costs is optionally €35 if the costs for the recipient are also to be covered. —- For incoming transfer in foreign currency: €5 and are credited in the foreign currency. —- For foreign payments in euros, a fee of €5 + 0.4% applies, with a minimum fee of €15 and a maximum fee of €100. | Percentage of transfer amount For incoming SWIFT transfer: 5€ per transfer — For outgoing international transfers – standard foreign currencies (USD, GBP, CHF): 0.8% per transfer (min. 5€ excl. VAT) — For outgoing international transfers – other foreign currencies: 1.8% per transfer (min. 5 € excl. VAT) | Percentage of transfer amount For incoming SWIFT transfer: 5€ per transfer — Outgoing international transfers – standard foreign currencies (USD, GBP, CHF): 0.8% per transfer (min. 5€ excl. VAT) — Outgoing international transfers – other foreign currencies: 1.8% per transfer (min. 5 € excl. VAT) | Outgoing: 5€ + 0.6%–5% Incoming: Not possible |
| Card payment in foreign currency | 1% | 0€ Conversion at the real mid-market exchange rate without foreign currency surcharge | 0%-2% 0% for card payments between € 0 – € 500. For payments beyond that, 2% fee applies. | 2% 2% exchange fee with the One Card (Mastercard, €5 per month); 1% exchange fee with the Plus Card (€8 per month) & no exchange fee with the X Card (€20 per month) | 2% 2% exchange fee with the One Card (Mastercard, €5 per month); 1% exchange fee with the Plus Card (€8 per month) & no exchange fee with the X Card (€20 per month) | 2% |
| CARDS | ||||||
| Debit Card | 0€ Virtual debit card: – Unlimited free cards Physical debit card: – Unlimited free cards | 0€ Virtual debit card: Physical debit card: – 2 free cards – Premium customers can receive them for free, but N26 Standard customers must pay 10€ (One-time delivery fee). | 0€-3€ Virtual debit card: – Unlimited free cards – 0€ for monthly management (active card) – 0.5€ for monthly management (inactive card) Physical debit card: – 3 free cards – 0€ for monthly management (active card) – 1€ for monthly management (inactive card) – For Solaris users, a single card may be issued per user | 0€-2€ Virtual debit card: – 2€ per card, per month Physical debit card: – 1 free One Card – Additional cards may be added | 0€-1€ Virtual debit card: – 50 free cards per month – 1€ per month for each additional card Physical debit card: – 1 free One Card – Additional cards may be added | 0€ Digital debit card: 0€ Physical debit card: 7.50€ |
| Credit card | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| Girocard | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| ADDITIONAL FEATURES | ||||||
| Cashbacks | Up to 1% cashback | 0.1% cashback | 2% This offer is limited in time. You can find the full terms and conditions at the Qonto’s website. | ❌ | ❌ | 2% on every invoice Max. €250/year |
| Income/Expense analytics | ❌ | ✅ | ✅ | ❌ | ✅ | ✅ |
| ACCOUNTING | ||||||
| Own accounting tool | ❌ | ❌ | ❌ | ❌ | ✅ | ✅ |
| Software integrations | HBCI: ❌ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other software: Odoo, Sage, Puls Project, Commitly, GetMyInvoices, MoneyMoney, Finanzguru, FastBill, easybill, BuchhaltungsButler | HBCI: ❌ DATEV: ❌ Lexoffice: ✅ SevDesk: ✅ | HBCI: ❌ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other software: Zapier, Finom API, Debitoor, Sorted, NetSuite, Odoo, Accountable, GetMyInvoices, Addison, FastBill, Commitly, BMD, Agenda, Billomat, accountingButler, easybill, Sage, Zoho Books | HBCI: ✅ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other software: Accountable, FastBill, Sorted, Zoho Books, firma.de, Xero, SIGNAL IDUNA, PrestaShop, Satispay, SumUp, Agicap, Google Sheets, iwoca, Notion, Slack, Make, Zapier, AWS Activate, OneDrive | HBCI: ✅ DATEV: ✅ Lexoffice: ✅ SevDesk: ✅ Other software: Accountable, FastBill, Sorted, Stripe, Zoho Books, firma.de, Xero, SIGNAL IDUNA, PrestaShop, Satispay, SumUp, Agicap, Google Sheets, iwoca, Notion, Slack, Make, Zapier, AWS Activate, Google Drive, OneDrive, Dropbox | HBCI: ❌ DATEV: ✅ Lexoffice: ❌ SevDesk: ❌ Other tools: Open Banking APIs (SaltEdge, Bridge, Linxo, Ponto, finAPI, Experian, MRH apps, BudgetBakers, Fino run, CRIF, SSP) |
| Built-in invoicing | ✅ | ❌ | ✅ | ✅ | ✅ All-in-one invoicing tool | ✅ |
Last updated on 27 June 2025
Best full-service business bank accounts for freelancers in Germany
Based on all of the factors, here are the best full-service business bank accounts for freelancers:
- N26 Business Smart*: It offers unlimited free transactions, including real-time transfers, up to 10 sub-accounts, and seamless integration with popular accounting software like Lexoffice and SevDesk.
- Vivid Freelance Standard*: It’s free to use and offers up to 12 sub-accounts, making organization easier.
Business bank accounts if you have a negative Schufa entry
A Schufa-free business account allows entrepreneurs to open a bank account with a negative Schufa or without a credit check. Two of the most popular banks that offer Schufa-free business accounts in Germany are:
- Offers 5 Schufa-free plans, including Finom Solo and Finom Start
- Supports all common legal forms
- Pros: Free physical and virtual cards, multiple sub-accounts, and invoicing software
- Cons: No cash deposit options are available yet
- Offers 7 Schufa-free plans, including Vivid Standard and Vivid Basic
- Supports all common legal forms
- Pros: Free physical and virtual cards, a user-friendly app, billing tools, interest on business deposits, and cashback rewards
- Cons: No sub-accounts and cash deposit options are available yet
If you’re exploring more options, here are other reliable providers that do not require a Schufa check:
- Volksbank Berlin Activ
- Qonto Basic
- bunq Pro
- Kontist Buchhaltung
- Sparkasse Frankfurt Plus
- DKB Business
Are business bank accounts truly free in Germany?
There are free business bank accounts. However, some banks advertise a “free” business account, but the reality depends on how you use it.
Here are some factors to consider:
Free accounts may charge per transaction, card use, or withdrawals
Additional services like accounting integrations or customer support might cost extra
Some providers are only free for the first few months
What should you consider when selecting a business bank account in Germany?
Choosing a business bank account means considering what fits your unique needs as a business owner. The best approach is to decide what features and costs matter most to you.
Here’s a breakdown of key criteria to simplify your decision-making process.
- Legal form: Your business’s legal structure determines which bank you can open a business account with. Not all banks in Germany offer business accounts for all legal forms.
- Bank Type (Branch, Direct, or Neobank): Neobanks and direct banks are often preferred for digital convenience and cost-effectiveness. If you value face-to-face service, branch banks are a better fit. Remember that service offerings vary. For example, branch banks offer free cash deposits. On the other hand, cash deposits or withdrawals are expensive with Neobanks.
- Costs: Standard fees include account management, transaction costs, card fees, and charges for additional services like software integrations. Some accounts offer free monthly transactions or bundled services (e.g., bank cards, sub-accounts).
- Cash Handling: This covers deposits and withdrawals from your business account. If you often deal with cash, choose a bank with low fees and a wide ATM network. Some banks offer free or limited free cash transactions.
- Bank Cards: Most accounts include at least one free Girocard or debit card, which are widely accepted among merchants. Usually, all neobanks offer free virtual cards, and you may pay a one-time fee for the physical card. A few banks also offer credit cards for a monthly fee.
- Loans: Many business accounts offer an overdraft facility, a short-term loan to help cover immediate expenses. For larger or long-term financing needs, it’s best to consider other loan options from the bank. Please note that if you don’t have a good Schufa score, open an account with the bank without an overdraft facility.
- Foreign Payments: Transfers within the SEPA area are treated like domestic payments and do not cost extra. However, fees can be much higher if you’re sending money outside SEPA or in a foreign currency. If you work with international clients, choose a bank that offers low-cost or free foreign transfers.
- Customer Service: All banks offer customer service via telephone or chat. However, branch banks are the right choice if you prefer face-to-face assistance.
- Additional Features: Many neobanks offer digital tools that streamline business management. Features may include DATEV integration, connections to accounting software, sub-accounts, multi-user access, and even cashback rewards.
How do you open a business bank account in Germany?
Follow these steps to open a business bank account in Germany.
- Decide which criteria (e.g., free transfers, transaction fees, etc.) are the most important for you.
- Compare business accounts to find business accounts that match your requirements.
- Apply at your preferred bank, either online or in person. Complete the application form and submit the required documents (e.g., business registration, commercial register extract).
- Set up online banking. After your application is approved, you’ll receive your login details within a few days. Log in to your online banking portal to manage your account, create sub-accounts if needed, and connect any tax or accounting software.
Is opening a business bank account mandatory for freelancers in Germany?
No, opening a business bank account is NOT mandatory for freelancers (Freiberufler) and small business owners (Kleingewerbe) in Germany. However, it’s highly recommended.
If you’ve chosen to set up a corporation, such as a UG or GmbH, you are legally required to open a business account. This is because the share capital must be deposited into a business account before a notary can register the company with the commercial register.
Not all banks in Germany offer business accounts for all legal forms.
Sole proprietors (Freelancers, Small businesses, and Merchants) have the most options when choosing a business account. However, only a few banks offer business bank accounts for corporations, such as UG and GmbH.
Why should you open a business bank account in Germany?
Freelancers (Freiberufler) and small business owners (Kleingewerbe / Gewerbebetrieben) are not required to open a business bank account in Germany. However, it’s highly recommended for the following reasons.
- Bank policies: Many banks don’t permit using personal checking accounts for business purposes. In this case, you must open a business bank account.
- Simpler bookkeeping: Separating personal and business finances makes it easier to stay organized, manage expenses, and file taxes. Business accounts also facilitate recordkeeping, as banks typically store statements for up to 10 years.
Difference between private and business bank accounts in Germany
A business bank account works similarly to and offers the same features (e.g., transfers, cash withdrawals) as a personal checking account. However, there are a few key differences between the two:
- Purpose and usage: A private account is meant for everyday personal use. A business account is designed to manage income and expenses related to your business or freelance work.
- Business tools and features:
- Unlike private bank accounts, business accounts retain statements and receipts for up to 10 years, making recordkeeping legally compliant.
- Many business accounts often offer additional services to make managing your business and taxes easier. These are
- Bookkeeping,
- Subaccounts,
- Option to give limited access to your account to your tax advisor,
- Adding team members, etc.
- Transaction Fees: Private accounts don’t charge transaction fees, but business accounts may charge for services like transfers, direct debits, or incoming payments.
How many business bank accounts do you need as a freelancer in Germany?
As a self-employed individual in Germany, you must have at least four bank accounts with different banks. This setup includes two business and two personal accounts, each serving a specific financial purpose.
You should also open accounts at different banks. The reason is diversification. German banks have the right to block your account without reason.
Suppose your bank account gets blocked. In this case, you must have a second account to keep running your business and pay for your personal expenses.
If your bank offers subaccounts, managing your finances is even easier. The table below shows how to manage your bank accounts.
| BUSINESS ACCOUNTS | ||
|---|---|---|
| Bank 1 | Main Business Account | For receiving client payments and handling daily business transactions. You put this account’s IBAN in your invoices. |
| Bank 2 | Backup business account + Big purchases account | This is your backup account. Also, mention this account on your invoices. You can use this account to set aside money for regular purchases like a new laptop, smartphone, or larger investments such as a car or property. |
| Subaccount in one of your banks | Tax Reserve Account | For paying taxes (e.g., income tax, VAT, trade tax) |
| PRIVATE ACCOUNTS | ||
| Bank 3 | Main Personal Account (Checking account) | For personal spending and bills. You can create subaccounts to separate fixed costs (e.g., rent, utilities) and variable costs (e.g., travel, food). This will give you a better overview of your expenses and areas where you can cut down costs. |
| Bank 4 | Backup + Big purchases account (Daily account) | Similar to "business purchases account", it’s you backup account. If your Bank 3 blocks you account, you can use it to pay daily expenses. You should regularly set aside money for planned big purchases, holidays, etc. Open a daily account (Tagesgeldkonto) to earn some interest. |
| Subaccount in one of your banks | Emergency Savings Account | This is for financial security in case of illness or slow business periods. Aim to cover 3 to 6 months of living and business expenses. |
| Trading account (Depot) | Retirement or Investment Account | For long-term wealth building (e.g. ETF portfolio) You should open new trading accounts with different brokers as your portfolio grows. This reduces the risk of losing all your money if the broker goes bankrupt. |
What are the advantages of having a multi-account system for freelancers?
Freelancers don’t receive a fixed monthly salary like employees, which makes financial planning more complex. This is why a multi-account system is helpful. It offers
- Clarity & Control: Multiple accounts help you separate income, taxes, expenses, and savings, so you always know where your money goes.
- Plan for Future Purchases: You can slowly save for expenses like a laptop, phone, or company vehicle.
- Build Wealth & Financial Security: Set aside money regularly for retirement or emergency funds. As a self-employed individual, you must take care of your retirement. There are no employer-funded pension plans for business owners in Germany.
However, having multiple bank accounts also has a disadvantage. It’s time-consuming to manage so many accounts, and some people may find managing multiple accounts overwhelming.
Can you open a business bank account despite a Schufa entry?
YES, you can open a business bank account even if you have a negative Schufa entry.
Many neobanks (online banks) offer basic business accounts without overdraft options. Since there’s no credit risk, these accounts typically don’t require a Schufa check. This makes them a good option for freelancers, founders, or self-employed individuals with limited credit history or a low Schufa score.
However, if you want a business account with an overdraft or credit line, the bank will perform a Schufa check before approval.