A basic account is a payment account that you can use just like a checking account. You can use the basic account to deposit and withdraw money, as well as to make direct debits, wire transfers, and payment card transactions.

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

Every consumer who is legally residing in the European Union is entitled to open a basic account. You can open a basic account even 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 the account, however, you must provide a mailing address (for example, that of a friend or family member).

In principle, every bank that offers payment accounts to consumers must provide basic accounts. A bank may only reject your application for a basic account if there is a legal basis for doing so.

The bank may therefore only reject the application

• if a payment account has already been opened and is active at a financial institution,
• if the applicant has been convicted in the last three years of an intentional criminal offense against the bank, its customers, or its employees, or
• if the applicant already holds a basic account at the same bank and that account was lawfully closed due to late payments
• if provisions to prevent money laundering and terrorist financing require an institution to refuse to open the account

Note: You may also request that the basic account be maintained as an account protected from garnishment.