Consumers burdened by high banking fees, low interest rates, and credit card costs can now explore alternatives for giro accounts on a new platform launched by Bafin.
The Federal Financial Supervisory Authority (Bafin) has introduced a comparison portal to enhance transparency for personal giro accounts. This tool offers an overview of nearly 6,900 account models from approximately 1,100 financial service providers, catering to private individuals.
The platform, which became operational on Wednesday, aligns with long-standing EU requirements for an independent and free giro account comparison. Following the failure of a private provider five years ago, this state-operated solution is now available to consumers.
Detailed Comparison Criteria
The new platform allows users to compare various features, such as monthly fees, costs of credit and debit cards, and interest rates. With 27 different criteria for comparison, users can tailor their search using specific filters to find accounts that best suit their needs.
One of the standout features is the ability to save, share, and download search results online without relying on cookies, ensuring privacy and convenience.
A Focus on Transparency and Functionality
The initiative stems from the EU Payment Accounts Directive, which mandates at least one online comparison platform for basic and giro accounts. After the private platform Check24 failed in 2021, Bafin was legally tasked with implementing this solution. In the interim, the responsibility was temporarily handled by Stiftung Warentest.
Interestingly, account providers are responsible for the accuracy of their data on the platform. However, Bafin conducts regular spot checks to ensure the quality and reliability of the information presented.
Comprehensive Market Overview
The platform covers a wide range of financial institutions, including traditional banks, savings banks, neo-banks, and fintech companies. This extensive coverage allows users to gain a complete view of the current market, helping them make informed decisions about their financial needs.
This initiative marks a significant step toward increasing consumer empowerment and ensuring fair competition in the financial sector.