Tagesgeld Access Problems

[Feierabend]

I have had a Renault Bank Tagesgeld account since 2014. Everything originally worked easily. Then they changed to using the SecureGo+ app and since then it's been a nightmare. First of all to set up the app, and then to actually
manage one's money. A complicated system of access codes, and if you accidentally lock yourself out you seem to get into an unending cycle to get new codes. Eg I needed a new PIN, eventually got a temporary one in the post, created my own as per instructions, but which then has to be verified by SecureGo+ which then needs a new Activation code that you have to go back to RB homepage to fill in the request form, then that code will come by post. (Strangely I have a feeling that then the temporary pin or the new one I wanted to create won't work then!) If this doesn't work I shall close the account, using a registered letter by snail mail.
I have had a very similar problem with the Diba Tagesgeld account, again when they introduced an app to use it. And am in the orocess of closing it down.
It infuriates me that it's so hard to access one's own money. Before the App system there was no problem with either, you just logged into the bank.
If somebody has experience of a truly easy access account I'd be very grateful to hear!

[PandaMunich]

If somebody has experience of a truly easy access account I'd be very grateful to hear!

Santander Tagesgeld (= easy access account), 3.5% per year guaranteed for the next 6 months (they pay interest at the end of every month, so the compound interest rate is 3.557%): https://www.santander.de/privatkunden/s ... tagesgeld/

You get just one yearly account statement, in January, for the preceding year.

The login is done simply with your client number (or you can also use the e-mail address you used to open the account) and the password that you chose (so no mandatory 2-Factor-authentication via an app like with so many other accounts):

2024-04-09 19_39_32-MySantander Login.jpg (41.77 KiB) Viewed 253 times

Since you can only transfer money back to your reference account, i.e. worst case, all that could happen would be that the money hits your current account, they allow you to use mTAN to authenticate the transfer (they also offer authentication with their app, but it's not mandatory).
So you just get a message on your mobile phone with a 6 digit code:

2024-04-09 19_28_52-MySantander Banking.jpg (75.21 KiB) Viewed 253 times

*************************************************************************************************

Option 1: open account online
If you do want to open a Santander Tagesgeld and will put at least 1,000€ in it, you can get 15€ cashback if you open the Santander Tagesgeld account by going onto the Santander website via the "Cashback aktivieren" link on the Shoop website: https://www.shoop.de/cashback/santander-consumer-bank
It takes about 2 weeks for the letters with your Tagegeld account and online banking details to arrive.

Option 2: open account in branch
Or you can simply walk into your Santander Bank branch and open the Santander Tagesgeld, i.e. they will tell the IBAN of your Tagesgeld on the spot.

*************************************************************************************************

Deposit insurance
Santander (= Santander Consumer Bank Aktiengesellschaft) has deposit insurance of in total 5.1 million €:

1. 100,000€ via Entschädigungseinrichtung deutscher Banken : https://einlagensicherung.de/banks/sant ... ellschaft/
   and
2. 5,000,000€ via Bundesverband deutscher Banken:

   

   2024-04-09 19_38_09-Ihre Anfrage zur Sicherungsgrenze - Apr 09 2024 - Gmail.jpg (36.43 KiB) Viewed 253 times

This Finanztip article explains how deposit insurance works in Germany: https://www-finanztip-de.translate.goog ... r_pto=wapp

[Feierabend]

Thank you very much Panda. I shall certainly read it up properly tomorrow. I will need a new account anyway as we're selling our little flat and don't want to exceed the 'insured'' amount. Hopefully they will not take it into their head to insist upon an App at some stage!
To my untold 'joy' I got a letter from my credit card bank today (Advanzia) saying that from now on we must register for their App for all online transactions. Why, oh why? If it ain't broken .... have found them very good so far. We'll see ....

[murphaph]

I think 2-factor credit card transaction authorisation is worth the "app hassle". For Tagesgeld I think it's OTT as long as the Tagesgeld only pays out to a pre-determined current account. I can recommend the BMW Bank Tagesgeld that Panda recommended to me on the old forum. No app required. 3% on all deposits.

[Eric7]

Trade Republic are still offering 4% on deposits up to €50k. Interest is calculated daily and paid out monthly.
The app/website is super simple to use, although I'm having trouble tracking down my Steuerbescheinigung for last year.

I've also got cash currently in Consorbank (4% also) but they use the same 2-factor authentication.

Barclays Tagesgeld is a simple login and last time I checked was still offering 3.11% to existing customers (new customers may be more).

[Krieg]

In a world full of online scams I shake my head when you guys are taking 2FA as a disadvantage. I understand the annoyance, but it adds A LOT of safety. I wouldn't keep any reasonable amount of money in an account without 2FA.

PS. I am actually surprised that some German banks are finally in the 21st century, my accounts with DKB and Revolut both allow banking authorizations with face ID on Apple devices. DKB changes are instant, i.e. changing your daily transfer limit when you need to do a big transfer, while my account with Norisbank (daughter from Deutsche Bank) is still living in the 20th century, all changes need at least one working day, which can be one to four days depending which day of the week it is and at what time you do it.

[Feierabend]

This is all very informative, thank you.
The ideal combination is of course security and simplicity with the best interest rate, but of course these keep varying. I don't mind an App in principle, but it's the clunkiness of procedures that has driven me mad recently.

[LeonG]

I bank with Santander. They also offer a free girokonto. Their app doesn't work on my new phone though so I am back to SMS Tan's

[murphaph]

If an app is ok but it shouldn't be clunky then I definitely second Trade Republic, which is where we keep most of our rainy day money. 2FA but the app is very easy to use (however I have heard that if things do go wrong that TR customer service is next to non-existent and getting things resolved can be very slow). TR is still paying 4% on all deposits up to 50k. Transfers in and out are generally very fast, sometimes same day. Only downside is that you can only set a Freistellungsauftrag of 1k max, which is fine for singles but may not be ideal for married couples that are jointly assessed for tax, depending on how much you have on deposit, which may require you to declare the deposit in your Anlage KAP to get the overpaid Abgeltungssteuer back in your tax return.

[Feierabend]

Thanks all again for your input.
I've spent the last hour+ going round in circles again with RB Securego+, having waited first for a new temporary pin, then needed a new Activation code in order to make a permanent pin. (c. 3 weeks wait in total.) Thought I'd got to the end, then was asked for my Approval code - which no longer works.
So that account is going to bite the dust, as well as the Diba one.

[Nixon]

Just scheduled an appointment in Santander bank.

- They gave me a form Freistellungsauftrag fur kapitaletrage.... Is that something like once in your lifetime thing or you can have it any bank but not at the same time? I don't remember signing that paper in my other banks.
- All of these are just for limited time, like 6 months, and once it expires you have to move your money to another one, if you don't manage to negotiate differently with your current bank?

[LeonG]

Just scheduled an appointment in Santander bank.

- They gave me a form Freistellungsauftrag fur kapitaletrage.... Is that something like once in your lifetime thing or you can have it any bank but not at the same time? I don't remember signing that paper in my other banks.
- All of these are just for limited time, like 6 months, and once it expires you have to move your money to another one, if you don't manage to negotiate differently with your current bank?

This is to say that you as an individual can earn up to 1000€ per year in interest without paying tax but it's total 1000, not 1000 for every bank. If you have money in more banks, you need to split the 1000 between them.

[Nixon]

Yes we do, but not even close to these 3.5%.
So, first 2K of interest was not supposed to be taxed?

[LeonG]

Yes we do, but not even close to these 3.5%.
So, first 2K of interest was not supposed to be taxed?

If it's you and your wife combined, you have 2k allowance that shouldn't be taxed. If you got taxed still because your bank didn't have your signature for this form, you should get money back when you file your taxes.

[Nixon]

Yep, there are numbers now to be pulled, we were taxed and nobody mentioned the first 2k exclusion.

[PandaMunich]

we were taxed and nobody mentioned the first 2k exclusion.

You should have read my website
It's the last section on this page: https://expertise.tax/en/german-tax-refund/

While you're at it, the tax FAQ are also mandatory reading: https://expertise.tax/en/faq-german-tax-system/

[Nixon]

Going there