Hanseatic Bank review

The account pays a variable headline rate of 1.05%, which the bank can move with market rates. Interest is credited monthly, so the balance grows in visible steps rather than daily. The rate is well below the savings account median of 3.08%.

The monthly fee is €0, and the account is listed with no monthly fee as its model. You can also open it with a minimum deposit of €1, so the running cost and the entry cost are both minimal. No other charge is listed for holding or transferring money.

Deposits are covered by EU DGS protection of EU DGS up to EUR 100,000. The account is operated by a German bank, Hanseatic Bank GmbH & Co KG, headquartered in Germany. Supervision sits with the Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin) and the Europaeische Zentralbank (ECB).

Yes, the account is easy access, with money available at any time by transfer. Interest is credited monthly. There is no fixed term on this account, so the rate is not locked and 1.05% can change over the life of the balance.

The rate type is variable, so the 1.05% headline rate can rise or fall as the bank adjusts it. A variable account suits people who might need their money quickly. Someone who can commit for a term would get more certainty from a fixed rate product.

It fits savers in Germany who want same day access to their balance and no monthly charge. Hanseatic Bank has been trading since 1969, so it is an established German institution. People who can lock money away will get a better return elsewhere.

Support runs on phone, email and help centre, so you can reach the bank by phone, email or the help centre. Phone support is the direct route for anything about a transfer or a balance. There is no live chat listed among the support channels.