UmweltBank AG review

The easy-access account pays a variable rate of 3%, with the bank setting the level rather than locking it at opening. The site median headline rate is 3%, so this sits close to the middle of the savings listings.

The monthly fee is €0, and the account is listed under a no monthly fee model. Cash withdrawals are free, and the site median monthly fee is €0, so there is no account charge to offset.

Deposits are covered by EU DGS up to EUR 100,000, the EU deposit guarantee scheme. UmweltBank AG is listed in Germany under BaFin, the country's financial regulator, and also appears in the European Central Bank's Eurosystem listings, so the balance sits with a supervised bank.

On the easy access account the full balance is available every day and needs no notice period, so a transfer can go out at any time. Fixed-term deposits behave differently: they cannot be cancelled during the term and pay out at the end of it, which suits savers who will not need the money early.

The service is digital-only, so the account and its cards run online, and a joint account can be set up for shared saving. Help comes through email, phone and help centre, which covers email, phone and a help centre rather than counter service.

Conversion on card spending runs 1% to 1.5%, a range that sits above the site median of 0.5%. Card costs are therefore lowest for customers who keep spending and travelling in euro, and higher for anyone paying in other currencies.

It ranks 242 of 473 brands on headline rate, with an overall score of 4.8 and a cost score of 5.3. The rate is variable, so the ranking can shift as the bank resets it, while the savings listing median sits at 3.08%.

UmweltBank AG was founded in 1997 and is based in Germany, with its legal entity recorded as UmweltBank AG (HR B 12.678, Amtsgericht Nuernberg). The easy-access savings suit customers who want daily reach on their money, and the joint account option covers shared balances.