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First steps: Opening a bank account

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If you want to live and work or study in Saxony, a local bank account is helpful and in many cases necessary. You will need it to receive your salary and pay rent, insurance and other bills.

Choosing the right bank

In Saxony, you can choose between branch banks (with personal service) and online banks (direct banks).

Important criteria are

  • personal advice or online service only?
  • Account management fees and additional costs
  • Language support (e.g. service in English)

Account types

In Saxony - as in the whole of Germany - there are two main types of accounts:

  • Current account (everyday account): The most important account for daily payment transactions. You use it to receive your salary, pay bills or use your bank card when shopping, for example.
  • Savings account: Primarily used for saving. Access to your money is usually restricted here.

You definitely need a current account for everyday life. A savings account can also be useful if you want to put money away safely.

Documents required

The following documents are usually required to open a bank account:

  • valid passport or identity card
  • Proof of residence (e.g. rental agreement or registration certificate)
  • Residence permit or visa
  • Proof of income or student status (depending on the bank)
  • Sometimes also the tax identification number (tax ID)

Ask the bank in advance exactly which documents are required.

Procedure for opening an account

Opening an account is usually straightforward:

  • On site: short appointment at the branch, present identification documents, sign contract.
  • Online: Fill in the form and prove your identity - either via video identification procedure (video chat with ID) or by visiting the branch.

Open a blocked account: What you need to know

You need a blocked account for some types of visa. This is proof that you can finance your living expenses in Germany yourself.

  • You may only withdraw a fixed amount each month - currently €992 per month (as of 2025).
  • The total amount must cover the cost of living for at least 12 months.
  • The deposit is made before the visa is issued.
  • Several banks and financial service providers offer blocked accounts, which you can usually apply for online. After opening the account, you will receive a confirmation of your visa application.

Check current requirements

The exact requirements for a blocked account (e.g. minimum amount) may change. Therefore, always check the current information on the website of the German embassy or consulate in your home country.