BBVA launches a 100% digital bank in Germany, offering an interest-bearing checking account with no fees
Today in Frankfurt, BBVA officially launched its new digital bank in Germany. It combines cutting-edge technology, through one of the top financial apps in the world, with a compelling value proposition: an interest-bearing checking account paying three percent for the first 12 months, and a debit card with a three percent cashback on purchases - both paid monthly and completely free of charges, with no fees. “We’re bringing something new to Germany. A banking experience that combines the simplicity and convenience of a fee-free account, typical of digital actors, with the full range of products, reliability, and trust of a universal bank,” said BBVA CEO Onur Genç.
The launch of BBVA in Germany, where BBVA had previously been operating through its Corporate & Investment Banking (CIB) business only, marks the opening of its second fully digital bank in Europe, following the successful roll-out in Italy at the end of 2021. In that market, BBVA has already earned the trust of more than 700,000 customers in just over three years, and it expects to reach one million customers by the end of 2026. As Europe’s largest economy with a highly digital-savvy population, Germany is the next natural step for the bank’s digital expansion.
“We are confident in the model we’re bringing to Germany because we’ve seen it succeed before. We believe German customers are ready for a fresh alternative that’s mobile-first, transparent, and backed by the strength and reputation of a global bank like BBVA,” Genç added.
BBVA’s leadership in digitization and the proven performance of its mobile banking app, recognized as the best digital banking experience in Europe, underpin this new growth strategy focused on expanding into new markets. Currently, 66 percent of BBVA’s new customers join the bank through digital channels. The Group has more than 59.3 million mobile customers, and 79 percent of its sales take place on digital channels.
Murat Kalkan, Head of Digital Banks at BBVA.
Value proposition
BBVA Germany kicks off its activity with a clear and simple offer: a fee-free interest-bearing checking account paying three percent for 12 months - paid monthly, with no conditions and no requirement to contract other products. This account comes with a free debit card that offers three percent cashback on all purchases, both in-store and online. The cashback offer is valid for the first 12 months and is paid directly into the customer’s account. Both the checking account and the debit card are completely free, with no fees, subscriptions or conditions.
The offer includes a range of free daily banking services, such as easy access to cash at around 70,000 ATMs and cash withdrawal points (supermarkets, retail stores and selected gas stations) across Germany, as well as ATM access in other EU countries. Withdrawals over €150 are entirely free of charge. Other services such as instant SEPA transfers, direct debits, and a fully digital account switching request service are also provided free of charge.
Flexible financing solutions are also available, such as Pay&Plan, which allows customers to split debit card purchases up to 90 days after payment into three to twelve monthly installments. Other lending facilities include one-click personal loans and the Dispokredit overdraft facility.
Operating as a fully-licensed bank, BBVA Germany offers German IBAN accounts, covered by the European Deposit Protection scheme for up to €100,000.
“Today, in Germany, we are launching a bank that offers a wide range of products, such as deposits, payments, and loans, designed to meet the everyday financial needs of German customers. All of this backed by an award-winning customer-focused service model. We believe that the backing of a fully licensed, European-based global bank with more than 80 million customers will be key to building the trust that German consumers need when choosing a banking partner,” explained Murat Kalkan, Head of Digital Banks at BBVA, who believes that the strength of this value proposition, combined with simplicity and transparency, will enable BBVA to elevate the banking experience to a “whole new level”.
BBVA aims to transform the digital banking experience with its app. The new design offers quick access to key functions like card management, while facilitating fast and secure payments, real-time updates, and smart spending tools.One of the bank’s standout innovations is the launch of the first cards in Germany with no printed data and a dynamic CVV, which generates a unique security code to provide enhanced security in digital payments.
All of BBVA’s products and services will be supported by 24/7 German customer service, operated by a team of bank representatives. Customer service in English will also be available daily from 7:00 am to 9:00 pm. This service is designed to guide customers through every step of their digital banking journey, coupling the efficiency of technology with a human and customer-focused approach.
From left to right, Murat Kalkan, Head of Digital Banks at BBVA, Kim Richter, Marketing Lead at BBVA in Germany, and Onur Genç, BBVA CEO.