1822direkt products, services and reviews

About 1822direkt

1822direkt is a direct bank in Germany that operates as a subsidiary of Frankfurter Sparkasse, a part of the larger Sparkassen-Finanzgruppe. Established to provide online banking services, 1822direkt primarily focuses on offering digital financial products tailored for individual customers, emphasizing convenience and competitive pricing.

Deposit Protection

As part of the Sparkassen-Finanzgruppe, deposits at 1822direkt are protected by the German Deposit Guarantee Scheme, which covers amounts up to €100,000 per customer. This ensures that customers’ savings are secure in the event of the bank’s insolvency, in accordance with EU regulations.

Digital Banking

1822direkt offers a robust online banking platform and a comprehensive mobile app. The platform allows users to manage their accounts, make payments, and monitor investments with ease. The bank’s digital services are secured with multi-factor authentication, ensuring that customers’ data and transactions are protected.

Customer Reviews

1822direkt has received mixed reviews from its customers, with an overall TrustScore of 1.8 out of 5 based on 32 reviews on Trustpilot. While some long-term clients appreciate the bank's competitive terms for current accounts and savings products, others have expressed dissatisfaction, particularly with the service offered to existing customers. Common complaints include lower interest rates for loyal customers compared to new clients, slow response times, and issues with transaction processing. Despite these concerns, a few customers have noted positive experiences with customer support, especially when reaching out by phone.

Products and Services

1822direkt offers a comprehensive suite of banking products and services tailored to meet a wide range of financial needs. Their product lineup includes:

Current Accounts: 

• Girokonto Klassik: A full-service checking account designed for customers who need comprehensive banking services.
• 1822MOBILE: A free, entry-level checking account, ideal for new customers, with a €50 sign-up bonus. New customers automatically receive a free savings account with a competitive interest rate.

Loan Products 

• Personal Loan: Flexible financing for personal expenses.
• Auto Loan: Specialized loans for purchasing vehicles.
• Consumer Credit: General-purpose loans for consumer needs.
• Overdraft Facility: Short-term credit for managing unexpected expenses.

Savings Products

• Savings Accounts: Interest Rate 3.10% p.a. on balances up to €250,000 for the first 6 months; thereafter, a base rate of 0.60% p.a. applies. No minimum deposit; daily deposits and withdrawals allowed.
  Free online management via smartphone. Account Opening quick, paperless process via VideoIdent.
• Fixed-Term Deposits: 1822direkt offers fixed-term deposit accounts designed for those prioritizing security and stable returns. Clients can choose terms ranging from 6 to 24 months. Investments can be made between €5,000 and €1,000,000, with interest paid either annually or at the end of the term. Account management is free of charge, and accounts can be opened online. For deposits of 6 or 12 months, the term is automatically renewed unless this option is disabled through online banking.

Open a fixed-term deposit

Open a savings account

Mortgage and Real Estate Services

• Energy-Efficient Home Loans: Financing options for environmentally friendly home improvements.
• Mortgage Tools: Includes a mortgage rate calculator, real estate value estimator, and budget calculator to assist in real estate planning.

Investment Services

• Securities Accounts: The bank provides online brokerage services, allowing customers to trade stocks, bonds, ETFs, and other securities. The platform is designed to be user-friendly, even for those new to investing.
• Investment Funds: 1822direkt offers access to a broad selection of mutual funds and ETFs.
• Precious Metals: Options for investing in gold and other metals.

Resources like the "1822direkt Investment Compass" to help clients navigate investment options.

Geography of Operations

1822direkt operates exclusively within Germany, offering its services to customers across the country. As a direct bank, it has no physical branches, which allows it to focus on digital banking solutions. The bank provides a full range of online banking services, ensuring that customers can manage their finances entirely online from anywhere in Germany.