TARGOBANK AG products, services and reviews

About TARGOBANK AG

TARGOBANK AG, based in Düsseldorf, is a well-established German bank focused on retail, business, and corporate banking. A subsidiary of the French cooperative banking group Crédit Mutuel Alliance Fédérale, TARGOBANK offers a range of financial products, including personal loans, mortgages, savings accounts, and investment solutions. The bank supports its customers through a comprehensive branch network and digital services, allowing convenient access to banking through e-banking platforms and a mobile app.

Deposit Protection

Deposits at TARGOBANK AG are protected under the German Deposit Guarantee Scheme, which covers amounts up to €100,000 per customer. This protection ensures that customers' savings are secure in accordance with EU regulations. TARGOBANK also offers enhanced security features, including multi-factor authentication for online banking, to safeguard customer funds.

Credit Rating

TARGOBANK AG enjoys robust credit ratings, underpinned by the financial strength of its parent company, Crédit Mutuel Alliance Fédérale. TARGOBANK holds an A+ rating from S&P, Aa3 from Moody’s, and AA- from Fitch. These ratings reflect the bank's strong creditworthiness and ability to meet financial obligations, offering customers a high level of confidence in its stability. Furthermore, Crédit Mutuel Alliance Fédérale itself holds an A1 rating from Moody’s, with a stable outlook, further solidifying TARGOBANK's financial foundation.

Geography of Operations

TARGOBANK AG operates exclusively in Germany, where it has a widespread presence with over 300 branches. The bank also offers comprehensive online and mobile banking services, allowing customers to manage their finances anytime, anywhere. Although TARGOBANK focuses on the German market, its affiliation with Crédit Mutuel provides it with broader financial expertise and resources across Europe.

Products and Services

TARGOBANK AG offers a wide range of financial products and services, including:

• Retail Banking: Includes personal loans, mortgages, credit cards, and current accounts, providing convenient solutions for everyday banking needs.
• Savings and Investment Products: Offers fixed-term deposits, savings accounts with competitive interest rates, and investment funds. Additionally, the Junior-Tagesgeld account is available for young savers, providing an accessible and secure way for children to start saving.
• Corporate Banking: Provides tailored solutions for small to medium-sized enterprises (SMEs), including business loans, cash management, and trade finance, designed to support business growth and operational efficiency.
• Insurance Services: In partnership with leading insurers, TARGOBANK offers a variety of insurance products, including life insurance, home insurance, and auto coverage, ensuring comprehensive protection for customers.

The bank’s Girocard allows customers to withdraw cash without fees at specific ATMs in France, Spain, and Belgium, making it easier for them to access their money while traveling in these countries.

Open a savings account 

Open a fixed-term deposit account

Open Junior savings account 

TARGOBANK Customer Reviews:

TARGOBANK has a mixed reputation with at Trustpilot of 1.9 out of 5, based on 2,501 reviews. The majority of reviews (68%) are 1-star, highlighting severe dissatisfaction, while only 21% are 5-star reviews.

Many customers express frustration over poor customer service, long processing times, and discriminatory practices. One reviewer accused TARGOBANK of racism, alleging loan rejection solely based on nationality. Others complain about being ignored after depositing large sums, facing arbitrary delays in account setup, and encountering unexplained loan rejections despite strong financial profiles.

Some positive feedback exists, particularly from customers who found account opening and bank transfers smooth. However, these are overshadowed by numerous reports of inadequate communication, unsatisfactory digital services, and a general sense of being disregarded by the bank's support team.

Financial Performance

TARGOBANK AG has demonstrated consistent financial performance, supported by the solid backing of Crédit Mutuel Alliance Fédérale. The bank’s focus on expanding its digital services and maintaining a strong retail presence has contributed to steady growth in both customer base and assets under management. In 2023, TARGOBANK reported a 10% increase in net profit, driven by higher demand for consumer loans and savings products.