In Germany, you will need your own bank account for many aspects of day-to-day life, such as for paying yourcontributions or rent.
Blocked account (Sperrkonto)
In many cases, a blocked account with a German bank will be required. To this end, upon opening a sum will be paid into the account, from which every month only a limited amount may be withdrawn. At present, the amount for a blocked account is 10,332 EUR. Every month only 861 EUR may be withdrawn from this amount.
A blocked account with Deutsche Bank is, according to many students, very simple to operate. To open the account, you will need:
- your letter of admission from the university
- your registration document from the residents' registration office (Bürgerbüro)
- your passport / identity card
The Deutsche Bank branch can be found at Otto von Guericke Straße 12, D-39104 Magdeburg. It can be reached on tram lines 1, 6, 8, and 10, "City Carré / Hauptbahnhof" stop.
Other providers in the area include Volksbank, Commerzbank, Sparkasse and Postbank. In addition, it is also possible to open an online account with DKB, Targobank, ING-DiBa, and N26.
Please consider that the blocked amount of 10,332 EUR will only suffice for one year and that you will also need funds for your second year (Master's programme) or your second and third year (Bachelor's programme) in order to pay for your expenses. As a student, you can not rely on earning enough money next to your studies to make ends meet.
It will be necessary for you to open ain order to make payments (rental, semester fees, contributions) and to receive scholarship payments or transfers from abroad. To do this, you will require your letter of admission from the university, your registration document from the residents' registration office and your passport/ID. The banks offer different services at different prices. Students are even able to open free accounts with some banks. For this reason, it is worthwhile carrying out a price comparison before choosing a bank. Many banks will only open an account for you if you are staying in Germany for more than six months.
Living costs in Magdeburg
For better financial planning, we have drawn up a brief overview of average monthly costs. We hope this will help you to better plan your budget.
|One-off costs (EUR)
||Monthly costs (EUR)
||Annual costs (EUR)
|Accommodation||250 - 350||3,000 - 4,200|
|Deposit for the apartment||250 - 500|
|Food and Drink||100 - 250||1,200 - 3,000|
|Phone and internet||15 -30||180 - 360|
|129.90 / semester||259.80|
|Public transportation||Free for enrolled students|
|Total||approx. 320 - 500||approx. 630 - 880||approx. 7,685 - 10,865|
In comparison with many other towns and cities, the rental prices in Magdeburg are relatively low. There are no tuition fees and the