Finances for students start with an account that fits your everyday life. Credit, protection against garnishment, creditworthiness and first investments follow. This hub connects the guides on these topics and shows which article helps with which question. For deadlines, standing orders and an emergency fund in daily life, the article Finanzen im Studium organisieren (in German) is a useful companion.
Short answer: A current account with fair fees, a clear overview of credit and debt, and knowledge of the protection limits form the foundation for young adults. The saver’s allowance (Sparerpauschbetrag) is 1,000 euros per person, or 2,000 euros for couples assessed jointly (§ 20 para. 9 EStG, as of November 2026).
The most important points at a glance
- An account should suit how you use it. Fees change, so check the bank’s current price list.
- According to KfW, the effective annual interest rate of the KfW student loan has been 6.38 percent since 1 October 2026.
- In garnishment cases, a P-account protects a fixed amount in your account (§ 850k ZPO, German Code of Civil Procedure).
- Investment income stays tax-free up to the saver’s allowance of 1,000 euros per person.
- For investments, costs, term and risk matter more than headlines.
Account and payments: what to consider with a current account
A current account mainly needs a card, online banking and reliable payment routes. When you switch, deadlines, standing orders and payments from your employer or university matter. If you come from abroad, opening an account requires different documents than for a student with a German residence. The table below links typical questions to the right guide.
| Question | Suitable guide |
|---|---|
| I want to switch my salary account | Gehaltskonto wechseln |
| I am an international student and need an account | Girokonto als internationale Studierende |
| I made a transfer by mistake | Wrong Bank Transfer: How to Get Your Money Back |
| I want to close my account | Girokonto kündigen (in German) |
Credit and debt: when overdrafts and instalment purchases become expensive
An overdraft facility is convenient but quickly becomes expensive if you use it permanently. For financing studies, the KfW student loan is one option. According to KfW, its effective annual interest rate has been 6.38 percent since 1 October 2026. Before you sign, compare the interest, the term and the total cost, not just the monthly instalment.
Creditworthiness, Schufa and credit agencies
Creditworthiness describes how reliably you make payments, and it feeds into many decisions by landlords, banks and providers. Credit agencies can store data about you even without a loan. Your right to information about this data follows from Article 15 of the General Data Protection Regulation. If you find errors, you can ask for them to be corrected.
Garnishment protection and the P-account
Not everything in your account can be seized. The garnishment-free amounts for earned income are set in § 850c of the German Code of Civil Procedure (ZPO), and the legislator adjusts them regularly. The Federal Ministry of Justice publishes the current amounts. A P-account under § 850k ZPO protects a fixed amount from access, provided you set it up in time. If you receive a letter from a bailiff, every deadline counts.
Saving and investing for beginners
For call money, fixed deposits, savings plans and ETFs, costs and term help decide what remains at the end. Every investment with price fluctuations carries risk. The saver’s allowance applies to all investment income and is summarised in the table below.
| Assessment | Saver’s allowance (§ 20 para. 9 EStG, as of November 2026) |
|---|---|
| Single person | 1,000 euros per year |
| Married or registered partners assessed jointly | 2,000 euros per year |
An increase in the saver’s allowance is being discussed politically. The amounts above remain in force for now.
Crypto and digital money
In the EU, crypto-assets are subject to the MiCA regulation, which requires providers to obtain authorisation. The digital euro is a project of the European Central Bank, and its timetable depends on EU legislation and decisions by the ECB. If you use such offers, check authorisation, costs and data protection first.
Frequently asked questions
Which account do I need as a student?
A current account with a card and online banking is enough to start. Check account fees and any offers for students, which differ from bank to bank. The bank’s current price list is decisive.
How does a P-account protect me in a garnishment?
A P-account automatically protects a fixed amount from access, so rent and living costs can still be paid. Without a P-account, the bank can block the entire balance. Set up the P-account as early as possible.
Is an overdraft a loan?
Yes, an overdraft is also a loan on which interest is charged. If the bank terminates the overdraft, you should already have a plan for repayment. The guide on a terminated overdraft describes the steps.
How does an entry with a credit agency affect everyday life?
A score influences decisions by landlords, banks and providers, for example for contracts with instalment payments. You can request information about your stored data and have errors corrected. The guide on credit agencies shows how to proceed.
Do I have to pay tax on investment income up to 1,000 euros?
With an exemption order (Freistellungsauftrag) at your bank, no tax is withheld on income up to the saver’s allowance. Whether you have to declare anything in your tax return depends on your situation. For a personal assessment, you can seek advice, for example from Academycon: So arbeiten wir (in German).
How do I get an overview of my debts?
List all liabilities with amount, interest rate and monthly instalment, and sort them by cost. This overview helps you set a sensible order for repayment. The guide on the order of repayment walks you through the process step by step.
What to do now
- Check your current account for account fees and card costs.
- If payment problems are looming, set up a P-account early.
- Make an overview of all debts and compare the interest rates.
- Only invest once an emergency fund is in place, and compare the costs of each investment type.
Related guides: all articles in this topic group
The guides below go deeper into individual questions. They are arranged by subtopic. Titles are in German.
Account and payments (Konto und Zahlungsverkehr)
- Gehaltskonto wechseln: Was beim Kontowechsel zu beachten ist (in German)
- Girokonto als internationale Studierende: Welche Unterlagen du brauchst (in German)
- Sperrkonto für das Studium in Deutschland: So läuft die Eröffnung ab (in German)
- Konto online eröffnen: Was du für die Identprüfung brauchst (in German)
- Girokonto kündigen: Frist, Ablauf und Restguthaben (in German)
- Kontogebühren steigen: Was du als Kunde tun kannst (in German)
- Bezahlen per Handy einrichten: So funktioniert Echtzeitzahlung in Europa (in German)
- Instant Payment: Warum Überweisungen heute in Sekunden ankommen (in German)
- Empfängerprüfung bei Überweisungen: Was Verification of Payee bedeutet (in German)
- Falsche Überweisung: So holst du dein Geld zurück (in German)
- Gemeinsames Konto in der Beziehung: Vorteile und Risiken (in German)
- Kontaktlos bezahlen: Was bei Kartenverlust und Sperre zählt (in German)
Credit and debt (Kredit und Schulden)
- Dispokredit für Studierende: Was die Überziehung wirklich kostet (in German)
- Dispo gekündigt: Was Banken dürfen und was du tun kannst (in German)
- Kredit abgelehnt: Mögliche Gründe und was du als Nächstes tun kannst (in German)
- Prepaid-Kreditkarte für Studierende: Vorteile und Nachteile (in German)
- Handyvertrag ohne Bonitätsprüfung: Möglichkeiten und Risiken (in German)
- Schulden nach dem Studium abbauen: In welcher Reihenfolge tilgen? (in German)
- Schulden aus dem Studium umschulden: Was möglich ist (in German)
- Restschuldbefreiung als Student: Was eine Privatinsolvenz bedeutet (in German)
- Geld leihen unter Freunden: Was ein Vertrag absichern kann (in German)
- Unterhaltspfändung bei Studierenden: Wann sie greift (in German)
Credit rating and credit agencies (Bonität und Auskunfteien)
- Was der neue Bonitätsscore 2026 für dich bedeutet (in German)
- Kann ich meine Bonität selbst berechnen? Was der neue Score erlaubt (in German)
- Kostenlose Bonitätsauskunft beantragen: Schritt für Schritt (in German)
- Eintrag bei einer Auskunftei als Student: Was du jetzt tun kannst (in German)
- Warum auch ohne Kredit ein Bonitätsscore für dich zählt (in German)
Garnishment and the P-account (Pfändung und P-Konto)
- Pfändungsfreigrenze 2026: Was auf deinem Konto geschützt bleibt (in German)
- P-Konto einrichten: Schritt für Schritt zum geschützten Konto (in German)
- Gerichtsvollzieher vor der Tür: Was du bei einer Kontopfändung tust (in German)
- Lohnpfändung: Wie viel vom Gehalt tatsächlich bleibt (in German)
Saving and investing (Sparen und Geldanlage)
- Sparerpauschbetrag 2026: Wie viel Kapitalerträge steuerfrei bleiben (in German)
- Sparerpauschbetrag verdoppeln: Was die CSU fordert (in German)
- ETF-Sparplan mit 50 Euro im Monat: Rechenbeispiel über 40 Jahre (in German)
- Neobroker im Vergleich: Worauf du bei Sparplänen achten solltest (in German)
- Aktien erklärt: Was Einsteiger über Risiken wissen sollten (in German)
- Total Expense Ratio beim ETF: Was die laufenden Kosten bedeuten (in German)
- Depot eröffnen: Was du für ein Wertpapierdepot brauchst (in German)
- Sparplan oder Einmalanlage: Wie sich beide Wege unterscheiden (in German)
- Tagesgeld oder Festgeld: Was für junge Sparer passt (in German)
- Zinseszins einfach erklärt: Wie Geld über die Zeit wächst (in German)
- Bausparen für junge Erwachsene: Wann sich der Vertrag lohnt (in German)
- Finfluencer in Social Media: Woran du unseriöse Finanztipps erkennst (in German)
Crypto and digital money (Krypto und digitales Geld)
- Krypto-Börsen mit MiCA-Lizenz: Woran du seriöse Anbieter erkennst (in German)
- MiCA-Übergangsfrist: Was Krypto-Nutzer jetzt wissen müssen (in German)
- Bitcoin erklärt: Was Kryptowährungen eigentlich sind (in German)
- Digitaler Euro: Was 2029 geplant ist und was er für Bargeld bedeutet (in German)
- Digitaler Euro und Datenschutz: Was Nutzer wissen sollten (in German)
Sources
Sources:
- § 20 EStG, saver’s allowance (current law, as of November 2026, in German)
- KfW, questions and answers on the student loan (interest rate since 1 October 2026, in German)
- § 850c ZPO, garnishment-free amounts (current law, in German)
- § 850k ZPO, P-account (current law, in German)
Last updated: November 2026. This guide is general information, not individual advice.
