In Germany you will need your own bank account for many aspects of day-to-day life, such as for paying your health insurance contributions or rent.

Blocked Account (Sperrkonto)

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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 To this end, upon opening a sum will be paid into the account, from which every month only a limited amount may be withdrawn.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 around €8640. Every month only €720 may be withdrawn from this amount.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 and 8, City Carré / main railway station 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 various other providers.

Current Account

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It will be necessary for you to open a current account in order to make payments (rental, semester fees, health insurance 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

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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)

Rent

 

200 - 350

2.400 - 4.200

Deposit for the apartment

200 - 400

 

 

Food and Drink

 

100 - 200

1.200 - 2.400

Mobile phone and internet

 

15 - 30

180 - 360

Semester fee

94,50 / semester

 

189

Health insurance

 

90

1.080

Books and writing materials

 

50

600

Broadcast contribution

 

17,50

210

Miscellaneous

 

100

1.200

Total

approx. 300 - 500

approx. 550 - 850

approx. 7.000 - 10.500

 

In comparison with many other towns and cities the rental prices in Magdeburg are relatively low. There are no tuition fees, and the semester fee already includes the cost of bus and tram travel within Magdeburg.