Germany's banks charge up to 17 percent interest for overdrawing current accounts as part of the overdraft facility (overdraft facility). On average, bank customers now pay 12.31 percent overdraft interest per year. This is the highest figure since the financial crisis in 2008, as the consumer portal Biallo reports based on a recent interest rate comparison. Just a year ago, the average was 11.6 percent, and two years ago an overdraft facility cost an average of just under ten percent. “Although capital market interest rates have fallen noticeably since autumn 2023, most banks and savings banks have continued to increase their overdraft interest rates in recent months,” says Sebastian Schick from Biallo. FMH Financial Advice, which also compares interest rates, comes to an average of 12.13 percent, and Stiftung Warentest to 12.06 percent.
