Reply to How to set up a savings account for Kaution

By PandaMunich,
@Yellowsnow Well, the Postbank Kaution account is a thing of the past, they stopped offering it in October 2020.   Here is a good introductory article on the whole Kaution (rental security deposit) topic:   For example, an important thing to know is that no matter what is written in the rental contract, the law, §551 BGB lays down that you are entitled to pay your Kaution in 3 equal monthly instalments, with the 1st instalment being due on the first day of your rental period:   **************************************************************************************   Option 1: pay the Kaution directly to landlord The simplest way to fulfill your duty to provide the Kaution is to simply do a bank transfer to your landlord.   Some landlords insist on getting it cash when they hand over the keys to the flat. In that case, in turn insist on a proper receipt signed by the landlord, as proof that you  paid the Kaution. For people who want to rent in hot rental markets, doing it the way the landlord wants is the only option.   The landlord is legally obliged to keep your Kaution money separate from his own money, i.e. to move it to a separate Kaution account for landlords (Vermieter-Mietkautionskonto).   **************************************************************************************   Option 2: Mietkautionskonto Many people feel that depositing the money with a third party creates a psychological barrier for the landlord, i.e. that he then won't try to access the money as readily as when it is already in his possession. Hence the idea of opening a Kaution account yourself, as the tenant (Mieter-Mietkautionskonto) and only giving the landlord the right to access that account.   You can open an account for your Kaution as a tenant at the following banks: As the tenant, you need one that has in its attribute list the entry "verpfändbar: ja", i.e. an account that is pledgeable (= you give the landlord the right to access the money in that account). If you have the money for the Kaution (you do), a Mietkautionskonto is the best, i.e. cheapest solution.   For example, if you already have the free DKB current/checking account, you can open a separate free DKB Mietkautionskonto in your DKB online banking: DKB regularly tops the comparison for free current/checking accounts: To access the DKB online banking, you would need to install the DKB app on your smartphone:   PSD Bank München (a small, reliable, albeit a bit boring and stodgy cooperative bank, there are PSD banks all over Germany) charge a one-off 15€ fee for opening an online Mietkautionskonto, you do not need to have a current/checking account with them to open the Mietkautionskonto: But they do oblige you to use their online banking, even if you only have that Mietkautionskonto, which means that you will need to install their SecureGo app on your smartphone to access it:   PSD Bank Karlsruhe-Neustadt offer a free Mietkautionskonto, but you have to fill in paper forms: Fill in, print and sign these application forms: PSD Kundenstammvertrag PSD Mietkaution (only you sign it, on page 1 the direct debit mandate so that they can debit your current account and on page 3, where it says "Mieter" in yellow). The write in it to attach a copy of your Personalausweis or passport&Anmeldung. This "low tech" option of PSD Karlsruhe is the best option if you just want to open the Mietkautionskonto and then forget about it, i.e. do not want the hassle of having to administer yet another online banking access. They provide what the former Postbank Kautionssparbuch did - an old and tried paper-based savings account.   Like for all bank accounts, you will have to identify yourself, either by video chat or in any post office, by presenting your Personalausweis or passport&Anmeldung.   If you choose the post office identification option (=PostIdent), you won't need a stamp and envelope for sending the application forms, they will be put in the same envelope as the PostIdent form, which you will have to sign in front of the post office worker.   Identification process: DKB, you get the PostIdent coupon during the account opening process, alternatively you can identify yourself by video:$event=display&docId=5133144955 PSD München: PSD Karlsruhe:   **************************************************************************************   Option 3: Mietbürgschaft People who do not have the money for the Kaution can instead get a Mietbürgschaft from an insurance or bank, i.e. they will gurantee for you and will lay out the Kaution money in case you destroy something in the flat.   These banks/insurances charge a yearly fee for the service of providing the guarantee.  This is the most expensive option, that yearly fee is money down the drain. Please see here for a price comparison of banks/insurances that provide a Mietbürgschaft:   Just to be clear, that bank/insurance will then come after you to repay them what they had to pay to the landlord. So this does not work like a normal insurance, where all you pay is the yearly insurance premium and if something bad happens, the insurance covers the entire damage from their own money!   The landlord does not have to accept this option, i.e. he can insist on the Kaution being made available in the form of money and not just as a "promise of money" (which is all a Bürgschaft is, so if, for example, that insurance goes belly-up, their promise will be worth nothing). Which means that you are back at either option 1 or 2 and you would need to borrow the Kaution money, either from a bank or from your family (yes, I know that you have the money, but the next chap who comes along and reads this might not).
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