Comdirect Review

Business Profile

Founded in 1994, Comdirect has established itself as one of Germany's leading online brokers and digital banks. Since becoming a wholly owned subsidiary of Commerzbank AG in 2020, it has operated as the group's digital investing and banking brand while continuing to serve almost 3 million customers. Comdirect generates revenue primarily through brokerage commissions, banking services, net interest income and investment products. As Comdirect's financial results are fully consolidated into Commerzbank, the company no longer publishes separate financial statements.

Commerzbank is one of Germany's largest universal banks, providing retail, corporate, private banking and capital markets services across Europe. For FY2025, the group reported net income of approximately €2.6 billion, reflecting another year of strong profitability. As of July 2026, Commerzbank has a market capitalisation of approximately €42 billion, making it one of Europe's largest listed banking groups.

Ownership and Transparency

Comdirect is a wholly owned subsidiary of Commerzbank AG, whose shares are listed on the Frankfurt Stock Exchange. The parent bank maintains strong capital and liquidity positions and holds an A3 long-term deposit rating from Moody's. Commerzbank is designated as an Other Systemically Important Institution (O-SII) within Germany and is directly supervised by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). The German government remains a significant shareholder following its support during the 2008-09 financial crisis, although its stake has gradually been reduced and now stands at approximately 12%. In parallel, UniCredit has continued to increase its ownership and now controls approximately 28% of Commerzbank's shares, making it the bank's largest shareholder. These developments have made Commerzbank one of the most closely watched banks in the European banking sector.

Client assets are protected under German and European regulations, with additional safeguards provided by Commerzbank's institutional framework. Commerzbank holds an A3 long-term deposit rating from Moody's, which historically implies a low single digits default probability over a  10-year horizon. The bank reported approximately €2.6 billion in net income for FY2025, reflecting continued profitability and a strong capital position. Commerzbank is designated as an Other Systemically Important Institution (O-SII) by German and European regulators due to its importance to the country's financial system. While this designation should not be viewed as an implicit government guarantee, it means the bank is subject to enhanced regulatory oversight, higher capital requirements and comprehensive recovery and resolution planning. During the 2008-09 global financial crisis, Commerzbank received support from the German government as part of a wider banking sector stabilisation programme. Although the government's shareholding has since been substantially reduced, it remains a significant shareholder, reinforcing the bank's close relationship with the German financial system.

Comdirect is regulated by the German Federal Financial Supervisory Authority (BaFin) and participates in Germany's statutory investor compensation scheme. In the unlikely event that the broker is unable to return client assets, investors are protected for 90% of eligible claims up to a maximum of €20,000, which is the standard level of investor compensation across the European Union. While this level of protection is relatively low compared with some non-EU jurisdictions, client securities are held separately from Comdirect's own assets and remain the legal property of investors. Cash deposits benefit from the German Deposit Guarantee Scheme, which protects eligible balances of up to €100,000 per depositor.

• Client securities are held in omnibus custody accounts through the Clearstream network, Germany's central securities depository and settlement infrastructure.
• Cash deposits are held with Comdirect Bank AG and benefit from the German statutory Deposit Guarantee Scheme

Comdirect has built a strong reputation in the German market over its more than 30-year history and today forms the digital investing arm of the Commerzbank Group. In April 2024, Germany's financial regulator BaFin imposed a €1.45 million fine on Commerzbank for deficiencies in its anti-money laundering controls. The shortcomings included delays in updating customer information and weaknesses in customer due diligence, with some issues arising during the integration of Comdirect into the wider Commerzbank Group. Commerzbank stated that it had completed the required remediation measures by 2022 and strengthened its compliance framework, bringing its procedures into line with BaFin's expectations. More recently, Commerzbank has remained at the centre of a high-profile takeover approach from UniCredit, which has attracted significant regulatory and political attention in Germany. The takeover process has not affected Comdirect's day-to-day operations or the regulatory protections available to clients.

• German Exchanges: €4.90 + 0.25% of the trade value (minimum €9.90, maximum €59.90) for stocks, ETFs, funds and most listed securities.
• International Exchanges: €7.90 + 0.25% of the trade value (minimum €12.90, maximum €62.90).
• Savings Plans: Generally 1.5% of each contribution. However, Comdirect offers over 500 promotional ETF savings plans with no execution fee (0%), which are represented as Xetra (0%) in our calculator because most eligible UCITS ETFs are listed there. Selected promotional ETFs include funds from providers such as iShares, Xtrackers, Amundi, SPDR, VanEck, Invesco, WisdomTree and Franklin Templeton. Promotional ETFs are subject to change.

As of July 2026, Comdirect does not pay interest on cash held in its brokerage settlement account (Verrechnungskonto). However, eligible new customers can earn a promotional variable interest rate by opening a linked Tagesgeld (savings) account, with rates of up to 1.75% p.a. Interest is calculated daily and credited quarterly. As these are promotional variable rates, they may change over time, and clients should check the latest rates through their online banking portal.