DKB Review
Our take: DKB (Deutsche Kreditbank) is a German-based bank offering a range of financial services, including brokerage accounts. However, its limited international availability and lack of advanced trading features may not appeal to all investor types.
Our assessment: DKB scores 4.7 in its category driven by indirect state ownership, and generally low fees. It ticks almost all boxes for most investors. Here are key highligts:
- Passive Investors: DKB is well-suited for passive investors who prefer a simple, no-frills platform to manage their investments. The availability of ETF savings plans (Sparpläne) with low minimum contributions makes it an attractive option for those building long-term portfolios.
- Semi-Active Investors: While the platform offers access to a variety of ETFs and stocks, the lack of multicurrency accounts and higher fees for non-EUR transactions could be a disadvantage for those seeking to trade on other exchanges.
- Advanced Investors: Advanced investors are likely to find DKB’s offering insufficient for their needs. The platform lacks sophisticated charting tools, derivatives, and other advanced instruments, and may require advanced traders to look elsewhere.
Pros & Cons and suitability
Pros & Cons
- Low commissions on Savings Plans
- Implied State Backing
- No custody fees
- Cash under your name in A Bank
- Full Bank & Tax Integration
- No Multicurrency accounts
- Limited to German Residents
- Limited advanced features
Suitability
Very Suitable
Good Choice of ETFs, low fees, state backing
Suitable
Decent choice of exchanges and instruments
somewhat suitable
Limited Advanced Investing, no elective professional status
Availability
DKB is Available In Germany, Austria and Switzerland
Broker Snapshot
Why Is DKB A Bank-backed Fintech Broker?
DKB is classified as a Bank-backed broker primarily due to its link to BayernLB, which is a German state-owned bank. While it is a well-regulated and reputable institution under BaFin and the European Central Bank (ECB), its brokerage services are tailored to German residents, limiting its global appeal. Additionally, DKB does not offer the breadth of investment products or advanced tools that standalone Tier 1 brokers typically provide, such as derivatives/futures, or multicurrency accounts. However, its strong affiliation with BayernLB, a state-owned bank, ensures a high level of safety and reliability.
Indirectly owned by the State of Bavaria
DKB (Deutsche Kreditbank) is a subsidiary of BayernLB, a state-owned German bank. Since its inception in 1990, DKB has operated as part of the BayernLB group, benefiting from the financial stability and reputation of its parent company. While DKB primarily focuses on retail banking and sustainability initiatives, its brokerage services cater to over 5 million customers, making it one of the largest direct banks in Germany.
Company Info
| Characteristic | DKB |
|---|---|
| Inception Date | 🛈 1990 |
| Headquarters | 🛈 Berlin, Germany |
| Key Owner | 🛈 Bayerische Landesbank (BayernLB) |
| Bank Affiliated | ✅ Yes |
| Listed on Stock Exchange | ❌ No |
| Rating (Parent) | ✅ S&P: A- , Moody's: Aa2 , Fitch: A+ |
| Net Income (2023) | ✅ €1.17 billion (BayernLB, 2023) |
Regulation
| Feature | DKB |
|---|---|
| EU Entity | 🛈 Deutsche Kreditbank AG |
| UK Entity | 🛈 N/A |
| Key Regulators | ✅ BaFin |
| EU Regulator | BaFin |
| UK Regulator | N/A |
| EU Guarantee | €20,000 |
| UK Guarantee | 🛈 N/A |
Good Offering, No custody fees and free trading for ETF Savings Plans
DKB has no custody fees and commission-free trading for ETF savings plans. It does not offer multicurrency accounts and normal trading fees may be higher side.
Features
| Feature | DKB |
|---|---|
| Key Base Currencies | EUR |
| ETF Availability | ✅ Very High (2,000) |
| Multicurrency | ❌ No |
| Cash Interest | ✅ Yes |
| Margin Loans | ❌ No |
| Exchanges | ✅ Major European |
| Security Transfer | ✅ Yes |
| External PFOF Reliance | ✅ Low to None |
Fee Structure
| Feature | DKB |
|---|---|
| Custody Fees | ✅ None |
| Inactivity Fees | ✅ None |
| ETFs Dealing Fees | ✅ From €0 ¹ |
| FX Fees | ✅ 0.25% |
| Deposit Fees | ✅ None |
| Withdrawal Fees | ✅ None |
| Security Lending | 🛈 Not Available |
I. Company
With a history of over 30 years in business, the association to a German State Bank and thus implied government backing, no known regulatory issues, DKB maintains a leadership presence in the German market.
Business Profile
Deutsche Kreditbank (DKB) is a significant player in Germany’s financial ecosystem, offering a broad range of banking and investment services. Established in 1990, DKB has evolved into a direct bank. Its key offerings include brokerage services, savings accounts, and loans, catering to both retail and corporate clients.
Ownership and Transparency
DKB is wholly owned by BayernLB, a Bavarian state bank and implied public-sector backing. BayernLB’s ownership provides DKB with financial stability and access to substantial resources, with BayernLB having a net income in 2023 of €1.17 billion, this figure has increased year-on-year from 2021 and 2022 showing increasing profitability.
Safety Considerations
BayernLB’s credit ratings of A- (S&P), A+ (Fitch) and Aa2 (Moody’s) underscore its financial stability and ability to support DKB. As a state-owned institution, BayernLB benefits from implicit backing by the Bavarian government, further reducing the risk of loss. Additionally, DKB’s adherence to the German Deposit Protection Fund ensures that client cash deposits are protected up to €20,000 per client. Securities are held in segregated accounts, providing an added layer of protection in the event of financial distress.
Regulation & Investor Compensation Schemes
DKB is regulated by the German Federal Financial Supervisory Authority (BaFin) and provides investors with a protection amount up to €20,000. Specifically, the scheme covers up to 90% of an investor’s claims, with a maximum limit of €20,000 per investor. This level of protection – while standard among most EU brokers – is considered low, but an implied backing by the states mitigates this low threshold. Cash held at DKB is protected by the German Compensation Scheme up to €100,000, though it is pooled unless held in your name.
Share & Cash Custodians
As a DKB Broker client in Germany, your securities are held in custody by Deutsche Kreditbank AG (DKB). While DKB maintains your securities within its own custodial framework, it collaborates with central securities depositories (CSDs) like Clearstream and Euroclear for settlement and safekeeping services. Clearstream, a subsidiary of Deutsche Börse Group, and Euroclear are prominent CSDs that facilitate the settlement and custody of securities across various markets. Through these partnerships, DKB ensures efficient processing and secure holding of your securities.
As a customer of DKB Broker in Germany, your cash deposits are held by Deutsche Kreditbank AG (DKB) itself.
Reputation
DKB has no current known legal or regulatory issues.
II. Fee structure
DKB’s fee structure is designed to cater to cost-conscious investors, offering low or no fees for key services such as account maintenance and inactivity. Trading commissions are competitive, particularly for ETFs and stocks. However, currency exchange fees may impact those trading in non-Euro assets.
Platform fees
There are no platform & custody fees.
Trading Commisions
ETF Savings Plans (Sparplan)
- Execution Fee: €1.50 per execution (charged per scheduled investment).
- Free ETFs: 450+ ETFs have no execution fee (costs covered by ETF providers). Typically executed on Xetra.
- Xetra Fee: No additional €2.50 fee for savings plans. Xetra has eliminated transaction fees for ETF savings plans, so there are no extra costs beyond DKB’s €1.50 execution fee (if applicable).
Regular ETF Trades (One-time Orders):
- €10 → Orders up to €5,000
- €15 → Orders €5,000 – €20,000
- €30 → Orders over €20,000
- Xetra Execution Fee: + €2.50 per trade (only for regular trades, not savings plans).
- Other Trading Venues: No extra €2.50 fee when trading via Tradegate, Gettex, Quotrix, off-exchange, or directly with fund companies, but higher spreads may apply.
- Foreign Market Trades: €20 per trade for non-German exchanges.
Overall Fee Simulation vs Competitors
Most of our readers have simple Index portfolios. Using our Broker Total cost calculator, you can estimate the total cost of holding ETFs throughout the investment period. For our simulated scenarios, DKB comes out as very competitive.
Fee Simulation For General Accounts
The simulation shows a cost of €0 for DKB and Consorsbank. For DKB assumes the use of free ETFs Savings Plans executed on Xetra, however, the €0 cost for Consorsbank applies only to regular ETF savings plan transactions on the Tradegate exchange. Single market maker exchanges like Tradegate may have higher spreads. Comdirect is the most expensive option, with a total cost of €48,547.
Investor assumptions
| Model Feature | Assumption |
|---|---|
| Investor | German |
| Instrument | ETF |
| Account | General |
| Initial Investment | € 100,000 |
| Monthly | € 1,000 |
| Time Horizon | 20 years |
| Gross Return | 8% |
Trading Commissions
Currency Exchange fees
There is a 0.25% charge between EUR and both GBP and USD.
Other fees
Security can be transferred in and out for free.
III. Platform & Features
DKB provides attractive features for investors, such as a wide selection of ETFs and regular savings plans as well as some advanced products. Its reliance on PFOF is low. Cash interest is low.
Account Opening Process
DKB offers a streamlined digital onboarding process designed primarily for German residents. The fully online application requires standard documentation including a valid German ID or passport, proof of German residency, and a German tax ID (Steueridentifikationsnummer). Verification is completed through a video identification process, making the experience convenient for applicants. The entire process typically takes 1-2 business days, and the trading account setup is integrated with the DKB-Cash account.
account Features
- Custody accounts – Depot, Girokonto and joint accounts.
- Large Range of ETFs (over 2,000) including Amundi, iShares and Xtrackers;
- Apps for Android and iOS;
- All Major Stock Exchanges: including Nasdaq, Euronext, Xetra, LSE, Zurich & Milan
- Customer Service: it is available trough mail, phone and chat although it has mixed review indication room for improvement;
- Intuitive Interface: including regular, scheduled investment service. Although some reviews indicate the initial set up can be less streamlined.
- Additional tools: performance tracking capabilities, customizable watchlists, and a centralized document center for managing statements and tax documents.
Internalisation and PFOF
DKB does not engage in payment for order flow (PFOF) practices or order internalization. All trades are executed directly on regulated exchanges or through established market makers. Orders are routed through exchanges and trading venues, with clear disclosure of execution venues.
Cash Interest
Cash balances in DKB trading accounts are automatically swept to the linked DKB-Cash account. DKB customers gain access to cash accounts, including bank cards and online banking through the broker.
As of 2024, the interest structure is:
- Current/Checking account balance: 0% interest
- Savings account (Tagesgeld) balance: 1.50% p.a.
- Interest is credited quarterly
- No separate high-yield cash management account option for broker accounts
This rate structure is less competitive compared to some other brokers in the market who offer higher yields on cash balances.
Advanced Features
DKB offers some advanced features including bonds,forex and some access to Derivative and Commodities.
Features
| Investment Type | Availability |
|---|---|
| ETFs | ✅ |
| Stocks | ✅ |
| Bonds | ✅ |
| Funds | ✅ |
| Options | ❌ |
| Derivatives | ✅ Limited |
| Futures | ❌ |
| CFDs | ❌ |
| Forex | ✅ |
| Crypto | ❌ |
| Commodities | ✅ (through ETP’s only) |
IV. Taxes
Tax Wrappers
DKB provides standard German taxable accounts (DKB-Cash with Broker). No specific tax-advantaged accounts or wrappers are offered beyond the standard German tax treatment of investment accounts.
Tax Reporting
- DKB automatically handles German tax calculations and withholding as required by German tax law
- The bank provides annual tax statements (Steuerbescheinigung) documenting all relevant tax information for the year
- For German residents, DKB manages the tax-free allowance (Sparerpauschbetrag) if a tax exemption order (Freistellungsauftrag) is submitted
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