How can I set the transaction password
Overnight money providers
17.06.2020 | BMW Bank GmbH: Nothing for overnight money at the moment, but good for short-term customers
For many years I have always been a BMW Bank customer, with overnight money and online savings accounts for the past decade. Most recently, the bank no longer offered anything in the overnight money sector. But this is the case with many banks, or almost so, and even with the best offers there is almost nothing. Sometimes a little more for a more or less long new customer period. For a year now I have been switching more and more to staggered fixed-term deposits between six and twelve months in order to no longer chase short-term and timely promotional overnight interest rates that may only apply to small investment amounts. Furthermore, I do not make any foreign investments in order to save myself the tax return on investment income. This is another reason why my overnight money options on the market are not so great. Overall, by switching to staggered fixed-term deposits, I have fewer account changes, but more options. The return averaged over 0.80%. With overnight money and new customer campaigns, I might have achieved half of this return. Now to the BMW Bank: The account opening is unproblematic and can be done quickly online, including legitimation. I would say optimal. First I created the non-interest-bearing overnight money account in order to be able to flexibly change the external reference account. Later you could create the desired fixed deposit yourself in a few minutes with a TAN. You can also (only) invest the fixed-term deposit directly against an external reference account, to which the investment and interest are then credited at the end. There was stress with the access data, which I had to request again, which cost time and interest. Online banking is rather unusual and requires attention at the beginning. The hotline, which I needed because of the missing access data, could be reached directly, was pleasant and was able to help. The conditions for six months (currently still valid) are great for Germany.
06.01.2014 | BMW Bank GmbH: Service good, but interest rates below ground
I have been a BMW Bank customer with an online savings account for about two years, but I canceled it due to the current interest rates. When I opened the account, there was still a very reasonable interest rate of 2.70%, which has been gradually reduced over the past two years to a ridiculous 0.60%. So I'm now switching to the competition, fortunately there are enough offers from reputable banks with sometimes double (and more) the interest rate. Otherwise, both account opening and account operation always worked relatively problem-free. The online banking site used to be a bit slow, but this has improved in the last six months or so.
02.11.2013 | BMW Bank GmbH: Interest rate no longer competitive
At the moment there is still 0.60% for the online savings account. There were no technical problems while using it, but I withdrew my money. It is strange that a few weeks after the account balance was 0.00, no longer had online access to the account: "Your access to online banking has been blocked." I'm assuming that means that my account will be considered canceled, which is fine with me.
19.06.2012 | BMW Bank GmbH: Good alternative
Have had an online savings account for over half a year. Initially, the high interest rate attracted 2.40%, now there are just 2.00% left. The operation of online banking at BMW takes getting used to and could be clearer. It is also not possible to see online how much interest income has been generated by the BMW Bank so far. As with a savings account, you can have a maximum of 2,000 euros per month, which is absolutely sufficient for my needs. As a short-term investment to park the "nest egg", I can still recommend the online savings account. I just hope that the current interest rate of the aforementioned 2.00% will hold up for a while. Otherwise I will look for an alternative, but overnight money or online savings book providers with purely German deposit insurance over 100,000 euros are rare. Even if I do not have such (high) amounts, it gives me a good feeling of (high) security when I am insured with 650 million euros.
20.04.2012 | BMW Bank GmbH: I feel cheated
In January 2012 I opened an online savings account. The variable interest rate was 2.7%. First the interest rate was lowered to 2.4%. The last interest rate cut was on April 10, 2012 to just 2.0%. The interest rates of other banks stayed roughly the same. Since a notice period of 3 months was agreed for the money, my money is fixed at the bank at the lower interest rates, there is no special right of termination in the event of interest rate cuts. For me it's a cheek (I can think of other words), promise high interest rates, then fail to keep the money and hold onto the money at the low interest rate. That was my second experience with the BMW Bank, the first one wasn't positive either. In the future I will avoid the bank.
05.04.2012 | BMW Bank GmbH: No interest in line with the market
After the BMW Bank reduced the interest on online savings accounts from 2.70% to 2.40% on February 15, 2012, the interest rates will be reduced to 2% after 2 months, starting April 10, 2012. With this measly interest rate, the inflation rate is higher; H. at the end of the year my money is worth less than at the beginning. This interest rate is no longer in line with the market, so I will close the account and look for a provider who guarantees the promised remuneration for at least 12 months. It should also be noted that the key interest rate has been 1% for a long time and therefore does not justify a 0.70% reduction within 2 months. The provider is not recommended for either overnight money or savings accounts.
01.10.2011 | BMW Bank GmbH: You just have to like 2.70% interest
The account opening (PostIdent> Welcome letter> PIN> Direct debit> Super-PIN) took 8 calendar days. The interest rate is currently 2.70%, so you just have to be satisfied with the online banking (exemption order, tax assessment, change of address, opt-out, everything can be regulated online). The notice period is identical to that of a savings account (EUR 2,000 per month immediately, higher sums either 90 days' notice or 90 days advance interest). The problem is more to be seen in the access data: login name cannot be freely selected, plus PIN (letters / numbers), transaction password (only letters), super PIN and telephone password (letters / numbers and, according to the hotline, also special characters). Too much to remember overall. A simple iTAN list would be simpler and safer. I did not want to assign the telephone password at all, but promptly received a suitable form for setting it up with the opening documents, which means that you can also make a telephone transfer "in an emergency" despite the online savings account. After all, the hotline gives you very detailed answers. In order to exclude the recording of the advertising mailing list (opt-out), you have to manually cross out the corresponding lines with a pen and ruler. Deactivating the box in the opening form of the website does nothing on the following paper printout. Otherwise there is only the subsequent opt-out via online banking.
26.09.2010 | BMW Bank GmbH: Mostly good experiences
When reading the experience reports, it is noticeable that there are only a few reports on the BMW Bank's overnight money offer and that all recent reports have a negative rating. From my experience I have to put this impression into perspective. My documents were there in about 8 days. Internet banking access works well enough for my needs, even if some practices differ from what is common today. Since repayments are only processed via the agreed transaction account, I believe that there is still sufficient security. The conditions are good for an online savings account with an interest rate of 2.0% for a German bank. However, it is not a real call money account, as only 2,000 euros per month can be withdrawn without prior notice. You have to be careful, however, that the good conditions are not lost by making use of telephone banking in addition to online banking. Then the interest rate would decrease to 1.65%.
13.01.2009 | BMW Bank GmbH: No information on receipt of the application
On December 29, 2008, we submitted an application to open a fixed-term deposit account and have not yet received a confirmation of receipt or any other information. The BMW Bank has advertised massively with direct mailings, advertisements in magazines, etc. Apparently she overestimated herself and completely misjudged the onslaught. Such a thing simply shouldn't happen to such a renowned bank. We are disappointed. I haven't seen anything like this at any other bank, except at Mercedes Bank, which probably has the same problems and cannot get things under control. Calling a hotline is the same as throwing a 500 euro bill into the sea and going back a year later and waiting for a fish to bring you the interest. One can only wait and hope that the bank will get it done this month.
Paul and Gabriele Haaren
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The experience reports do not reflect the opinion of the editors. modern-banking.de reserves the right to non-publication or shortening as well as spelling corrections.
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