Rental Security Deposit Account Comparison 2026
Providers, Costs & Interest Rates
Anyone renting an apartment often has to provide a security deposit. Traditionally, this is done through a rental security deposit account, but the offers differ significantly. Some providers offer free accounts, others charge fees, and there are also modern alternatives such as deposit insurance or digital providers. In this article, we take a closer look at the common offers. We show with examples when which solution is worthwhile.
Why is a rental security deposit account comparison worthwhile?
Different cost models:
some accounts are free, others charge annual fees.
Interest rates vary
often they are very low.
Service and handling
differ: online providers enable quick opening, traditional banks often require an appointment.
And last but not least, the choice directly affects the tenant's liquidity. This is especially important when moving, because many costs come together anyway.
Which banks offer rental security deposit accounts?
Traditional direct banks have largely discontinued rental security deposit accounts because setting them up is complex. Mainly savings banks and cooperative banks (Volks- and Raiffeisenbanken) as well as individual major banks like Commerzbank or TargoBank still offer corresponding accounts.
The problem: Many banks charge relatively high fees, depending on the institution between 10 and 89 euros. Interest rates, on the other hand, hardly carry any weight. A tenant who deposits 1,500 euros often only gets a few cents back per year.
In addition to these traditional ways, there are now also digital alternatives. Providers like heykaution or Smartmiete enable the opening and management of rental security deposit accounts completely online. While heykaution works with a German partner bank and thus provides additional security, Smartmiete relies on a foreign partner bank. Both models show that the traditional cash deposit can also be handled digitally in a legally secure and easier way.
If you value a simple, legally secure and completely fee-free solution with a German partner bank, heykaution is currently one of the most straightforward ways to open a rental security deposit account.
How high the interest on a rental security deposit account is depends on the provider. The following table shows current costs and interest rates of the most important providers in a direct comparison.
Rental Security Deposit Account Comparison 2026: Costs & Interest Rates in the Table
Sparkasse
Conditions differ regionally
heykaution
German partner bank, fully digital, legally secure and easy to manage
Commerzbank
Tenant and landlord variants; Commerzbank customers only
PSD Bank München eG
Account exclusively in the tenant's name; private purposes only
Smartmiete
Foreign partner bank (Norway), fully digital
Volks- and Raiffeisenbanken
Conditions differ regionally
DKB
GLS Bank
Sustainability-oriented institution
BW Bank
Tenant and landlord variants; BW Bank current account required
TargoBank
Savings account with blocking notice; opening only in branch
Important note: The information on costs, interest rates and conditions is based on publicly available information (as of September 2026) and serves exclusively for general orientation. It does not constitute legal or financial advice. Despite careful research, we assume no responsibility for completeness, correctness and timeliness. Please contact the respective provider directly for current conditions before concluding a contract.
The differences are clear: while many providers charge fees or rely on foreign banking partners, heykaution offers a completely free and digital solution with a German partner bank.
For you, this means clear legal framework conditions, high security standards and simple processing without hidden costs or additional effort.
Set up your rental security deposit account online in just a few minutes.
What cost differences exist for rental security deposit accounts?
Savings banks and cooperative banks (Sparkassen and Volksbanken) typically charge between 10 and 50 euros. How a rental security deposit account at Volksbank works – from opening and required documents through to costs and repayment – is explained in detail in our guide.
Direct banks like DKB were previously affordable but have now severely restricted their services.
Major commercial banks like Commerzbank or TargoBank charge significantly higher fees.
heykaution clearly stands out from this. There are no costs here, neither for tenants nor for landlords. Everything runs online, legally secure and completely transparent.
What costs and fees for rental security deposit accounts can arise in general, from opening through to release, is shown in detail in our costs guide.
Are the interest rates on a rental security deposit account still worthwhile?
Anyone opening a rental security deposit account today should not have high expectations regarding interest rates. The interest rates are currently almost always in the minimal range between 0 and 0.5 percent. This results in at most a symbolic return.
In practice, this means: Even with a deposit of 2,000 euros, there are often only one or two euros in interest after a year.
For tenants, this means: No return can be expected. The actual advantage lies solely in the secure and legally required investment.
It is also important who owns the interest on rental security deposit accounts, how it is treated for tax purposes and what to consider on repayment.
What alternatives to a rental security deposit account are there?
In addition to the traditional rental security deposit account, tenants can also use rental deposit guarantees or rental deposit insurance. Providers like kautionsfrei.de or heysafe.de take over the guarantee towards the landlord.
Benefits for tenants:
- no high one-time payment required
- full liquidity is maintained
- faster and more straightforward move-in
Benefits for landlords:
- immediate security through a guarantee certificate
- no administrative effort with accounts or interest
- payment in case of damage is reliably made by the provider
Thus, guarantees and insurance are particularly interesting for tenants who want to keep their money flexible. For landlords, they offer simple and reliable security.
Frequently Asked Questions about Rental Security Deposit Accounts (FAQ)
Published on 15 September 2025Last updated on 03 September 2026