Commerzbank has kicked off an account
switching campaign, offering a €50 ($67) incentive to new current
account customers.
Clients switching to Commerzbank, Germany’s
second largest private sector bank, will pay no monthly maintenance
fee for their current account, provided they make a monthly credit
deposit of at least €1,200.
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In addition, customers will receive 2%
interest on credit balances of up to €25,000 until the end of March
2011.
Commerzbank wants to add 100,000 net new
current account customers in the fourth quarter, to add to the
50,000 net
new customers who opened accounts in the third quarter.
An integrated advertising campaign across TV,
print, online and radio promoting the account switching initiative
will run until the end of the year
Commerzbank’s drive to increase current
account customer numbers follows a promotion initiated by rival
Deutsche Postbank earlier this year.
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By GlobalDataPostbank reduced the qualifying minimum
monthly credit required for a free current account from €1,200 to
€1,000 from the start of the second quarter.
Deutsche Bank, Germany’s largest bank by
assets, told RBI that it has no plans to follow suit and
said it will continue charging current account customers a monthly
fee of between €4.99 and €9.99.
