FAQs on call and fixed-term deposit accounts at der Varengold Bank

What is the minimum investment amount for our call and fixed-term deposit accounts? Is the account opening at Varengold Bank exclusively online? Answers to these and other questions, which are listed by keywords, can be found here.

Opening a call deposit account

Who can open a call deposit account with Varengold Bank AG?>

Any private individual of legal age whose main residence is in Germany can open a call deposit account with us. The account is intended exclusively for private use. It is not possible to open a business account (including a trust account, an escrow account, a deposit account, etc.). Legal persons cannot open a call deposit account with us.

Who can open a joint account with Varengold Bank AG?>

The opening of joint accounts is possible for private individuals of legal age whose main residence is in Germany. Each account can have a maximum of two account holders. Each joint account holder can only open one call deposit.

What is the procedure for opening an account?>

Please proceed as follows to open an account:

  • On our website, select “Call deposit” from the navigation menu and click on the open account link. Follow the instructions on the screen.
  • Once all the necessary information has been entered, print out the POSTIDENT coupon and any other documents related to opening an account in accordance with the instructions on the screen.
  • Bring both items to any branch or post office, which is part of the Deutsche Post AG network. You must present your identity card or passport to prove your identity.

Opening an account is completely free of charge. As soon as we have received and checked your application, you will receive a confirmation with the details of your account by physical mail. 

What is the POSTIDENT identity verification process?>

Legal provisions of the German Money Laundering Act (Geldwäschegesetz) require us to provide a one-time identification. The easiest way to identify yourself is to use the POSTIDENT identity verification process, which is free of charge. When you register online, we will send you all documents related to opening your account and the POSTIDENT coupon. You must bring both items to any Deutsche Post AG branch or to a post office that offers an electronic post office counter (elektronischem Postschalter, EPOS). Please also bring your valid identity card or passport. This will provide proof of your identity to Deutsche Post AG. The information on your identity card and passport will be transferred to the coupon by the post office employee. You should carefully verify the details. All you have to do afterwards is sign the coupon.

Can I open an account with Varengold Bank AG only online?>

Legal provisions of the German Money Laundering Act require us to provide a one-time authentication.  The easiest way to do this is through the POSTIDENT identity verification process. In addition, we require that you sign the customer base agreement together with the application for opening an account. You can, of course, complete the application for opening an account online.

What is a reference account? Do I really need one?>

Our reference account is a normal current account that you can open with your main bank. For security reasons, all transactions (cash deposits and withdrawals) are performed solely via the reference account you specify. You cannot open a call deposit account with Varengold Bank AG without a reference account.

What duty to provide information do I have towards Varengold Bank AG?>

You must provide all the information required on the form for opening an account. You can easily change most of this information later in your online banking area. Changing the reference account and your address, on the other hand, is only possible in writing. You will find the “Change request” form in the Download Centre on your online banking platform.

Furthermore, you must inform us if any unauthorised person has obtained or may have obtained access to your login details. You will find more detailed information on your duty to provide information in our contractual terms and conditions.

How and within what time period can I revoke the opening of the account?>

According to Articles 312b ff., you have the right to revoke the opening of the account within two weeks without providing a reason. When this occurs, you are no longer bound by the contract with us. All amounts that have been credited to your call deposit account until then will be transferred back to your reference account together with the accrued interest.

Account use

How can I log in to Varengold online banking?>

To log in to Varengold online banking, please proceed as follows:

  • Click on the “Log in to online banking” icon, located at the top right-hand side of our website.
  • A new window will open. Please enter your user name and PIN here.

I have forgotten my PIN or can no longer log in for other reasons. What can I do?>

Please contact our Service Centre in Freising (Germany) at the following telephone number: +49 (0)40 - 66 86 49 880.

How can I change my address and reference account?>

For security reasons, it is only possible to change your reference account in writing. Please use our form for this purpose.

What is the bank sort code of Varengold Bank AG?>

The bank sort code of Varengold Bank AG is 200 301 33.

What is the BIC code of Varengold Bank AG?>

The BIC code of Varengold Bank AG is VGAGDEHHXXX.

How do I receive my bank statements?>

You can view, download and print your bank statements as a .pdf document in your postbox (in the online banking area).

What happens to the joint account if one of the account holders dies or is placed in elderly care?>

In this case, the joint account will be closed. All interest accrued and the balance will be transferred into the reference account.

Call deposits

What is a call deposit account?>

A call deposit account is an interest-bearing investment account without a fixed term. You can dispose of the credit balance on a daily basis. Varengold Bank AG's call deposit account is a pure investment account, which means that you cannot pay any bills from your call deposit account or set up any direct debit payments. Deposits and withdrawals are only possible via a current account (reference account) issued in your name.

What is the minimum investment amount?>

The minimum investment amount in a Varengold Bank AG call deposit account is EUR 2,500. Additional and more detailed information on the conditions for opening a fixed-term deposit account can be found in the call deposit section.

How much does it cost to open and maintain a call deposit account?>

Opening, maintaining and possibly closing a call deposit account with Varengold Bank AG is free of charge. All deposits and withdrawals from or to your reference account are free of charge. You will find the cost of additional services in our list of fees and services.

What is the interest rate?>

We adjust the interest rate according to the market situation. You will find updated information on the interest rate here.

When does the guaranteed interest rate become effective?>

The granted guaranteed interest rate is valid from the date on which the account is opened online and always refers to the interest rate applicable as of that date.

When will the interest be calculated?>

Interest will be calculated once you have opened your account and transferred money from your reference account.

When will I receive my interest?>

The interest accrued will be credited to your call deposit account on a monthly basis or immediately when the call deposit account is closed.

How and where can I manage my call deposit account?>

You can access your call deposit account at Varengold Bank AG from any computer with an Internet connection. All you need for the mTAN verification process is a mobile phone. This means that you can also access your call deposit account even when travelling abroad.

Can I use my call deposit account for capital-forming payments?>

No, this is unfortunately not possible.

Can the accrued interest be transferred to an account other than my call deposit account?>

No, this is not possible for security reasons.

Fixed-term deposit

What is a fixed-term deposit account?>

A fixed-term deposit account is an investment account with a predetermined investment term, a fixed investment amount and a fixed interest rate for the entire length of the term. This guarantees maximum planning reliability.

Who can open a fixed-term deposit account with Varengold Bank AG?>

Any private individual of legal age whose main residence is in Germany can open a fixed-term deposit account with us. The account is intended exclusively for private use. It is not possible to open a business account (including a trust account, an escrow account, a deposit account, etc.). Legal persons cannot open a fixed-term deposit account. Joint accounts are possible, but are limited to a maximum of two account holders.

How much does it cost to open and maintain a fixed-term deposit account?>

Opening, maintaining and possibly closing a fixed-term deposit account with Varengold Bank AG is free of charge. Credits to your call deposit account and transfers from your call deposit account to your reference account are also free of charge. You will find the cost of additional services in our list of fees and services.

What is the minimum investment amount?>

The minimum investment amount in a Varengold Bank AG fixed-term deposit account is EUR 5,000. Additional and more detailed information on the conditions for opening a fixed-term deposit account can be found in the fixed-term deposit conditions section.

Up to what amount can I invest money in my fixed-term deposit account?>

The maximum investment amount is EUR 500,000. Additional and more detailed information on the conditions for opening a fixed-term deposit account can be found in the fixed-term deposit conditions section.

For how long can I invest money in my fixed-term deposit account?>

We currently offer the following contract durations for fixed-term deposit accounts: 12, 24 and 36 months.

Additional and more detailed information on the conditions for opening a fixed-term deposit account can be found in the fixed-term deposit conditions section.

When will the interest be calculated?>

Interest is calculated on the day on which the contractually determined deposit is credited to the fixed-term deposit account (value date).

How do I open a fixed-term deposit account with Varengold Bank AG if I am not a client?>

Click on “Open a free fixed-term deposit account” at http://www.varengold.de/de/privatkunden/festgeld/ and follow the instructions on the screen. You will also need a call deposit account with us to open a fixed-term deposit account with Varengold Bank AG. This is automatically opened for you together with the fixed-term deposit account. Both the fixed-term deposit account and the call deposit account are free of charge.

Why do I need a call deposit account if I only want to open a fixed-term deposit account?>

You need a call deposit account because all transactions to and from your fixed-term deposit account are performed through it. The interest and the invested credit balance are also transferred from your fixed-term deposit account to your call deposit account. If you wish to open a fixed-term deposit account with us, just fill out and send the application for opening a fixed-term deposit account. We will automatically open the corresponding call deposit account for you.

How do I open a fixed-term deposit account with Varengold Bank AG if I am already a client?>

If you are already a client, you can open any number of fixed-term deposit accounts in your online banking area. You can confirm the opening with the secure mTAN verification process. There must be sufficient credit balance in your call deposit account to open a fixed-term deposit account. Once your fixed-term deposit account has been opened, you will receive a confirmation in your postbox in the online banking area.

Do I receive a fixed-term deposit account bank statement?>

At the end of the fixed-term deposit duration or at the end of each year of the contract term, we will provide you with an account/bank statement in .pdf format in your online banking area. You can also request account statements manually.

Can the fixed-term credit balance and the accrued interest be transferred to an account other than my call deposit account?>

No, this is not possible for security reasons. All fixed-term deposit credit balances, including interest, are credited to your call deposit account at Varengold Bank AG. You can then transfer the money to your registered reference account.

Can I open a fixed-term deposit account in a foreign currency?>

Unfortunately, this is not possible. The currency of all fixed-term deposit accounts that you open with Varengold Bank AG is the Euro.

Can I increase the amount I invest throughout the duration of the contract?>

Unfortunately, this is not possible. You can, however, open any number of new fixed-term deposit accounts at any time. Once the agreed fixed-term deposit duration has expired, you can also freely dispose of the amount previously invested and, needless to say, reinvest it again with the fixed-term deposit conditions.

Can I shorten the duration of my fixed-term deposit account?>

As a rule, it is generally not possible to terminate the fixed-term deposit account or shorten the duration of the contract. Nonetheless, an extension requested by you or granted from our side in accordance with our special terms and conditions for fixed-term deposits is still possible. If we do agree to an early termination, we reserve the right to demand appropriate compensation and advance interest.

How can I close my fixed-term deposit account?>

If the bank does not receive different instructions, the fixed-term deposit agreement will automatically be extended with the same duration with the conditions valid as of the due date. Unless otherwise instructed by the client, when fixed-term deposits with a duration of up to twelve months are reinvested, all interest will be reinvested.

In the event of repayment of the balance to the fixed deposit account on the maturity date, the fixed deposit account is automatically closed.

Taxes

Do I have to pay tax on the interest received from Varengold Bank AG?>

Yes, interest income is always taxed in Germany and is subject to the so-called capital gains tax.

What is the capital gains tax?>

In Germany, since 1 January 2009, income from capital assets of private individuals (interest, in particular) has been subject to a flat-rate capital gains tax of 25%. All that remains to be added is the solidarity surcharge and possibly the church tax. The tax will be collected by your financial institution – in this case, by Varengold Bank AG. You can find out more in a circular from the German Federal Ministry of Finance (Bundesfinanzministerium) at www.bundesfinanzministerium.de

Are there any tax-free allowances that are not subject to the capital gains tax?>

The annual savings lump sum currently amounts to a maximum of EUR 801.00 for single individuals and EUR 1,602.00 for married persons. In order for us to take your lump sum into account, you must provide us with an exemption order. These amounts can also be divided among several financial institutions; however, the total amount of the exemption orders you have issued may not exceed the specified maximum amounts.

How do I issue or change an exemption order?>

You can download the exemption order form at www.varengold.de/de/informationen-und-downloads and also in your online banking area at Varengold Bank AG. You must fill out this form, sign it and return it to us by physical mail. The exemption order is valid from the date stated on the form; nevertheless, at the earliest from the day on which we receive your order. In the case of spouses, each must submit an exemption order. It is not possible for Varengold Bank AG to backdate and subsequently correct amounts already collected. Any overpaid capital gains tax can then only be amended in your tax return. The exemption order can be issued for a limited or unlimited time period. We recommend the unlimited option. In this case, the exemption order applies until you provide us with a new one. If you want to change your exemption order, simply provide us with a new one.

You can download the exemption order form at www.varengold.de/de/informationen-und-downloads and also in your online banking area at Varengold Bank AG. You must fill out this form, sign it and return it to us by physical mail. The exemption order is valid from the date stated on the form; nevertheless, at the earliest from the day on which we receive your order. In the case of spouses, each must submit an exemption order. It is not possible for Varengold Bank AG to backdate and subsequently correct amounts already collected. Any overpaid capital gains tax can then only be amended in your tax return. The exemption order can be issued for a limited or unlimited time period. We recommend the unlimited option. In this case, the exemption order applies until you provide us with a new one. If you want to change your exemption order, simply provide us with a new one.>

As soon as we have received and processed your exemption order, you will see in your online banking area if this is confirmed, since when it has been issued and up to what amount.

To which accounts does the exemption order apply?>

Your exemption order applies to all your accounts with Varengold Bank AG – both call deposit accounts and fixed-term deposit accounts.

What does TIN stand for?>

TIN is the abbreviation of “Tax Identification Number”. This is a unique number, valid throughout a lifetime and consists of eleven digits. It is issued by the Federal Central Tax Office (Bundeszentralamt für Steuern, www.bzst.de) to every citizen who is registered in Germany You will find the number on your last income tax return or on your wage tax certificate.

How can I submit a certificate from the competent German tax authority confirming that I am exempt from a German tax assessment procedure?>

Please send us the original document or a certified copy of your assessment exemption certificate by physical mail.

How do I receive my annual tax certificate?>

Varengold Bank AG automatically sends you the annual tax certificate by physical mail. This is usually done in the first months of the following year.

Online safety

How safe is online banking at Varengold Bank AG?>

Varengold Bank AG always uses the latest security and encryption methods. All data is transmitted via SSL and 256-bit encryption (via HTTPS protocol). All login data is also stored according to the strictest security standards and each transaction is secured by the so-called mTAN verification process. You will receive a number that will be valid only for five minutes on your registered mobile phone to confirm your transaction.

What do SSL, 256-bit encryption, HTTP and HTTPS have to do with you?>

Most websites work with the common HTTP protocol. HTTP stands for “Hypertext Transfer Protocol” and provides for the unencrypted transfer of data.

One of our high security standards demands that all bank and transaction data be transmitted exclusively via the encrypted HTTPS protocol. The Hypertext Transfer Protocol Secure (HTTPS) ensures encrypted and thus tap-proof data transmission.

We use the Secure Sockets Layer (SSL) encryption protocol to ensure secure HTTPS transmission. The security level (i.e. the degree of encryption) is specified in bits. The 256-bit encryption we use corresponds to the highest level of encryption.

What do I have to do in case unauthorised persons have obtained access to my login details?>

In accordance with our contractual conditions, you are obliged to inform us immediately. We will block your account until you receive new login details from us.

How can I revoke the power of attorney I granted for the use of my account?>

This is only possible in writing. Please write to the following address:

Varengold Bank AG
Servicecenter Freising
Postfach 19 52
85319 Freising, Germany

How can I block my account with Varengold Bank AG?>

If you suspect that unauthorised persons have obtained access to your account or fear the abuse of a power of attorney, you can block your account by calling us at the following telephone number: +49 (0)40 - 66 86 49 880.

What is phishing and how can I protect myself against it?>

In what is called “phishing”, criminals with fake e-mails or on fake websites ask you to enter secret bank details such as passwords and TANs. With this information, scammers can execute transactions from your account. You should therefore ensure that your information is stored safely. Varengold Bank AG will never ask you to submit your TAN by email, telephone or fax. We also use several verification processes to enhance your security. An important measure demands that you only transfer money from your call deposit account to your previously specified reference account. The call deposit account and the reference account must have the same account holder.

What does PIN stand for?>

PIN stands for “Personal Identification Number”, which is used to log in and access your account. You should always remember your PIN and not reveal it to anyone.

What does mTAN stand for and how does it work?>

mTAN stands for “mobile TransAction Number" and works just like the normal TAN, with the only difference that we send you the transaction number for each transaction by SMS. You must confirm the transaction by entering the mTAN within five minutes of receiving it. The mTAN is then no longer valid after that. You can use the mTAN verification process with any SMS-enabled mobile phone and a German SIM card.

The mTAN verification process was developed to safeguard your online banking with the highest standards. It is considered the most secure verification method to date. It can only be cracked if the scammer holds the mobile phone and knows the PIN and bank details of the account holder.

The transaction information in the SMS is incorrect. What can I do?>

If you have accidentally entered incorrect transaction information, you do not have to do anything. The mTAN loses its validity after five minutes. You can simply execute a new transaction with the correct information and you will receive a new mTAN. If you suspect that unauthorised persons are attempting to execute a transaction on your behalf, please inform us immediately. You should change your PIN only if can do so from a secure computer.

Does Varengold Bank AG offer an investment guarantee scheme?>

The German Deposit Guarantee and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz, EAEG) guarantees a basic level of protection for your investments with Varengold Bank AG up to EUR 100,000 per client. We are a member of the Compensation Scheme of German Private Banks (Entschädigungseinrichtung deutscher Banken GmbH, EdB), which provides this protection. You can read more about the basic level of protection stemming from this compensation scheme here.

Powers of attorney

How many individuals can hold a power of attorney on my call deposit account and my fixed-term deposit account?>

You can grant the power of attorney to a maximum of two natural persons for every client account number.

How do I grant someone power of attorney on my call deposit account?>

If you wish to open your account first, you can specify who will be granted the power of attorney in the application form. Otherwise, you can download the relevant form from your Varengold online banking area. All you have to do is print out the form, fill it out, sign it and send it to us by physical mail.

How do I revoke a power of attorney?>

This is only possible in writing. Please send us your revocation at the following address:

Varengold Bank AG
Servicecenter Freising
Postfach 19 52
85319 Freising, Germany

What do if I want to revoke a power of attorney urgently?>

If you fear abuse of a power of attorney, you can block the account. You can do this by calling the service hotline: +49 (0)40 - 66 86 49 880.

Can I grant a power of attorney to minors?>

Unfortunately, this is not possible—not even with future effect. You can only grant a power of attorney to a person who is of legal age at the time the power of attorney is issued.

Client hotline

Our employees are happy to help!

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We rely on your feedback to constantly improve our service and better meet your expectations in the future. If you have any suggestions, complaints or other questions, you can contact us based on the following options:

By telephone: +49 (0)40 66 86 49 88 0

Servicecenter Freising
Postfach 19 52
85319 Freising

 

Fax: +49 (0) 40 66 86 49 89 9


Mail: kundenservice@varengold.de

Call money

Flexible, secure and with an attractive interest rate

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Fixed-term deposits

Your fixed-interest one-time investment

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Deposit guarantee

Protecting your investment

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