Cologne. In its 2025 rankings, FMH financial advisory services highlights that investors who are just starting out with the stock market or are not familiar with digital banking often look for guidance. Beate Balke, who leads quality assurance at FMH, points out that many older clients prefer in-person interactions, such as visiting a bank branch or speaking directly with a staff member over the phone. This kind of personalized support is a feature that traditional banks offer, which online brokers often lack. However, such services come at a cost that is generally higher than the lower fees charged by newer digital financial platforms, known as neobrokers.
The FMH evaluation looked at eight national and 24 regional banks to find the best custody account providers with advisory services. The comparison focused on annual custody fees and the costs of executing transactions. The assessment used a hypothetical portfolio worth 50,000 euros with five different securities. Key factors included the yearly deposit charges and fees for purchasing and selling amounts of 1,000 and 5,000 euros. Additional consideration was given to the availability of free ETF savings plans and incentives for new or transferring customers. The evaluation also penalized banks for extra conditions, such as the need to maintain a checking account alongside the custody account.
National banks lead in rankings
Among banks that operate nationwide, three earned the top rating of “very good.” The first place went to Openbank, the online division of Santander. Coming in second was Targobank, which also received a “very good” rating. Openbank charges a base annual fee of 30 euros, but this is waived for customers with balances over 50,000 euros or those who use the online mailbox. The fee for transactions over 1,000 euros is 34.90 euros, and the price remains the same even for an order size of 5,000 euros.
Regional banks shine in value
Four of the regional banks analyzed in the evaluation also received the highest “very good” rating. Leipziger Volksbank was crowned the top regional provider with its Volksbank custody account. For the model portfolio, the bank charges an annual fee of 59.40 euros. It offers particularly competitive pricing for transactions, with a 9.95 euro fee for an order of 1,000 euros and 12.50 euros for a 5,000 euro transaction. However, a prerequisite is that customers must hold a checking account with Leipziger Volksbank.
Flat-rate accounts suit frequent traders
Investors who engage in regular trading might benefit from a transaction flat-rate model. The FMH conducted a separate evaluation of these types of accounts, which are designed for individuals who make many transactions and prefer a predictable cost structure. In this category, two banks were awarded the top “very good” rating. Frankfurter Sparkasse’s 'Komfort Depot' took first place in the test. For a model portfolio of 50,000 euros with five positions, the account charges an annual fee of 600 euros. This cost includes all transactions regardless of size, making it an attractive option for high-frequency traders.
Merten Larisch, an expert in retirement planning, investments, and real estate financing with the Bavarian Consumer Center, cautions that bank consultations can function more as sales opportunities than impartial advice. He explains that financial advisors at banks often recommend products developed by the bank itself, which can include costly funds or pension insurance linked to funds. Such recommendations may not always be in the investor’s best interest, he notes. Investors are therefore advised to question any product suggestions carefully and either do their own research or seek out independent, fee-based advisory services.