Fyrst bank is an online bank for the self-employed, founders and freelancers founded by the Deutsche Bank Group at the beginning of 2019. It offers inexpensive banking services, a range of digital services and innovative business solutions such as invoices, accounting, payroll, inventory and tax advisory.
Fyrst is an offer from the private and corporate bank, Deutsche Bank. It is a division of Postbank, and you will receive a Postbank ID (your personal user name for Fyrst online banking) as personal access for Fyrst online banking. The BIC for your business account is similar to the Postbank BIC. As a Fyrst customer, your contractual partner is DB Privat und Firmenkundenbank AG.
Contents
- 1 Where Are Fyrst Headquarters?
- 2 Why Choose Fyrst Bank?
- 3 How to Open Fyrst Bank Account
- 4 Does Fyrst Serve Specific Customers?
- 5 Services Offered by Fyrst
- 6 How Can Customers Access FYRST Services?
- 7 Fyrst Business Bank Account
- 8 Fyrst Bank Fees
- 9 Fyrst Customer Support
- 10 Languages Supported by FYRST
- 11 Is Fyrst Bank Safe?
- 12 Fyrst Online Customer Reviews
- 13 Fyrst Bank Alternative
- 14 Final Thoughts on Fyrst Bank for Freelancers, Founders and Self Employed
- 15 More Information
Where Are Fyrst Headquarters?
The headquarters are based in Bonn, Germany. Fyrst is purely a virtual platform and has no physical branches. Still, being a division of Postbank, Fyrst customers can access Postbank and Cash Group branches for several services such as cash deposits and withdrawals.
Why Choose Fyrst Bank?
Here is why customers choose Fyrst.
- It offers business loans for the self employed at 6.49% annual interest rate.
- Fyrst does not charge any account management fee for their entry account FYRST BASE. For the FYRST COMPLETE account, they charge a small fee (€ 10).
- Real-time payments in the SEPA area (limited to 15,000 euro per transaction).
- Fyrst business banking saves time with integrated accounting and invoice management such as Sage, sevDesk, and lexoffice.
- Free withdrawals at over 10,000 ATM locations.
- Account opening is effortless. You can get your account running in just 7 minutes with instant IBAN.
- With the Fyrst app for Android and iOS, you can easily manage your FYRST account and perform banking tasks from your smartphone. View all your accounts and current balances, make secure transfers on the move, and utilize features like BestSign for added security, including TouchID or FaceID approval for transfers.
- Its data interface platforms such as DATEV automatically links your own business account with a tax advisor.
- You can get insurance from its partners to protect you against unforeseen events that could affect your business activities.
How to Open Fyrst Bank Account
To open your account, you need a valid identity card or a valid German passport. Other documents such as registration certificate, driver’s license or company ID are not accepted. You need to verify your identity via a video, which is is possible every day from 7:00 a.m. to 10:00 p.m. The video identification process takes about 7 minutes. The video identification process is currently only possible with German identification documents. Once you are successfully verified, you will receive your IBAN for your new bank account.
If you use Fyrst postal identification procedure instead of video, you will generally receive your access data for your new account within 14 days of completing your application.
Does Fyrst Serve Specific Customers?
Fyrst serves a wide range of German customers with a business address in Germany. The Fyrst Complete and Base account models were designed mainly for the self-employed who require a comprehensive package of services, and who make a large number of cashless bookings every month. Fyrst also supports and offers accounts to the following legal forms provided they have fewer than ten employees: Entrepreneurship companies (UG), Civil law companies (GbR), Limited liability companies (GmbH), Limited partnerships (KG), Public limited companies (AG), traders, and Open trading companies (OHG).
Services Offered by Fyrst
Fyrst does more than banking for its customers. It provides incredible services which include business accounts (BASE and COMPLETE), order management services, invoice management, website design, project management, and communication solutions.
- The Fyrst project management tool enables you to write invoices, creates offers and monitors your payments.
- The sevDesk accounting software will simplify your business by capturing receipts faster and optimizing collaboration with your accountant
- Customers can deposit cash directly into their account via a Postbank ATM with deposit functions. All Postbank branches offer this service. You can also withdraw money with your Fyrst Card at 9,000 ATMs belonging to Deutsche Bank, Commerzbank and UniCredit Bank, and at 1,300 participating Shell petrol stations
How Can Customers Access FYRST Services?
Customers can access Fyrst services through the Fyrst mobile app for both Android and iOS. Download the apps from the App Store and the Google Play Store. There is also a desktop version to those who do not want to bank on their cell phones. You can carry out all banking transactions from your smartphone. With the Fyrst app, you can get a clear list of all your Fyrst accounts, call up sales for existing account details and apply for a current account credit directly.
Fyrst Business Bank Account
Fyrst business banking offers business accounts to a range of businesses such as it provides solutions for every challenge faced by their business customers. Fyrst offers two busine ss accounts: FYRST BASE and FYRST COMPLETE.
FYRST BASE account offers a secure and easy online banking. There are no account management fees, free Fyrst cards, 50 free booking items and nationwide cash deposits and withdrawals. Customers can easily manage their payments abroad and manage their direct debits and standing orders comfortably; however they wish. FYRST COMPLETE account customers benefit from cost-effective account management including 75 free paperless booking items and free Fyrst Cards. The free Fyrst order management and the accounting software sevDesk will reduce customers’ time-consuming administrative tasks. This account also comes with free telephone support for all your questions.
When you present all the required documents for account opening, your business account will be opened within two working days. You will receive your Postbank ID by SMS and the associated password by post.
How to Withdraw and Deposit Funds: Fyrst is a virtual bank, however you can make cash deposits and withdraws. You can deposit and withdraw cash directly from your account using a Postbank ATM at any of their branches.
Fyrst Bank Fees
Fyrst Base account for natural persons has no monthly fees while Fyrst Complete charges €10.00 per month. You will receive a free debit card with your Fyrst account. Fyrst Base account for legal entities (GmbH, GbRs etc) and registered merchant, it costs 5.00 euro a month. Cash withdrawals is 1.90 euros for Base and 0.90 euros for Complete. Fyrst Base offers 50 free paperless booking items. 0.19 euros per posting item will be charged. Fyrst Complete account comes with 75 free items per month, thereafter you pay 0.08 euros. Find the full list of Fyrst fees (in German).
Fyrst Customer Support
If you have any question or problem with your account, the Fyrst customer support team is there to help you. It is made up of specialists from the banking sector, the IT solutions sector and the digital environment area. You can email them through support@fyrst.de. Customers can reach the team during their opening hours on Fyrst hotline on +0228 5500 3303, 0049 228 5500 3303 from abroad and on 011499 5500 3303 from the United States. You can also reach the team 24/7 on the hotline 069 740987.
Languages Supported by FYRST
Being an offer of Deutsche Bank AG, customer service is in German.
Is Fyrst Bank Safe?
Fyrst digital bank is a division of Deutche Bank AG, therefore the bank is regulated in Germany by Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). There is a statutory deposit guarantee that provides protection of €100,000 to customers.
Fyrst Online Customer Reviews
The very first feedback from Fyrst customers was positive. Despite being new in the market, it is gaining positive feedback from their customers. Customers have given Fyrst a 3.6-star rating on NeueBanken.de.
Fyrst Bank Alternative
There are many other Fyrst bank alternatives that freelancers, self employed and small businesses can explore. Fyrst bank alternatives include:
Final Thoughts on Fyrst Bank for Freelancers, Founders and Self Employed
As we have shown you in this review, Fyrst is an ideal digital bank for freelancers, self employed and founders in Germany. Some of Fyrst bank advantages include business solution tools, zero management fees, business loans, free business account, insurance, free debit card, and free ATM withdrawals.
More Information
This post is also available in de_DE.
