Neobroker or bank for your Altersvorsorgedepot?

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 15 July 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Choosing a provider for your Altersvorsorgedepot

For the Altersvorsorgedepot, there are essentially two types of provider to choose from: neobrokers score on extremely low costs, a wide ETF selection and lean app handling, while established banks often charge higher account fees but offer personal advice and a familiar contact. Whether you should choose a neobroker or a traditional bank for your state-subsidised saving from 2027 therefore comes down to personal preference: cost-conscious self-directed investors clearly lean towards neobrokers, while savers who value advice are better served at a branch or direct bank. The decision has a substantial financial impact, because account fees directly erode your return over the decades of the accumulation phase.

The interplay between state subsidy and account fees is a decisive lever for your final capital. From 2027, the new Altersvorsorgedepot offers attractive tax benefits and allowances, but high account and transaction fees can noticeably erode that subsidy. If a branch bank charges account fees plus extra costs per savings-plan execution, for example, this adds up over a term of 30 or 40 years to thousands of euros in lost return. To get the most out of the state subsidy, you should compare providers' cost structures in detail. Our subsidy calculator helps you work out the true net subsidy effect transparently, factoring in different fee scenarios.

In our knowledge section, we show that cost-conscious self-directed investors who want to manage their own investments often find the best terms at digital platforms. If you'd rather have individual guidance, you should check the offers from established banks. For a quick overview, we've set the key features of both worlds side by side.

Neobrokers: maximum cost efficiency for self-directed investors

If you want to manage your own Altersvorsorgedepot independently, modern neobrokers offer an extremely low-cost infrastructure. The defining feature of these providers is that they forgo account fees altogether, so the account permanently costs 0 euros^[1]. Neobrokers consistently forgo a costly branch network and automate administrative processes. They pass these savings straight on to investors. The result is fee-free ETF savings plans and minimal transaction fees, often just one euro. For long-term wealth building, this fee saving is a strong lever, because every euro you save can keep working for you and generate returns.

The whole experience is designed consistently around mobile use. Clear, simple apps let you set up, adjust or pause savings plans in just a few clicks. This digital approach allows fast, location-independent management of your Altersvorsorgedepot. However, this simplicity comes with a deliberate trade-off: there's no personal investment advice or in-person support. If you invest on your own, you have to make well-informed decisions yourself. For undecided investors, it can therefore be worth using the subsidy calculator to work out precisely how different account costs affect your final capital.

In short, neobrokers are an excellent fit for self-reliant investors who want to minimise costs and manage their retirement provision entirely digitally. But if you value a personal conversation or tailored advice, you should look at what traditional banks offer. In our neutral knowledge section, we compare both worlds in detail, so you can make the right choice for your personal life situation.

Traditional banks: trust and personal advice

The desire for financial stability and a fixed point of contact leads many savers to an established house bank or branch bank for their long-term retirement provision. If personal investment advice matters a great deal to you, an account at a branch bank is often the better choice, because complex retirement scenarios can be discussed directly, in person^[2]. Especially for financial decisions that accompany you through life and run over decades, many people value the trust placed in a well-known, regulated institution. A personal adviser can analyse your individual circumstances, shed light on tax aspects, and act as an experienced guide during market turmoil. The following are the core strengths of the traditional bank route:

• Holistic advice that covers not just your securities account but also other pillars of private protection and state subsidies.
• A fixed local contact who provides direct, straightforward help with administrative questions or account transfers.
• Structured, tailor-made investment concepts, without investors having to get deeply into ETF portfolios themselves.
• A reassuring sense of security from the physical presence of a well-known banking brand and established liability structures.

This comprehensive service and physical presence, however, show up in the cost structure. Branches and trained advisory staff create substantial ongoing overheads, which banks pass on to customers through higher account and transaction fees. A standard account at Sparkasse Hannover, for example, costs 2.95 euros a month, while online brokers usually charge no base fee at all^[2]. Percentage-based fees on the account balance or high order charges are also common at traditional institutions. For self-directed investors who want to manage their finances independently through an app, these extra costs can noticeably erode long-term returns via the compound-interest effect. If, on the other hand, you feel unsure about complex details, advice offers real value in return. We support you either way: for personal guidance, we're happy to connect you with a qualified partner through our independent advice service. If you'd rather compare the long-term effect of fees on your Altersvorsorgedepot mathematically, our subsidy calculator is available to you (note: all calculations and comparisons are illustrative and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

Direct cost comparison: account fees and transaction costs

In long-term retirement provision, minimal cost differences often decide the final wealth at the end of the accumulation phase. A direct look at account management fees reveals a clear gap between the two provider worlds: while modern neobrokers mostly offer permanently free account management at 0 euros, traditional institutions often charge fixed monthly fees. Sparkasse Hannover, for instance, charges a monthly base price of 2.95 euros for its standard Sparkasse account^[3]. At other providers within the Sparkassen-Finanzgruppe or traditional direct banks, account terms can vary depending on activity, savings-plan usage or account balance, and should be checked in the price and services schedule before signing^[4].

On top of ongoing account fees, transactions such as one-off purchases or regular savings plans carry significant cost differences of their own. Neobrokers often handle these transactions for very small flat fees of 0 to 1 euro. At traditional banks and direct banks, however, percentage-based charges or fixed minimum fees per order often apply^[4]. Over a decades-long accumulation phase, even small percentage deductions substantially erode total returns through the lost compound-interest effect. For cost-sensitive self-directed investors who want to manage their investment strategy independently, the knowledge section offers well-founded orientation. To work out the precise impact of costs and state allowances on your subsidised Altersvorsorgedepot, the subsidy calculator is available, letting you simulate different provider scenarios easily.

ETF and savings-plan costs put to the test

For long-term wealth building as part of private retirement provision, ETF savings plans form the central foundation. Because savings contributions are invested regularly over decades, even minimal fee differences have a substantial leverage effect on the final capital through compound interest. The knowledge section shows that investors should therefore analyse account terms closely in advance, to minimise return losses from avoidable extra costs.

At established banking institutions, executing ETF savings plans often incurs fixed or percentage-based fees. Commerzbank, for example, charges 2.50 euros plus 0.25 percent of the relevant savings instalment for the regular execution of a securities savings plan under its standard model^[5]. At other traditional direct banks, flat costs of up to 1.50 euros per execution are common^[1]. Neobrokers, by contrast, usually forgo execution fees entirely and offer savings plans permanently for 0 euros.

An important factor at traditional banks is so-called promotional ETFs. Here, institutions team up with certain fund providers to offer selected ETFs temporarily without execution fees. For long-term savers, though, these offers carry a risk: once the promotion ends after a few months or years, the savings plan automatically becomes fee-based again. If you want to avoid this back-and-forth, neobrokers usually offer a permanently fee-free alternative across their entire ETF range. With our subsidy calculator, you can work out precisely how reduced fees affect your private retirement provision over the long term.

The cost structures shown are for general orientation and do not constitute individual investment advice (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

Product and fund selection for your retirement provision

The long-term return on your Altersvorsorgedepot depends heavily on the available investment products. Neobrokers offer a significant advantage here, since they usually provide a very broad, unbiased selection of low-cost ETFs. Self-directed investors who want to manage their retirement provision digitally and independently therefore tend to prefer these modern providers. You can usually choose from thousands of index funds tracking markets worldwide. This variety lets you tailor your Altersvorsorgedepot precisely to your needs. We've put together detailed analyses of the eligible index funds for you in our knowledge section.

Established branch and house banks often pursue a different product policy. Instead of a provider-independent selection, they frequently steer their customers' capital into in-house, actively managed funds. However, these active products carry substantial financial drawbacks for your retirement provision. Besides ongoing management fees, which are often ten times those of a typical ETF, traditional banks frequently charge high front-end loads of up to 5 percent. These fees reduce your invested capital right from the start and noticeably dent the compound-interest effect over the decades of the accumulation phase. If you rely exclusively on expensive in-house products, you risk a significantly smaller top-up pension in old age.

• ETF range: while neobrokers often cover the entire spectrum of the ETF market with thousands of products, the selection at traditional banks is often limited to a few partner providers.
• Cost burden from in-house funds: actively managed funds from house banks often carry annual costs of 1.5 percent or more, while global ETFs are usually available for under 0.3 percent a year.
• Account fees and transaction costs: at traditional banks, on top of fund costs, ongoing account management fees and high order charges often apply, which are almost entirely absent at many neobrokers.

For a fair comparison, it's worth running a provider comparison to analyse the precise terms and fund differences. If you value an independent, cost-efficient structure, the unrestricted ETF selection at a neobroker is usually the most profitable route. If, on the other hand, you'd rather not decide for yourself and value personal guidance in choosing products, going via a traditional bank or an independent advice service can be the right alternative.

Switching accounts: deadlines, process and the statutory cap

Switching a subsidised Altersvorsorgedepot is strictly regulated by law and gives you, as a consumer, a high degree of state-backed protection. Moving your accumulated balance is subject to a statutory cost cap of a maximum of 150 euros within the first five years of the contract term^[6]. After these first five years have passed, switching is even completely free for you. This consumer-friendly cap significantly eases the move to a cheaper provider such as a neobroker and prevents high switching barriers from eroding the return on your retirement provision.

• Statutory cost cap: if you switch within the first five years, you can be charged no more than 150 euros in switching fees.
• Fully free of charge: if your existing contract has already been running for more than five years, transferring your entire Altersvorsorgedepot balance is, by law, completely free for you.
• Duration of the transfer: a standard securities transfer usually takes one to three weeks, in exceptional cases a little longer.
• Trading freeze during the process: while the transfer is under way, you temporarily cannot sell the affected securities, so you should choose the timing of your switch wisely.

The actual switching process is largely straightforward and automated for you as a self-directed investor. After opening the new Altersvorsorgedepot, you simply give the new provider a transfer instruction for your securities. It then contacts your previous bank directly to handle the transfer in the background, without you having to intervene manually. To work out, on a source-based basis, the precise cost impact and long-term savings potential of switching provider for your personal situation, our subsidy calculator is available on our site. Additional expert guides and regulatory background reports are also available in the knowledge section.

Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. The rules shown are for pure consumer information.

Conclusion and decision guide: which type of provider suits you?

The choice of the right provider for your Altersvorsorgedepot depends primarily on your personal preferences, your prior knowledge, and your willingness to manage your own portfolio. While digitally savvy self-directed investors benefit from minimal account fees and flexible, app-based management at a neobroker, savers who want advice find personal guidance and a fixed local contact at traditional branch banks. Account fees and order costs can have a noticeable effect on your accumulated final capital over the decades-long accumulation phase^[2]. It's therefore worth carefully weighing your own priorities around service quality and pricing before you open a subsidised account.

• Neobrokers are an excellent fit for cost-sensitive self-directed investors who make their own ETF selections entirely independently, benefit from low order fees, and want to use modern apps for day-to-day management.
• Traditional branch banks offer comprehensive personal advice and a fixed contact, but by comparison usually have a narrower fund selection and significantly higher account and management fees.
• Direct banks are a solid hybrid, combining digital account management with telephone customer service, though without offering in-person advice at a branch.

For a precise analysis of your individual case and the optimal structure for your retirement provision, the knowledge section offers reliable, source-based support. Calculate directly with our interactive tool, the subsidy calculator, how state allowances, tax effects and different cost structures affect your retirement assets in the long run. To compare individual providers directly, our provider comparison is also available, helping you set out the terms transparently side by side. If you'd rather have personal advice, or your tax situation is complex, our independent advice service is there to help reliably. Through this service, we connect you easily with licensed experts who develop a tailored, needs-based retirement strategy for you.

Note on investment advice: all model calculations and comparisons are for illustration only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.