Opening an Altersvorsorgedepot: step by step

Tilman Freyenhagen

Published on 14 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Requirements for opening an Altersvorsorgedepot

Before you actively start the opening process for an Altersvorsorgedepot, you should clarify exactly whether you meet the statutory requirements for this new state provision model. In general, any person with unlimited tax liability in Germany may open such an account for private provision, as long as they are not yet drawing a regular old-age pension^[1]. However, you only receive the full state allowances and the extensive tax advantages during the accumulation phase if you are also directly or indirectly eligible for the subsidy. This eligible group includes everyone subject to mandatory statutory pension insurance, civil servants, and - as a key innovation from the launch year 2027 - for the first time also all self-employed people and freelancers^[2].

The documents and identification data you need

As a self-directed investor, you can complete the registration and set-up of your account conveniently and entirely digitally over the internet. To make sure the registration process with your chosen provider or neobroker goes smoothly, you should have a few essential documents and pieces of personal identification data ready in advance. Your personal tax identification number is especially important here, since it is used to reliably allocate the state allowances and to handle the tax-free treatment of income during the accumulation phase.

• Tax identification number (Steuer-ID): this eleven-digit number is essential for correctly submitting the later standing allowance application and receiving the state subsidy of up to 540 euros a year. You'll find your ID on your annual income tax statement or your payslip.
• Valid identity document: a German identity card or a passport is required for the subsequent, legally mandated identification procedure (such as Video-Ident or PostIdent).
• Personal current account: a German reference account (IBAN) is needed for the direct debit of your agreed savings instalments and for later payouts.
• Email address and mobile phone: both communication channels are used to receive your digital contract documents and to receive TAN security codes during the registration process.

Once these essential requirements are met, nothing stands in the way of setting up your subsidised account. To calculate the exact financial effect of the state allowances on your future final capital in detail, the subsidy calculator is available to you. For your subsequent preparation, our knowledge section offers well-founded guides and comparisons, while the provider comparison supports you in choosing a suitable, low-cost neobroker in a targeted way.

Step 1: compare and choose the right provider

Before you set up your new Altersvorsorgedepot, choosing the right provider comes first. Since state-subsidised private retirement provision is being fundamentally reformed from 2027^[2], you get significantly more flexibility as an investor when choosing your investments. The Bundesregierung lets you invest with strong return potential in ETFs and investment funds, instead of tying up your capital in classic, contribution-guaranteed pension insurance. A neutral comparison of the different providers is essential here, since fees, user interfaces and the ETF universe on offer can differ massively from one another.

Criteria for the broker comparison

When choosing the right platform for your subsidised securities account, you should pay particular attention to long-term cost structures and the digital user experience. Since the Altersvorsorgedepot is designed for accumulation phases lasting decades, even small percentage differences in fees can have a significant effect on your final capital. We recommend systematically analysing the following four core areas to identify the best offer:

• Account management fees: compare whether fixed annual fees apply, or whether account management is generally free of charge.
• Savings-plan costs: since you pay in regularly, the execution fees for your chosen ETFs should be permanently low.
• ETF universe: make sure that your preferred, broadly diversified world ETFs are available in the provider's portfolio for savings plans.
• Allowance administration: the provider must handle the processing of state allowances such as the Grundzulage and Kinderzulage fully digitally for you.

For this, the provider comparison is available on our platform. This tool compares the terms of the leading neobrokers at a glance. In addition, you can access more in-depth guides in our guides section, or simulate directly with the subsidy calculator how different cost ratios affect your provision goal. For self-directed investors who want to manage their finances independently, a low-cost broker forms the optimal foundation for long-term wealth building.

Step 2: fill in the online opening application in full

Once you have chosen the right broker, start the digital opening process. The online application forms the legal foundation for your subsidised securities account, which launches with the reform from 2027. In this step, providers record all the legally required data to ensure the later handling of the state allowances and tax advantages^[4]. Alongside your personal core details such as name, date of birth and registered address, you must have your eleven-digit tax identification number (Steuer-ID) ready^[5]. Before you fill in the application form, our provider comparison as well as the subsidy calculator help you work out the terms and subsidy amounts that suit you.

• Recording your core details: enter your full name, date of birth and current registered address exactly as they appear on your identity card or passport.
• Stating your employment status: since the state subsidy is tied to your eligibility for allowances, you must precisely declare your employment status (for example employee, self-employed person or civil servant).
• Stating your Steuer-ID: this eleven-digit number is essential for the automated data matching with the Zentrale Zulagenstelle für Altersvermögen (ZfA), so that your annual allowances are correctly credited.

Entering all data carefully is critically important. Even the smallest typos or transposed digits (particularly in the Steuer-ID or date of birth) can lead to the application being automatically rejected by the system, or to significant delays in the later data matching with the authorities. So set aside a few minutes to fill it in, and check every entry thoroughly before submitting. You can also find detailed background information on the statutory guidelines in the knowledge section under the guides for the Altersvorsorgedepot.

Step 3: identity verification via VideoIdent or PostIdent

Once you have filled in the online application for your new Altersvorsorgedepot, the legally required identity verification is next. Under the strict requirements of the Geldwäschegesetz, banks and brokers must establish their customers' identity beyond doubt before they can finally activate an account^[6]. As a self-directed investor, you generally have a choice of several convenient and secure routes here, which differ in process and duration. While the modern, purely digital procedures often take only a few minutes, the classic route via a post office branch requires a little more patience.

Comparing how the identification procedures work

You can flexibly adapt the identity verification to your preferences and everyday life. Most modern providers allow you to complete the process from home or on the go. The following overview shows you the exact requirements and process for the three common methods:

• VideoIdent procedure: you have a short video chat with a trained identification specialist via your smartphone, tablet or PC. The requirements for this are a stable internet connection, a working webcam and a valid identity card or passport. This process usually takes only five to ten minutes and is available around the clock, regardless of location.
• eID identification (online ID function): this is the fastest digital method. For this, you need your identity card with the online function activated, your personal PIN, and an NFC-capable smartphone. By simply scanning your ID card with your smartphone, your data is transmitted to the provider in real time, encrypted and completely securely.
• PostIdent procedure at a branch: if you would rather avoid the digital verification, you can carry out identification the classic way, in person. To do this, you take the PostIdent coupon provided by the broker along with your identity document to a Deutsche Post branch. A post office employee checks your data and forwards it on.

Once identity verification is successfully completed, the respective service provider transmits your verified data directly to your broker. With the digital routes via VideoIdent or eID, final approval of the Altersvorsorgedepot usually happens within a few hours or days. If you are still undecided before opening an account, or would like comprehensive guidance, you'll find independent help and comparisons in the knowledge section from Vorsorgedepot-Lotse.

Step 4: submit the standing allowance application directly with the provider

Once your Altersvorsorgedepot has been successfully set up, a decisive step follows to secure the state subsidy: the standing allowance application. With this application, you give your provider standing authority to independently apply for the state allowances, such as the Grundzulage and Kinderzulage (the child allowance), on your behalf every year^[7]. This saves you the annual bureaucratic effort, since the provider handles the communication with the Zentrale Zulagenstelle für Altersvermögen (ZfA) fully automatically and the amounts are credited directly to your account.

Automatic applications and important reporting duties

The way the application works is designed to make long-term saving as convenient as possible. The standing allowance application covers all the subsidy components you're entitled to. However, in order for the ZfA to determine and pay out the exact subsidy amount, your provider always needs up-to-date data^[2]. Since life circumstances change over time, you must inform your account provider promptly of relevant changes, to avoid a miscalculation or later clawbacks by the ZfA.

• The Grundzulage is applied for automatically based on your own savings contributions.
• The Kinderzulage requires stating the child's tax identification number and eligibility to receive Kindergeld.
• Life changes requiring notification include, among others, marriage, divorce, the birth of a child, or the loss of entitlement to Kindergeld.
• Income changes are also relevant, since they determine the own contribution needed to obtain the full subsidy.

If you are unsure how your life circumstances affect your subsidy entitlements, our subsidy calculator offers precise guidance. Our knowledge section also helps you with well-founded guides, which you'll find in the Altersvorsorgedepot guides. Should you also want personal support, we're happy to refer you to licensed experts through our independent advice service. Please note: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. By updating your data promptly, you make sure your Altersvorsorgedepot receives the maximum state support every year.

Special case: switching from Riester - how the account transfer works

For holders of an existing Riester contract, the new Altersvorsorgedepot offers an attractive option from 2027 to benefit from higher return prospects on the capital market. Such an account transfer, however, requires a structured approach in order to fully preserve the state allowance entitlements you've acquired. When switching to the new Altersvorsorgedepot, statutory grandfathering applies, so that all allowances accumulated so far and the entire retirement assets can be transferred without any tax detriment^[2]. To precisely determine the financial difference between your old contract and the new account, you can use our source-based subsidy calculator.

A decisive factor in the decision is the fees involved. The legislator protects savers with a clear cap on switching costs. If you switch your Riester contract within the first five years after signing, a maximum of 150 euros may be charged in switching costs^[8]. From the sixth contract year onward, changing provider is even completely free of charge for you by law. This cap prevents high switching fees from the old provider eating into the return on your new portfolio.

1. Step 1: use neutral criteria to choose a new Altersvorsorgedepot with a certified provider.
2. Step 2: submit the so-called switching application directly to the new provider, instead of cancelling the old contract yourself.
3. Step 3: the new provider takes over the cancellation and the processing, and requests the capital, including the allowances acquired, from your previous provider.

This coordinated procedure ensures that the entire process remains tax-neutral and that the state subsidy continues without a gap. A hasty, independent cancellation of the old contract should absolutely be avoided, since this is classed as detrimental use and leads to the repayment of all allowances. Use the knowledge section for a well-founded advance analysis. Note: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Processing time and the next steps after activation

After successful identification, the processing time until activation depends heavily on the procedure chosen. If you opt for the modern Video-Ident procedure, many online brokers activate your account within as little as an hour, or on the same business day^[9]. The classic PostIdent procedure at a post office branch, by contrast, usually takes one to three business days, since the documents have to be physically transported and checked^[9]. Once activation has taken place, you receive your access credentials and can begin setting up your subsidised retirement provision.

Step-by-step guide after activation

1. Funding the account: set up a direct debit mandate or make a manual transfer to fund the settlement account for your first savings instalment.
2. Submitting the standing allowance application: activate the option directly in the online portal to have the state subsidy applied for automatically by the provider, so you don't miss any deadlines.
3. Setting up your ETF savings plan: choose the right securities and set the monthly savings amount as well as your preferred execution day.

To optimally determine your savings instalment for making the most of the state allowances, it is worth doing a mathematical calculation in advance. For this, you can use the subsidy calculator, which transparently shows your individual allowance amount and the tax effects. This way, you can make sure your payments are precisely tailored to your personal life situation.

Ongoing monitoring and further development

Once the savings plan is running, your Altersvorsorgedepot operates largely automatically. Even so, it is advisable to adjust your chosen strategy and savings instalments when your income changes. Since the statutory framework around the Altersvorsorgedepot keeps evolving, you should stay informed regularly. You'll find up-to-date reports and analyses on this at any time in the knowledge section. If you would like personal support with these steps, our independent advice service assists you competently and neutrally.