Smartphone banks such as N26 or Vivid Money are more popular with younger customers than the traditional savings bank with a local branch. But is the Sparkasse app really inferior to its competitors? TECHBOOK took a closer look at all the important functions.
Only a few months ago, the Sparkasse app got a completely renewed design, but a lot has happened in terms of functionality. At first glance, the app already looks much clearer and tidier. In many respects, it was based on well-known smartphone and neobanks. In some areas, however, there is a lack of innovative features that have long been taken for granted by competitors.
basic functions
Checking the account balance, transfers, standing orders and direct debits: As expected, the Sparkasse app masters all the basic functions with flying colors. The function of paying bills via photo transfer on the smartphone is also practical in this context. This saves you the hassle of typing in the transfer template. With the integrated account alarm clock, you will always be informed promptly about new current account bookings. This makes sense, for example to be able to react quickly if the card is misused.
Also interesting: If you get a new Sparkasse EC card, you lose two payment options!
Mobile payment
With the giropay money-sending function, it is possible in the Sparkasse app to send or receive money in real time by mobile phone, up to 30 euros without TAN approval. Apple Pay is now also part of the range of functions. The big advantage over Google Pay is that the mobile payment method can also be used at all savings banks with a savings bank card (debit card) and does not necessarily have to be a Visa or Mastercard, as is the case with Google Pay. The topic of Google Pay was difficult from the start anyway. With “mobile payment”, the savings banks now have their own offer with a separate app.
Multibanking support
If you have accounts and cards with different banks, you can also use the multi-banking function in the Sparkasse app. As a result of the integration, all of your own account balances and transactions are then available in a central overview, similar to Outbank, for example.
It is set up on the start page under “Edit financial overview” and “Add accounts and cards”. According to the homepage, the Postbank, Deutsche Bank and cooperative banks are supported in addition to savings banks. You can find out from your local Sparkasse whether your own bank is involved.
Also read: Higher account fees – how the Sparkasse is urging customers to agree
Is the savings bank app worth it?
With a view to design and user-friendliness, the savings banks have made significant improvements in the current app update. The Sparkasse app can now definitely compete with N26, Vivid Money & Co., especially when it comes to basic functions in payment transactions. In terms of functionality, however, you cannot hold a candle to the competition. When it comes to interesting features such as the purchase of cryptocurrencies or favorable conditions for shares and ETFs, the Sparkasse app definitely does not come close to products like Nuri or Trade Republic. Incidentally, Klarna’s banking app is also interesting in a direct comparison: With this, you can shop in many shops at the same time in addition to banking transactions, without installing another shopping app.