Hanseatic Bank
Experiences, reviews and information about the provider
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Details
Pros
- German deposit protection plus the BdB deposit protection fund
- Credit card, instalment loan and savings products from one provider
- Free credit card variants with cashback available
- Established institution with over 50 years in the market
Cons
- No full current account on offer
- Loan interest rates are tiered by creditworthiness
- Credit cards with an instalment function risk high borrowing rates
- No nationwide branch network for private customers
Fact sheet: Hanseatic Bank
| Company name | Hanseatic Bank |
| Founded | 1969 |
| Headquarters | Hamburg |
| Country | 🇩🇪 Germany |
| BaFin-regulated | Yes |
| Deposit protection | €100,000 |
| Type | direktbank |
| Website | hanseaticbank.de * |
About Hanseatic Bank
Hanseatic Bank GmbH & Co KG, based in Hamburg, was founded by Werner Otto in 1969 and initially traded as Otto-Bank. Since 2005 the French Société Générale has held the majority of 75 percent, with the remaining 25 percent still with the Otto Group. The business comprises credit cards, including free variants with cashback, instalment loans, deposit products such as call money (Tagesgeld, instant-access savings) and savings certificates (Sparbriefe), as well as factoring and sales financing for retail partners. As a German credit institution, the bank is supervised by BaFin (the German financial regulator) and is covered by statutory German deposit protection; it is also a member of the voluntary deposit protection fund of the Association of German Banks. The bank is interesting for customers who want to bundle card, loan and savings account at an established German institution.
Special features
- Founded in 1969 by Werner Otto as Otto-Bank
- Owners are Société Générale (75%) and Otto Group (25%)
- Member of the deposit protection fund of the Association of German Banks
- Alongside retail business, also factoring and trade financing
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