$250,000 protected. Per person, per bank. In Germany it is €100,000.
In short: the US government deposit insurance FDIC protects balances at a US bank up to $250,000 per person and bank, on a joint account for two up to $500,000. In Germany the statutory limit is €100,000. You open your account at an appointment in Florida.
Updated on · Michael Jung, Broker specialising in tangible assets
The comparison
More than twice the protection for your savings.
- Germany, per person€100,000
- USA, per person$250,000
- USA, joint account for two$500,000
Since 1934, no depositor has lost a penny of their insured deposits.
So says the US deposit insurer FDIC about itself.
What a US bank offers you
More back on every purchase.
1.6%
Money back on every purchase
On US credit cards with a rewards programme, an average of 1.6% of spending flowed back to cardholders in 2024, as cash back, points or miles. That is the norm there: more than 90% of all card spending runs on such cards.
0.3%
Why it hardly exists here
In the EU, banks may charge at most 0.3% per credit card payment. That leaves hardly anything to pay for cash back. This is why rewards on cards are rare in Germany.
$311
A bonus to start with
Anyone opening a new US credit card received an average sign-up bonus of $311 in 2024. In return, banks require a certain amount of spending in the first months.
more than $26,000
A credit line that grows with you
US cardholders had more than $26,000 of credit line on average in 2023. How high yours is depends on your credit history in the USA. It begins with your first US card.
Averages from the US consumer protection agency CFPB, not a promise for any particular card. Which card you get is up to the bank.
Your appointment in Florida
One appointment at the branch. You do the rest from home.
you and the partner network
Before
You put together the documents the bank wants to see. The partner network supports you.
- Your passport.
- For a business account, your company documents and the EIN.
- For a personal account, depending on the bank, your ITIN.
your US bank in Florida
On site
One appointment at a branch in Florida. Michael Jung prepares it with you, in German and in English.
- The bank checks your documents and decides on opening the account.
- With Form W-8BEN you confirm that you are not a US taxpayer by residence.
- You can combine the appointment with a few days in Florida.
you
Afterwards
You run your account through online banking, in dollars, from Germany.
- Your deposits are protected up to $250,000 per person and bank.
- Your credit history in the USA begins with your first US card.
- Interest belongs in your German tax return.
Good to know
Three things that come with it.
The bank decides
Every bank checks for itself and decides on opening the account. Complete documents make the appointment easy.
Cards and credit line
Whether you get a credit card and with what line is decided by the bank based on your credit history in the USA. At the start the line is usually smaller.
Taxes
Interest on the account belongs in your German tax return. Michael Jung does not give legal or tax advice.
In brief
Frequently asked questions.
Does US deposit insurance apply to Germans too?
Yes. According to the FDIC, you do not have to be a US citizen or resident for your deposits to be insured. What counts is that the money is held at an FDIC-insured bank.
Do I have to travel to the USA for the account?
Usually yes, for an appointment at the branch. You can combine it with a few days in Florida.
Do I need a company of my own for a US account?
For a business account, yes. Some banks also open personal accounts for people who do not live in the USA. Michael Jung clarifies with you beforehand what suits you.
What happens when a bank in Germany fails is on the page bank failure and deposit protection.
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Written and reviewed by
Michael Jung
Broker specialising in tangible assets · Insurance broker
- 1996Certified Insurance Specialist (Geprüfter Versicherungskaufmann, IHK)
- 2003Certified Finance Specialist (Geprüfter Finanzwirt, bbw)
- 2005Master Consultant in Finance
- 2016–17Senior Consultant, precious metals advisor (Edelmetallberater, GG-Akademie Berlin)
- 2021Certified under DIN 77230, the German standard for financial analysis (DEFINO)
- 2023Florida Premium Real Estate certification
Insurance broker licensed under § 34d GewO · German register of intermediaries D-5D7P-3694H-28 · Last reviewed on
Free initial consultation
Part of your money in dollars. Let us talk about it.
Michael Jung goes through what you need for the account and prepares the appointment with you. Free and without obligation, in German or English.
Consultations in German and English.