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What is a P account? The garnishment protection account simply explained!

A P-account is a garnishment protection account. You need the P-Account if it should happen in the course of your life that you can no longer pay your debts. However, since you need enough money to make a living, experts recommend opening a P-account at this point. You can find out from us what is behind it and what framework conditions apply.

Table of contents of the article

the essentials in brief

  • As the account holder, you have a statutory right to a P account.
  • You are entitled to a basic allowance of 1,178.59 euros per month. This basic allowance can be increased under certain circumstances.
  • Banks have different procedures for managing the P-account.
  • It makes no sense to open a P-account if there is no garnishment or if none is expected.
  • Only one P account is allowed per person.
  • There is no seizure protection for joint accounts.
  • Your Schufa data stores whether there is a P account for you. This can prevent abuse.

Every bank must allow you to open a P-Account. Of course, this makes sense in particular if you have or is expected to be seized. The seizure protection applies retrospectively for a maximum of 4 weeks. You have a basic allowance of € 1,178.59 per month, which cannot be attached. You can use this money to make a living. If you meet certain requirements, the basic allowance can also be increased. This applies in particular if if there are children in your household or you have to pay maintenance. You need a corresponding certificate to increase the tax exemption.

The requirements to open a P-Account

If you are the holder of a current account, you have a legal right to have your current account converted into a P-account - provided you have a place of residence in Germany. To do this, you must submit a written application to the bank. The bank must comply with this request. In principle, you are entitled to a basic tax allowance of 1,178.59 euros.

When opening a P-account, the following points must be observed:
  • You can only have one P account. It is therefore not possible to use the tax exemption several times.
  • Your current account can only be converted to a P account if it is an individual account. If you have a joint account, you cannot convert it into a P account.
  • Your checking account will not automatically be converted into a P account. To do this, you must submit a written application to your bank.

P account with negative Schufa?

To prevent misuse, the opening of a P-account is noted in your Schufa data. If you already have a negative Schufa entry, then this is not an obstacle to opening a P-account.

P account despite garnishment?

If your checking account has already been seized, you still have the option of converting the account in question into a P-account. All you have to do is click the appropriate Apply to your bank. The bank can create the P account retrospectively up to a maximum of 4 weeks.

This is how you can open a P-Account

Many banks have forms that you need to apply for opening a P-account. Most of the time you will receive the forms by download. However, there are also some banks from which you have to collect the forms in person. Again, it is possible for you to open a P-Account Arrange a personal appointment with your bank advisor have to. The following table gives you an overview of the different ways depending on the bank.

Open a P-account at which bank?

Every bank is legally obliged to convert your current account into a P-account, provided you submit a written request. However, no bank has to provide you as a new customer with a P-account. Furthermore has each bank has its own ruleswhen it comes to the P account. This applies to both the conditions and the form of application.

Can you apply for the P account online?

Some banks offer you the opportunity to apply for the P-Account online. You can find out whether your bank also offers this option from your customer advisor or in the bank's general terms and conditions, which are available online.

Can you open two P-accounts?

You can certainly have multiple accounts. For a P account, however, you only a maximum of one may have. However, you should bear in mind that there may be problems when opening a new checking account during an examination.

Any problems with a second account

If you want to open a new account, your bank will ask Schufa for your details. If it becomes clear that a P-account is already registered in your name, the bank can give you the Refuse to open the account.

However, if you have several accounts, you must be aware that the P account is only protected against attachment. All other accounts are excluded. So if you have credit in another account, this can be seized completely.