What does the Altersvorsorgedepot really cost at Deka?
For the standard securities account Deka charges only 0.1 percent a year, and that solely for the ETFs. Account administration and allowance administration are free. This means that, of all institutions, a branch bank, the securities house of the Sparkassen, is keeping pace with the cheapest neobrokers. One catch remains, though. All figures are still subject to approval by BaFin (the Federal Financial Supervisory Authority), which is not expected to grant it until November.
The key points at a glance
- The Deka standard securities account costs 0.1 percent a year, for the ETFs only. The securities account and the allowance administration come free of charge.
- If you opt for active management, the individual product costs 1.0 to 1.5 percent, depending on the term.
- The Frühstartrente (early-start pension for children) also runs at 0.1 percent.
- All terms are subject to BaFin approval and apply from January 2027, at every Sparkasse and in the app.
What Deka is actually offering
Deka is taking a two-track approach. There is a low-cost standard securities account with ETFs and, alongside it, a more expensive product with active management. If you want to pay little, you take the standard securities account. Quite simple.
The standard securities account carries a reduction in yield (RIY) of 0.1 percent a year, and that applies solely to the two passive ETFs behind it, a global equity ETF and a European bond ETF. Account administration and allowance administration cost nothing. Customers can choose between two variants: in the classic one, Deka automatically shifts half of the assets into European corporate bonds five years before retirement begins, and two years before payouts start the equity share is reduced by a further 20%. In the individual variant, by contrast, customers steer the equity ratio themselves via the Sparkassen app.
Alongside this there is the individual product for everyone who would like active management. Here Deka builds a portfolio from up to three fund components along a lifecycle, either return-oriented or security-oriented. That costs between 1.0 and 1.5 percent a year, noticeably more. For children and adolescents there is also the Frühstartrente, again at 0.1 percent.
How Deka compares with the competition
Deka is jumping on a train that has been rolling for weeks. Scalable Capital started it with a total cost ratio of at most 0.15 percent, and zero in the first year. Others followed shortly afterwards. Quirion comes in at 0.07 to 0.08 percent with two Vanguard funds and waives account fees of its own. Smartbroker waives the account fee permanently and, for the first three years, the ETF costs as well; after that they usually stay below 0.15 percent.
With its 0.1 percent Deka sits right in the middle, between Scalable and the even cheaper offers. That clearly beats its own peer group. Union Investment, the fund house of the Volks- und Raiffeisenbanken, is targeting around 0.65 percent for its standard securities account according to the trade press and relies on actively managed ETFs instead of a pure index approach. In any case, the legislator has capped the costs of the default standard product at one percent. So the first providers are undercutting that limit many times over. Competition works.
You will not keep track of all these institutions through individual press releases, but in one place: we bundle every set of terms announced in the provider monitor, with source and verification date, updated continuously. Scalable, Quirion, Smartbroker, Union Investment and now Deka stand side by side there.
Why this matters for all savers
The real news is not the decimal place. It is that a traditional branch bank is matching the digital brokers on costs. That was not to be expected. Branch banks were long regarded as more expensive and more ponderous. Now one of the country’s largest securities service providers, with 6.2 million securities accounts and €485 billion in assets under management, is showing that established institutions can be cheap too, if the pressure becomes great enough.
For you as a saver that is good news. For the neobrokers the air is getting thinner, because their most important argument, being significantly cheaper than the old banking world, no longer holds without qualification for the Altersvorsorgedepot. And for the remaining branch banks Deka is setting a benchmark. Anyone who wants to play along will have to be measured against terms of around 0.1 to 0.15 percent.
What this means for your decision
Cheap is not the same as cheapest. Between 0.07 and 0.65 percent lie worlds, once you project that over thirty or forty years and compound interest drags every cost item along year after year. Small number, big effect. This is exactly where a close look pays off. Look at the total costs first, but also check the ETF selection, the flexibility and the route to signing up. A branch network and an app, such as the Sparkassen bring with them, count for a great deal for one person and not at all for another.
So that you do not have to track every press release yourself, we bring all providers together in one place. Our provider monitor shows the status and the terms already announced for each institution, in each case with source and verification date. Deka is already listed there, as confirmed and with the note “terms announced”. This way you can see at a glance who is ready to go and at what price.
Conclusion
The price war has begun! A standard securities account at 0.1 percent, plus an actively managed product for everyone who wants one, and the Frühstartrente for the children. You should keep two things in mind. The figures are subject to BaFin approval and will only be final in November. And the cheapest provider is not automatically the best. Until the launch in January 2027 it is worth staying on the ball; our monitor keeps track for you.
Sources
- extraETF, “Sparkassen kontern Neobroker: Deka macht Altersvorsorgedepot zur Kampfansage” (9 September 2026)
- Stiftung Warentest, “Altersvorsorgedepot: Preiskampf der Anbieter”
- WirtschaftsWoche, “Altersvorsorgedepot: Kampfpreise bei Smartbroker, Quirion, Scalable und Deka”
- Deka Investments, information on the retirement provision reform
This article is for information purposes and is not investment advice. The terms mentioned are based on provider information and are subject to approval by BaFin.
What does the Altersvorsorgedepot cost at Deka?
The standard securities account costs 0.1 percent a year, solely for the two ETFs behind it. Account administration and allowance administration are free. The actively managed individual product is between 1.0 and 1.5 percent. All figures are still subject to approval by BaFin.
When will the Deka Altersvorsorgedepot be available?
From January 2027. Deka intends to offer it at all local Sparkassen and digitally via the Sparkassen app. Until then the terms may still change, as BaFin approval is not expected until November.
Is Deka cheaper than the neobrokers?
Not quite. At 0.1 percent Deka sits between Scalable Capital at a maximum of 0.15 percent and the even cheaper offers from Quirion and Smartbroker. For a branch bank that is still unusually low and well below the statutory cap of one percent.
Jurist & Finanzmarktexperte · AVD Anbieter Vergleich
Rolf Henning Hackel ist Diplom-Jurist und seit über 22 Jahren als Vorstand und Geschäftsführer für unterschiedliche Softwaredienstleister der Finanzbranche sowie als Unternehmensgründer tätig. Als absoluter Marktexperte kennt er nicht nur die verschiedenen Anbieter, sondern auch die Produkte der Finanzindustrie mit ihren Stärken und Schwächen sowie deren regulatorischen Rahmen. Beim AVD Anbieter Vergleich schreibt er über das neue Altersvorsorgedepot und erklärt Förderung, Anbieter und Renditechancen in verständlichen Worten – unabhängig und werbefrei.
