Two Altersvorsorgedepot accounts at the same time: is that possible?
If you are looking into the Altersvorsorgedepot, sooner or later you run into the same question: can you simply take out two contracts and then receive double the subsidy?
The answer is half right and half wrong, and that very difference is what matters. The law does allow two Altersvorsorgedepot accounts per person. Your government subsidy does not increase as a result, however. What changes instead, what it actually gains you and for whom a second contract makes sense is what this guide explains.
The key points at a glance
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A maximum of two Altersvorsorgedepot accounts per person is permitted by law. From the third contract onwards, subsidized status no longer applies.
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The basic allowance of up to €540 per year applies per person, not per contract.
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With two contracts, you can invest up to €13,680 per year with tax advantages.
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The key advantage: no Vorabpauschale (advance lump-sum taxation) on price gains, and that applies to the non-subsidized portion of both contracts as well.
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A second contract only makes sense for you if more than €6,840 per year is to flow into your retirement provision.
If you hold two Altersvorsorgedepot accounts at the same time, you can place up to €13,680 per year into a tax-advantaged framework. The government allowance of up to €540 you will still receive only once, regardless of whether you spread your contributions across one or two contracts.
What the law permits: the two-contract rule
Under the Retirement Provision Reform Act (2026), a maximum of two Altersvorsorgedepot accounts per person are permitted at the same time. Into each contract you can pay up to €6,840 per year. With two contracts, your maximum annual contribution volume is therefore €13,680.
With a third contract, the legal position changes fundamentally. It no longer counts as a certified retirement provision contract and is therefore not state-subsidized. The two-contract limit is thus a hard statutory barrier, not a recommendation.
Subsidies with two contracts: what changes and what stays the same
The most common misconception: many assume that a second contract doubles the subsidy. That is not true.
Your government basic allowance is up to €540 per year, and that is per person, not per contract. Your subsidized own contribution also stays at €1,800 per year, no matter whether you split it across one or two contracts. The special expenses deduction is likewise capped per person.
If you divide €1,800 between two contracts, say €900 in contract A and €900 in contract B, you receive the same subsidy as someone who pays €1,800 into a single contract. The split changes nothing about the total amount of subsidy.
The real advantage: what a second contract actually gains you
If the subsidy does not increase, why can a second contract make sense at all?
The answer lies in tax deferral. No Vorabpauschale is charged in the Altersvorsorgedepot. In an ordinary ETF account, a flat-rate tax on the funds’ notional income falls due every year, the so-called Vorabpauschale. In the Altersvorsorgedepot this is dropped entirely. And this advantage applies not only to the subsidized portion of your contributions but to your entire balance in the securities account, up to the maximum amount of €6,840 per contract.
So with two contracts, up to €13,680 per year benefit from this tax-deferral effect: €1,800 with a direct allowance, €11,880 without an allowance, but still with no annual Vorabpauschale.
In short: The reason for a second contract is not the higher subsidy but the larger tax-advantaged investment volume. Over a long accumulation phase, that can make a measurable difference for you.
When is a second contract worthwhile?
A second Altersvorsorgedepot makes sense for you if you want to invest more than €6,840 a year for your retirement provision and you choose a provider with low costs. Only on favorable terms do the tax advantages outweigh the lack of flexibility.
A second contract is not worthwhile for you if your annual savings volume is below €6,840 A single contract is then entirely sufficient.
One more thing you should bear in mind: your capital in the Altersvorsorgedepot is tied up until retirement age. An early withdrawal generally means that you have to repay allowances and tax benefits. If you need flexibility for the amount above the maximum, you may be better off with a supplementary, non-subsidized ETF account. There the money is available to you at any time.
In short: A second contract is only worthwhile with an annual savings volume above €6,840 and low provider costs. For everyone else, a single contract is entirely sufficient.
Conclusion
Holding two Altersvorsorgedepot accounts at the same time is permitted, but it is not a way to double your government subsidy. The real benefit lies in the extended tax-advantaged investment volume of up to €13,680 per year, because the Vorabpauschale does not apply to the non-subsidized portion either. For most savers, a single contract is entirely sufficient. If you want to invest considerably more and find favorable terms, a second contract gives you an additional tax lever.
From January 2027, providers can bring the Altersvorsorgedepot to market. As soon as the first terms are known, we will inform you directly.
Can I hold two Altersvorsorgedepot accounts with different providers?
Yes, in principle that is possible. The law does not require both contracts to be held with the same provider. Which providers will actually be available from 2027, and on what terms, will become clear at market launch.
Do I get double the child allowance with two contracts?
No. The child allowance of up to €300 per child per year likewise applies per person, not per contract. It is not increased by a second contract.
Can I allocate the subsidy entirely to one contract with the Altersvorsorgedepot?
Yes. The subsidy does not have to be split across both contracts. It can be allocated entirely to one contract – the decision lies with the person taking out the contract.
What happens with the Altersvorsorgedepot if I take out a third contract?
Under the law as it currently stands, a third Altersvorsorgedepot contract does not count as a certified retirement provision contract and is therefore not state-subsidized.
Is it worth paying more than €1,800 a year into an Altersvorsorgedepot?
In principle yes, if the provider’s costs are low enough. Up to €6,840 per contract benefit from the tax deferral resulting from the removal of the Vorabpauschale. Whether this advantage outweighs the lack of flexibility depends on your individual situation.
Lawyer & financial market expert · AVD Anbieter Vergleich
Rolf Henning Hackel is a qualified lawyer who has spent more than 22 years as a board member and managing director at various software providers to the financial industry, and as a founder himself. As a thorough market expert he knows not only the different providers but also the financial industry’s products, their strengths and weaknesses, and the regulatory framework around them. At AVD Anbieter Vergleich he writes about the new Altersvorsorgedepot and explains subsidies, providers and return potential in plain language — independently and free of advertising.
