For expats, finding the ideal bank can be challenging with all the options available. Tomorrow Bank is one of the latest players in the German digital banking scene, putting forward an eco-conscious approach.
They promise simple mobile banking and ethical investment in sustainable projects, but ultimately, is it worth having it in your virtual wallet?
In this Tomorrow bank review, we will take a closer look into what Tomorrow is all about. We will review all of the plans, banking features, and benefits, weighing in on the pros and cons, so that you can make the best-informed decision about this sustainable bank.
We cover in this article:
Tomorrow Bank: Key Takeaways
Quick Summary
- Tomorrow Bank stands out for its commitment to sustainability and ethical finance, investing customer deposits in projects like habitat restoration and renewable energy.
- Tomorrow is not licensed as a bank, but it’s backed up by Solaris, which ensures deposit protection.
- The digital fintech only offers paid subscription plans with Visa debit cards, from 3€ to 15€. No insurance packages are offered.
- The bank offers free payment worldwide, but there are withdrawal fees in some plans.
- User-friendly mobile app with sub-accounts for managing money, sustainable investment options, and other essential banking features.
Recommended plan: Change
Priced at €7 per month, it offers additional sub-accounts, plus a shared account, making it a more well-rounded option.
Comparison Table
Tomorrow Now | Tomorrow Change | Tomorrow Zero | |
Monthly Prices | €3 | €7 | €15 |
Free payments worldwide | Yes | Yes | Yes |
Domestic and abroad ATM withdrawals | 2€ per withdrawal | 5 free a month (2€ after that) | Unlimited free |
Travel Insurance | ✘ | ✘ | ✘ |
Cashback on purchases | ✘ | ✘ | ✘ |
Physical card (Visa) | Yes | Yes | Yes |
Replacement card | €10 (€20 if it's a wooden card) | €10 (€20 if it's a wooden card) | €10 (€20 if it's a wooden card) |
Additional sub-accounts | 1 | 5 | Unlimited |
Shared Accounts (+1 person) | ✘ | Yes | Yes |
Discounts from selected sustainable brands | Yes | Yes | Yes |
CO2 savings | ✘ | ✘ | Yes |
Phone line (Mon-Fri) | Yes | Yes | Yes |
In-app chat | Yes | Yes | Yes |
Investment options | Yes | Yes | Yes |
Schufa check | ✘ | ✘ | ✘ |
Google and Apple Pay | Yes | Yes | Yes |
How Do You Open A Tomorrow Bank Account In Germany?
Opening a Tomorrow account in Germany is an easy process that will take around 8 minutes and require no paperwork.
The requirements for the account opening are the following:
- Being at least 18 years old
- Having a valid ID card or passport
- An official residence in one of the following countries: Germany, Austria, Italy, and Spain
To open your Tomorrow Bank account, you have to download the Tomorrow app first, where you’ll be asked to give your name and email address.
Then you have to enter your personal information, which includes your address, citizenship, employment, and date of birth.
You will then receive an invitation code, and proceed by choosing a password and accepting the Terms and Conditions.
Finally, you will have to do a quick video call verification of your identity via IDnow. Once the account is created, you will have to choose a plan (Now, Change, or Zero).
The card will be sent to you by mail within 3 to 5 business days. You will have to activate it on the app.
Tomorrow Bank Germany Review For 2024
Tomorrow, an eco-conscious banking platform, was founded in Germany in 2018 by Inas Nureldin, Jakob Berndt, and Michael Schweikart with the “vision of using money as a lever for positive change”. Tomorrow has now over 100 employees and over 120 thousand customers.
The German fintech doesn’t currently have its own banking license, so it teamed up with a banking service provider, the Berlin-based technology company Solaris which is licensed as a bank.
This means that all banking services and all Tomorrow accounts are with Solaris.
Tomorrow Bank has a focus on sustainability and climate action, and they publish a sustainability report each year.
They claim customer deposits are entirely invested in sustainable projects and they support green bonds investment, including the restoration of ecosystems, renewable energy, sustainable agriculture, and affordable housing.
For every 10 euros you pay (interchange fee) with the Tomorrow card, you restore 1 wheelbarrow of ecosystem in South Africa.
Subscription Options
Tomorrow Bank offers you 3 subscription plans: Now, Change, and Zero.
Unfortunately, Tomorrow doesn’t have a free account option with no monthly fee and none of the plans include travel insurance.
In all plans you have in-app and phone support, the possibility to get a replacement card for €10, discounts on selected sustainable brands, and eco-conscious investment options.
Unlike other digital banks like Revolut or N26 which have more extensive banking services, there are also no business accounts for professionals and freelancers, only personal accounts.
a) Now (€3/Month)
With the Now plan, the cheapest account available, you have free payments worldwide, and 1 additional sub-account for savings.
You can receive and send money from your current account instantly between your Tomorrow contacts.
You are also contributing to climate protection because every time you make a 10€ payment, you build a 1 wheelbarrow ecosystem.
Unfortunately, all withdrawals have a 2€ fee. You also don’t have access to a shared sub-account with another person or any other perks or benefits.
b) Change (€7/Month)
The Change plan offers you no additional fees for foreign currency transactions, 5 free withdrawals per month, up to 5 sub-accounts for saving goals, and the possibility of a shared account.
Like with the Now plan, you also contribute to climate protection (10€ spent builds a 1 wheelbarrow ecosystem). However, there are no extra perks, cashback or discounts.
c) Zero (€15/Month)
Tomorrow Zero bank account offers a few extra advantages compared to the other paid plans, namely the fact that it has unlimited ATM withdrawals with no extra fee and unlimited sub-accounts.
You are also given an aesthetically pleasing card made of wood for free.
Zero account clients support sustainable projects such as the restoration of healthy habitats in South Africa, actively contributing to CO₂ savings.
Unfortunately, this premium account does not include any travel insurance or other perks that premium cards usually have.
Fees & Charges
There are a few fees associated with the Tomorrow accounts, especially in the cheapest plan. With the Zero Plan, you can make payments and withdrawals without limitations.
- Monthly fees (no free bank account option): Tomorrow Now – 3€; Tomorrow Change – 7€; Tomorrow Zero – 15€.
- ATM withdrawal fees: The cheapest plan, Now, has a 2€ for all cash withdrawals, while the Change plan offers 5 free withdrawals before incurring a 2€ fee. With the Zero plan, you can withdraw cash for free without limitations.
- Cashless payments worldwide are free in all plans.
- Cash deposits (only in partner stores, between 50€ and 1000€) – 1,5% of the amount
- Refusal of direct debit due to insufficient funds: 1€ per refusal.
- Physical card: 1 free Visa debit card for all members.
- Replacement card: 10€ for recycled PET cards and 20€ for wooden cards.
You can also check the price list here.
Bank Cards
With every Tomorrow account, you get a Visa debit card for free, and you can choose between several cool designs.
It’s a universal card that’s directly linked to your current account. You can pay contactless and without a PIN.
All Tomorrow bank accounts come with a virtual Visa debit card, which you can also conveniently link to your Apple Pay and Google Pay wallet.
Tomorrow Bank does not offer any credit cards currently.
However, you can apply for an overdraft by Solaris in your Tomorrow app and activate it after a Schufa check.
In case you actually need to overdraw your account, Tomorrow Bank charges an interest of 10.99% p.a.
Perks & Benefits
- Free transactions between Tomorrow’s users
- Free international transfers
- Free Visa card
- Pockets feature – sub-accounts to organize and save your money
- Joint account with a +1 (except Now plan)
- Every euro spent with the card restores 0.2 wheelbarrow habitat
- Customer funds are invested in sustainable projects
- “Zero” account members offset their carbon footprint by funding selected climate protection projects and organizations
- Sustainable investment options through the Tomorrow app
- Discounts on selected sustainable brands
- Deposit cash via the app at partner stores
- Tomorrow Community, a forum where people can discuss topics and be part of regular meetups
Investments
Tomorrow Bank allows you to make sustainable investments easily within the Tomorrow app.
You invest in the Tomorrow Better Future Stocks Fund, where all the companies are selected carefully through a list of criteria. These are publicly listed companies only, with a sustainable background.
Through the Tomorrow banking app, you can open a free securities account, select the investment fund and sum, and buy your shares.
You can start investing with as little as 1€. There are also in-app guides to help you get started.
Mobile App
Tomorrow Bank offers a user-friendly app, a banking platform that integrates all features in a simple interface.
In the app, you have access to a monthly summary that gives you a quick overview of your spending, as well as your sub-accounts and joint accounts where you can organize and manage your money, depending on your plan.
You have access to your Visa card, a free debit card for cash withdrawals and to pay worldwide, even in foreign currencies. And you can send money in real-time to your Tomorrow contacts. You can also easily connect your Tomorrow debit card to Apple and Google Pay.
Through the Tomorrow Bank app, you can invest in sustainable projects easily and have access to investing guides that can help you get started.
You can also activate an overdraft through the app if you need a backup for unexpected expenses.
Overall, through the app, sustainable banking is made easy, and you have all the important features in a simple, nicely designed application.
Security Features
Like many other banks, Tomorrow Bank focuses on security for all its customers.
One of the key components ensuring the security of your Tomorrow Bank account is the use of push notifications for every transaction.
This means that if any unusual activity occurs, you’ll be instantly informed. To activate these push notifications, simply enable them in the settings of your app on your smartphone.
Should you notice anything out of the ordinary, the app provides you with the immediate ability to change your card PIN or block your card.
For added security, any significant changes within the app require authorization through TAN authentication.
When making online payments with your debit card, an extra layer of protection is implemented through approval via the Tomorrow app, especially if the merchant utilizes the 3D-secure process.
Moreover, your account benefits from two-factor authentication. This means that beyond your password, an additional layer of security is established through device binding. Essentially, your account is always linked to your smartphone.
Customer support
Tomorrow Bank has an email and a phone line available Monday to Friday. All members can use the phone hotline, which is a plus considering that some banks only offer this option to premium customers.
There is also the option of in-app chat for members. Customer support is also available in English and German, which is great for expats.
Overall, opinions about customer satisfaction seem to be generally positive, as the service appears to be responsive and customer-friendly.
Tomorrow Bank Pros & Cons
Pros
Sustainable bank account: all plans support eco-conscious and social projects.
Card payments result in support for habit restoration.
Free transactions between Tomorrow’s users.
Free international payments.
Sub-accounts are available.
You can have a joint account with one more person (Premium plans)
Sustainable investment options.
Tomorrow Community with regular meetups and a forum.
Easy account opening, with no Schufa check.
Cons
No free account option.
Doesn’t own a banking license yet.
ATM withdrawals have a 2€ fee in the cheapest Tomorrow account.
Limited banking features compared to other German banks.
No travel insurance package.
No credit cards are available.
High fees for cash deposits (1.5%)
No interest in saving accounts.
How Sustainable Is Tomorrow Bank, Really?
The digital bank is transparent about its support and investment in sustainable projects that help the environment and people in vulnerable conditions.
For example, the 2022 Sustainability report shows that €141.45 million were invested in sustainable projects and 1.8 million m² of the ecosystem was renatured through the Spekboom renaturation project in the Eastern Cape, just to mention a few numbers.
Many people are unaware that many other German banks invest customers’ money in activities they wouldn’t support, such as weapons, coal power, or factory farming.
Tomorrow Bank has positive criteria for selecting the projects and companies it supports and funds, and there is an independent advisory board that ensures your money goes to sustainable projects.
FAQs
Despite being referred to as Tomorrow Bank, it is not a real bank, because it doesn’t have a banking license yet.
However, Tomorrow has teamed up with a banking service provider, Solaris, which is licensed as a bank.
All banking services are under Solaris, which also means your money is protected by the National Deposit Insurance up to 100,000€. The deposit protection applies to all European credit institutions.
And yes, Tomorrow provides a German IBAN.
Tomorrow is a fintech based in Germany, but as stated above, it is not a real German bank.
Tomorrow bank has over 120,000 customers globally at the moment.
No, the German digital bank doesn’t currently offer credit cards.
However, you can apply for an overdraft by Solaris if needed.
Conclusion
Tomorrow’s Online Bank distinguishes itself with a focus on sustainability and ethical finance. The bank offers three subscription plans, emphasizing eco-conscious features, such as ecosystem restoration tied to card payment.
While Tomorrow Bank’s mobile app provides a user-friendly interface and features like sustainable investments, it has limitations, including the absence of a free account option and no travel insurance.
However, its commitment to transparent and sustainable practices makes it an appealing choice for those prioritizing ethical banking.
Hopefully, you found this review helpful in making an informed decision about Tomorrow Bank.
