How high is the saver's allowance in 2026?

The saver's allowance (Sparerpauschbetrag) is €1,000 per person and €2,000 for jointly assessed married couples in 2026. Up to this amount your capital income — interest, dividends, capital gains and the Vorabpauschale — stays tax-free.

What is a Freistellungsauftrag (exemption order)?

An exemption order instructs your bank not to withhold capital gains tax up to the saver's allowance. Without it, the bank deducts 25% plus solidarity surcharge, and you must reclaim the amount later via Anlage KAP. With it, that never happens in the first place.

Can I split the exemption order across several banks?

Yes. You can file several exemption orders at different banks — but the total may not exceed €1,000 (or €2,000). Split sensibly: assign more to where most of your income arises.

What happens if I don't file an exemption order?

Then the bank withholds 25% withholding tax plus 5.5% solidarity surcharge on every euro of capital income — even within your allowance. You get the money back, but you have to claim it via Anlage KAP in your tax return. It's simpler to file the order in advance.

Saver's Allowance 2026: Use Your €1,000 Wisely

Interest is back, ETF portfolios are growing, and the Vorabpauschale debits — making a long-familiar allowance valuable again: the saver’s allowance. In 2026, €1,000 of capital income per person stays tax-free. Filing the right exemption order uses it fully. This guide shows you how.

In short: The saver’s allowance (Sparerpauschbetrag) is €1,000 in 2026 (couples €2,000) and covers all capital income: interest, dividends, capital gains, the Vorabpauschale. With an exemption order (Freistellungsauftrag) you instruct your bank not to withhold tax up to this amount. You may split it across several banks — the total stays at €1,000. Without an order, you pay first and reclaim later via Anlage KAP.

What the saver’s allowance covers

The saver’s allowance is a flat-rate expense deduction for capital income. It applies to the sum of all income from investments:

Interest (instant access, fixed deposits, bonds)
Dividends (shares, distributing ETFs)
Capital gains on selling securities
Vorabpauschale on accumulating funds (see ETF advance tax 2026)

Up to €1,000 all of this stays tax-free. Only above that does the withholding tax of 25% + 5.5% solidarity surcharge (+ church tax if applicable) apply.

The exemption order: file once, save every year

Without an exemption order, the bank withholds tax on every euro of capital income immediately — even within your allowance. You don’t lose the money, but you have to reclaim it via your tax return. The exemption order spares you exactly that.

How to proceed:

Estimate your income. Where does most of your interest, dividends and capital gains arise?
Distribute the orders. File an exemption order at each bank — e.g. €600 at the broker, €400 at the savings bank. The total may not exceed €1,000.
Submit in time. Banks usually need the order by mid-December for it to apply to the current year. You’ll need your tax ID (Steuer-Identifikationsnummer).

Tip: Married couples can file a joint exemption order of €2,000. This automatically balances out unequal income between partners.

Worked example

Tom has a brokerage account and instant-access savings at a second bank.

Dividends + capital gains at the broker in 2026: €750
Interest on savings: €300
Total: €1,050 → €50 over the allowance

If Tom distributes his exemption order (€700 broker, €300 savings), €1,000 stays tax-free. Only the excess €50 is taxed: €50 × 26.375% ≈ €13.19. Without an order, the bank would have withheld tax on the full €1,050 — about €277, which Tom would have had to reclaim via Anlage KAP.

Special case: NV certificate

If your total taxable income is below the basic allowance (2026: €12,348), you can apply to the tax office for a non-assessment certificate (Nichtveranlagungs-Bescheinigung, NV-Bescheinigung). This keeps your capital income tax-free even above €1,000 — ideal for students, pensioners with a small pension, or children’s accounts.

Common mistakes

Filing no order at all. The most common mistake — it costs no tax in the end, but costs liquidity and effort.
Exceeding the total. More than €1,000 overall is not allowed; banks report orders to the Federal Central Tax Office.
Not using losses. Loss pots and the saver’s allowance work together — those with losses should offset them via Anlage KAP.
Forgetting the NV certificate. The neater solution on a low income.

How Restio helps

Distributing the allowance correctly sounds simple but quickly gets messy across several banks. Restio helps you give away nothing:

Plan the split — tell Restio where which income arises, and it suggests a sensible distribution of the exemption order.
Instant answers — ask in English or German: “How do I split €1,000 across two banks?” or “Is an NV certificate worth it for me?”
Financial Guardian — you get a timely reminder before year end to check your exemption order.

For complex portfolios or loss offsetting across several banks, a tax advisor helps — Restio prepares the figures so you keep the overview.

€1,000 of tax-free capital income is worth more in 2026 than in the zero-interest years. Investors who split their exemption order wisely use it fully — and save the reclaim via the tax return. More background at the Association of German Banks.