Does the main bank compare multiple banks like a financial advisor?

Hello, a financial advisor compares many banks to find the best interest rate.

The house banks offer something like that "by now"? too. Or has it always been like that and they are just advertising it now? We compare 300 banks for you.

What is the difference between a financial advisor and a bank? Does a financial advisor compare significantly more banks? That wouldn’t make much difference with 300 banks anyway. Do banks simply not want to leave the field to financial advisors alone anymore and prefer to get a commission rather than nothing if they cannot offer a better interest rate themselves?

The financial advisor receives a commission from the bank that is allowed to grant the loan.

The bank receives a commission from the bank that is allowed to grant the loan.

That's it for now. What is the difference?

Good morning, there are various advisors or intermediaries who work with many banks and receive commissions from the bank. Your house bank is rather limited as it only markets its own financing. It's best if you go to the house bank, an online bank, and an advisor. It doesn't hurt!

There are advisors who work at a bank but are self-employed and also have the right to contact other banks. However, the regular house bank only offers its own loans and those from its own building society.

We are (at least partially) with an online direct bank (so no local branches) and for them, it sounds similar on their homepage. It actually reads as if they don't grant real estate loans themselves at all (meaning they also don't have any advertising that would suggest specific conditions or anything like that but only promote this brokerage offer) and I had simply always assumed that they act as credit brokers there just like a Dr. Klein or similar (no experience with it, but that's my own assumption there).

Not everyone does it like that in general though. So we also still have an account with a regular branch bank and with them I'm quite sure that they only grant their own credits or in connection with the one building society they cooperate with.

So I suspect it really depends on your specific house bank.

The regular house bank only offers its own loans and those from its own building society

Unfortunately not. There are plenty of (Volks)banks that no longer grant their own loans at all. However, with many you don’t see it – they conclude contracts in their own name on behalf of others. Through my job, I know hundreds of them that at least alongside their "own" loan also have third-party banks in their portfolio. These can be all sorts of banks, from pension funds to ING (we ourselves are also such a third-party bank). It’s not a bad model either. First lien (60% loan-to-value ratio) through a third-party bank and subordinate through own loan. We also pay commissions without end to banks that mediate to us.

Your house bank is rather limited there as they only market their own financing.

My house bank (Volksbank) specifically advertises that they can compare 300 offers. However, they themselves probably also grant loans.