What is a Bankburgschaft exactly, and can I get one from Sparkasse?

Question

My landlord said I can pay my Kaution on my new apartment with a Bankburgschaft, I don't know what it is or how to get one. Can someone please explain it to me. I use Sparkasse bank, but have only had the account open for 1 month. Thank you!

Answer 1

Ms S has it right.  In essence it is a loan from the bank.  If you mess up the apartment and the landlord intends to keep all or part of the Kaution, you owe the bank the portion they had to pay to the landlord.  Yep, most any bank will do, but again the business of a short term relationship could be an issue, depends also a bit on your job and income, how long you've been working and how much you make.  The advantage of actually paying the Kaution, is that it earns interest.

Answer 2

A Bankbürgschaft is basically a piece of paper from the bank telling your new landlord "Yep, we guarantee this person is good for the money, and if not, we'll pay it for them!" (with a bit more legalese thrown in).

In principle, you can get it from any bank, but I don't know if they'd give it to you after only "knowing" you for one month. You'll have to go and talk to your Bankberater about it. I think they normally only do it for people they've known for a while and consider solvent in the long run.