SPIEGEL:
Mr. Nauhauser, banks and online brokers like Trade Republic are once again offering two percent interest on call money.
Should you access it?
Nauhauser:
Unfortunately, it's not that simple.
First of all, you should make sure that it is actually a call money account – there are also dubious offers that advertise supposedly high interest rates.
And unfortunately, reputable providers also like to use the call money as a bait offer.
SPIEGEL:
Interest rates are only high at the beginning?
Nauhauser:
Exactly!
It's like a discounter: once the customers are in the store to secure the bargain advertised, you can sell them other products for a commission, such as stock funds.
In addition, many customers stay on board even after the bait offers have expired.
That pays off for the bank because it gets cheap capital.
MIRROR:
What do you advise?
Nauhauser:
You can also take temporary good conditions with you if the money is secured by the German deposit insurance.
You can ignore the advertising for the other products.
If a bait offer expires, you don't have to have any qualms about switching providers again.
SPIEGEL:
How do you find the right account?
Nauhauser:
Comparison sites on the Internet can help, but you should keep in mind that the providers are pursuing commercial interests because they are raking in agency fees or advertising money.
We recommend the daily allowance comparison by Stiftung Warentest, which is really independent.
SPIEGEL:
What else do I have to pay attention to?
Nauhauser:
We advise customers to only invest their money in institutions with deposit protection under German law.
Banks from other European countries offer somewhat higher interest rates.
But the last financial crisis showed that bank failures can never be completely ruled out.
And who knows whether the government of the country concerned would really want to settle the claims of German savers in such a case?
You don't have to take the risk.
SPIEGEL:
Many investors shy away from the risk on the stock market and feel confirmed by the catastrophic investment year 2022.
Can call money be an alternative to stocks?
Nauhauser: Overnight
and fixed-term deposits form the security component of the portfolio, but they are not a substitute for shares.
Stocks, while riskier, offer higher reward opportunities.
In the past, there was hardly any chance of making up for inflation with call money – so far it has worked well with shares, as long as you invest long-term and diversified.
SPIEGEL:
Will that also work in the future?
Nauhauser:
Unfortunately, nobody can reliably predict that.
But there are good reasons to assume so!
