Bad news for savers: According to a report, many banks no longer pay interest on the overnight deposit account. Some would even charge negative interest.
- According to a report, many banks no longer pay interest on the overnight deposit account .
- And some even want negative interest rates, say a study.
- Savers should find out about the conditions at the bank.
Study report: More than 500 banks do not pay interest on call money accounts
Not easy times for savers * : According to a report by t-online.de with reference to the comparison portal Verivox, more than 500 banks in Germany no longer pay interest on the overnight deposit account . From a total of 825 call money accounts evaluated in Germany, there is no interest on 525 products from banks and savings banks , reports the portal.
"Another 190 financial institutions only pay symbolic interest rates of up to 0.01 percent, including 64 institutions where savers get an interest rate of 0.001 percent," continues t-online.de. "To clarify: At this interest rate, customers would have to invest 10,000 euros for ten years until the 1 euro interest rate comes in."
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Volks- und Raiffeisenbanken often do not offer interest
Savings banks and the local Volks- und Raiffeisenbanken in particular would often not offer any interest , the report on the study also said. The comparison portal Verivox had evaluated the overnight interest rates of 761 banks and savings banks with a total of 825 products for the investment sum of 10,000 euros for the study .
And there are even some banks that would charge negative interest rates , the portal also reports. Which ultimately means that in such a case you would have to pay even more to park money * in the account .
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You should know that about negative interest rates - what consumer advocates say
So you should inquire beforehand. According to consumer advocates * , negative interest for existing and new customers is only permitted if the custody fee has been explicitly agreed with the customer, according to a report by the German Press Agency.
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* Merkur.de is part of the nationwide central Ippen editorial network