As of: February 14, 2024, 12:01 p.m
By: Vivian Werg
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The savings book is a popular investment among Germans.
What other forms of savings are there and which offers you should be careful about.
Munich – For decades, the classic savings book was considered a safe investment for many.
And even today it is far from obsolete.
According to the VuMA consumption and media analysis, around 55.2 percent of citizens have a savings account.
But due to the low interest rate, the good old savings account is not very profitable.
According to
finanztip.de
, a daily account is more worthwhile because, on the one hand, there is significantly more interest and, on the other hand, users can access their money at any time, without a notice period.
Financial experts explained in the WDR
consumer magazine “Markt” which savings models make sense for whom and when
.
The savings account hardly produces any returns - what alternatives can you use to invest your money © Fleig / Eibner press photo / Imago
Alternatives to savings accounts: These investment options are available
Germans are known for saving.
With a few tricks you can effectively save money in everyday life.
Despite high inflation and the energy crisis, one in two Germans still put money aside last year.
As the
consumer magazine
reports, most people save between 100 and 250 euros per month.
But a savings account is no longer appropriate due to the micro-interest rates of mostly 0.001 percent.
Savers should therefore look for alternatives.
Investment options include:
Interest products such as overnight money or fixed-term deposits
Shares
Fund
real estate
According to the business magazine
Business Insider,
around 70 percent of every age group also have savings accounts in addition to their checking accounts.
“If you really need more interest and want to earn interest, the savings account is the wrong product for you,” says Marcus Diekmann, entrepreneur and digital expert.
According to the entrepreneur, it is worth changing if you check the offer regularly.
According to the expert, it also makes sense to discuss and negotiate directly with a bank advisor.
Because only then can you get the best out of yourself.
Different savings models for your own needs
In order to achieve your savings goals, it is important to clarify whether you want to save in the short, medium or long term in order to find the right savings model.
Thorsten Krieger, board spokesman for PSD Bank, explains it in the
WDR
article using three simple examples:
Money for a trip:
A daily money account is ideal for this.
The money is put aside and is then available when it is needed.
Buying a car:
If the car is bought in 1.5 to two years, then the money can be fixed.
Most banks have a savings plan.
This makes more sense than a current account, as this has a lower interest rate in comparison.
Retirement planning:
The more time you have, the more sense it makes to think about stocks.
According to Krieger, ETFs (exchange-traded stock funds) are a good investment for saving.
Because you have time and can ultimately get a higher return.
What you have to keep in mind, however, is that such forms of investment also have a much higher risk.
But for many people the topic of finances is too complicated.
“They are looking for security,” is the experience of financial blogger Luca Rolle, also known as the “financial hacker” on social media.
He advises consumers to “always educate themselves financially.”
“Before you invest your money, you have to know what you are investing in.
“You have to understand the product,” he explains further.
Beware of fraud: Consumers should be aware of these financial traps
Sebastian Schick, editor-in-chief of the consumer portal
Biallo.de,
also advises
In the
WDR
magazine, consumers “look very closely and really read the price notice”.
Because there are so many promising investment opportunities, there are also fake offers.
These are the three typical financial traps:
Short interest rate fixation:
The high interest rates are only available for a short period of time.
Minimum investment:
You must deposit a minimum amount.
Staggered interest rates:
There is a staggered interest rate depending on the amount of deposits.
According to Schick, the pitfalls mentioned are not uncommon.
But cyber criminals' tricks are also becoming more and more sophisticated online.
The use of artificial intelligence (AI) in fraud is becoming more and more of an issue.
(vw)