As of: February 29, 2024, 11:23 a.m
By: Momir Takac
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Savings banks offer comparatively low interest rates for fixed-term or daily deposits.
But there are also opportunities for better conditions there.
Munich – Savings banks and cooperative banks have a dusty image.
However, many people rely on the ability to manage their financial affairs locally.
But when it comes to interest rates, branch banks tend to be stingy.
There are still ways to get better conditions without having to switch to a direct bank.
Savings bank customers can also benefit from higher interest rates
Direct banks, also known as online banks, do not have a branch network.
Most things are also regulated via online banking.
This means that such banks save costs and can offer more attractive interest rates.
Foreign financial institutions are often at the forefront.
According to the comparison portal Verivox, the Estonian bank Bigbank is currently offering the best interest rates for a deposit of 10,000 euros for one year.
The Swedish TF Bank also has good offers.
You can also get higher savings interest rates from savings banks.
© Soeren Stache/dpa
But savers can also get better interest rates for a daily or fixed-term deposit at their local bank.
Sparkasse customers can open the S-Broker online depot.
The
Berliner Morgenpost
points this out .
Custody management at the securities trading venue is free of charge.
New customers benefit from 60 trades without order commission and an additional 2.3 percent interest on the daily money - but only in the first six months.
After that, the rate (as of February 29) is 1.5 percent.
Sparkasse subsidiary offers good daily money conditions for new customers
Anyone who switches to Sparkasse can also open a current account with “1822direkt”.
The bank is a subsidiary of Frankfurter Sparkasse.
New customers receive 3.3 percent interest on daily money for four months, after which they slide to the base interest rate of 0.6 percent.
Depending on the duration of the investment, there are even up to 3.0 percent for fixed-term deposits - even for existing customers.
Until recently, banks even paid up to four percent on the overnight deposit.
Savings bank customers have another option for savings.
Namely through our own fund provider Deka.
This invests capital invested for the customer in the financial markets.
Apart from the higher risk associated with stock trading, the savings banks charge for this service, criticizes
Wirtschaftswoche
in an article.
Customers often pay fees that are too high, while the return often falls short of the internal target.
An alternative for long-term investments could be an exchange-traded index fund (ETF), as the fees are lower.
(mt)