The key interest rate rises by 0.25 percent to 3.75 percent. Households in Germany are affected differently by rising interest rates.
The good news: There are higher interest rates on savings accounts, money market accounts and time deposit accounts. Does your bank still offer 0 percent on the cash accountyou should definitely switch providers.
The sobering news: In view of the high inflation, times remain difficult for savers. And: If you need a real estate, overdraft facility, car or installment loan, you have to expect higher interest rates. Interest rates are also rising, making it more expensive for potential home builders.
What does the higher key interest rate of the ECB mean for my loan?
In the coming weeks and months, interest rates on loans of all kinds could rise.
“Rising market interest rates are usually passed directly on to customers here,” says Philipp Rehberg from the consumer advice center in Lower Saxony, for example. Consumers are affected by real estate loans, overdraft facilities and installment loans.
The consumer advocate recommends checking expensive overdraft facilities carefully and only using them in the event of short-term financial bottlenecks. In the long term, a normal consumer loan usually makes more sense.
In the case of expiring real estate loans, the question now arises as to what happens after the fixed interest period has expired. However, according to Rehberg, no one can predict with certainty how interest rates will develop in the medium and long term.
If a Forward loan – i.e. the early promise of follow-up financing at a fixed interest rate – makes sense, must be decided on a case-by-case basis. “The primary goal should always be to secure financing so as not to jeopardize the preservation of the property,” said the consumer advocate.
Calculate follow-up financing with FOCUS online now
Interest rates skyrocket
The account is quickly overdrawn. Balancing it often takes much longer.
Some even earn their livelihood permanently from the minus. But that will be expensive. Banks and savings banks can be well paid for using the so-called overdraft facility – with interest.
To the current account comparison of FOCUS online
If the key interest rate rises, these interest rates also rise.
If you can foresee that you will not be able to repay your overdraft facility within a few months, you should speak to your bank and make a so-called repayment agreement.
The expensive overdraft facility is replaced by a cheaper loan – for example an installment loan.
No more penalty interest and the comeback of call money accounts
Negative interest rates will finally disappear. As early as August 2022, many financial institutions had already begun to gradually abolish negative interest rates on overnight and time deposit accounts. Now interest rates could rise again.
Savers can find out about higher interest rates on the savings account fixed deposit account or the cash account be happy.
In view of the rapid interest rate development, classic investments such as overnight and time deposit accounts are becoming more attractive. A few months ago, the first banks began to raise interest rates, especially for short, but also for medium-term maturities. Meanwhile, rising interest rates for savers can be observed across the board, a dynamic that could accelerate in the coming quarter.
A look at the interest rate comparisons from FOCUS online shows how much the interest rate landscape has changed.
2023-05-06 16:41:34
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