Despite increased key interest rates from the European Central Bank (ECB), savers often only receive meager interest rates. According to the comparison portal Verivox, many savings banks and Volksbanks in Baden-Württemberg offer a maximum of 1.5 percent interest for overnight money with an investment amount of 10,000 euros. However, commercial banks receive 4.0 percent interest when they park money with the ECB. According to Sparkasse President Peter Schneider, this is a consequence of the business model. Most savers were protected from negative interest rates by granting high allowances before negative interest rates became due. In addition, a large part of the 169 billion euros in deposits is in loans for companies and private customers. The savings banks in Baden-Württemberg hardly invested any customer money with the ECB. You also have a lot of loans from the long period of low interest rates. Therefore, there is significantly less leeway when it comes to credit interest rates than banks that are hardly active in the credit market.
2023-10-13 02:07:31
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