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The Germans hoard cash

Euro bill
Symbolic image: cash euro billsPixabay

The Germans only manage their savings. A survey by Yougov on behalf of the comparison portal Check24 suggests this conclusion. 2063 representative selected people aged 18 and over were asked online: How is your money / assets currently invested? For many participants, the question could also have been: How do you keep your money?

Cash instead of shares

According to the survey, the Germans do this with their savings (multiple answers were possible):

  • Current account: 43 percent
  • I am currently not investing money / assets: 29 percent
  • Daily and fixed deposits: 24 percent
  • Cash: 19 percent
  • Equities / ETFs: 19 percent
  • In another way: 11 percent
  • Don’t know / No answer: 10 percent
  • (Government) bonds: 3 percent

“In the wake of the Corona crisis and fluctuating stock market prices, it is not surprising that many consumers have their money in their checking accounts and under their pillows,” said Rainer Gerhard from Check24. The poll was conducted from April 30th to May 4th. Gerhard warned, however, that interest-free savings due to inflation lose purchasing power: “Overnight and time deposit accounts offer a real alternative.”

Hardly any interest for savings

However, many Germans see it differently in times of zero interest rate policy. Check24 referred in the press release to the best one-year fixed deposit account according to its own analysis. According to the information, this offered a 1.2 percent return. Makes interest of 120 euros per year for 10,000 euros, which does not even compensate for inflation in 2019 (which was 1.4 percent).

With Check24, the best interest-bearing overnight account, the figure came out at just under 72 euros for 30,000 euros with an investment period of 120 days and including advantages for new customers. It is hardly surprising that many Germans prefer to hoard cash, whether at home or on the interest-free checking account – as long as the house bank does not charge any negative interest.


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