Why the savings book could become more attractive again banking product, which many had already thought to be on the rubbish heap of history, is just getting new honors. The savings book plays an unusual role in the introduction of negative interest rates for private customers in many banks. The legal regulations for such classic savings deposits actually make negative interest rates, custody fees or deposit fees, as the new negative interest rates are often called by the banks, actually impossible for the savings account – at least according to a very widespread legal opinion. In contrast to overnight money and current accounts, for which many banks are now introducing negative interest rates, they are apparently taboo for savings accounts and comparable savings cards.

What could be more obvious for bank customers than simply shifting the money to the savings book instead of leaving large amounts in overnight money accounts and paying negative interest? But that doesn’t suit the banks at all. After all, they have had to shell out negative interest rates for their deposits at the European Central Bank (ECB) since 2014, now 0.5 percent per year, albeit with large allowances. They are also under pressure because of the low interest rates. The banks would therefore like to pass on part of the negative interest rates to their customers – or scare off savers with large deposits so that they do not even come to them with their money.

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