Sparkasse customers hit hard: This is what the future looks like for savers


50 percent of Sparkasse customers can no longer save. (Image source: IMAGO / Future Image)

Half of savings bank customers in Germany no longer see any way of saving money. The high inflation means that there are fewer and fewer new deposits. There is some light at the end of the tunnel, however.

Sparkasse: 50 percent can no longer save

According to the Baden-Württemberg Savings Bank President Peter Schneider, half of all customers no longer have the opportunity to put money aside. He speaks of one “dramatic number”, which has recently increased noticeably. Inflation forces customers to expect higher spending, which means that you end up with less money to save.

New deposits on accounts have collapsed. In the first half of 2022, the balances of all savings bank customers increased by only 600 million euros. What at first glance might seem like a high sum is quickly put into perspective when compared to the previous year. In the same period of 2021, 25 billion euros flowed into accounts with the savings banks. That equals one Decrease of 97.6 percent (Source: Handelsblatt).

In addition to high inflation, Schneider found another reason for the slump. Since many corona restrictions have now been lifted, customers have again more ways to spend money. However, too much consumption is not recommended, as many people will only feel the significant increase in energy costs later in the year and next year.

How to save money when shopping online:

Savings Bank: Interest for call money in sight

Peter Schneider assumes that in the future customers will again be able to buy higher Interest on short-term deposits how to calculate the daily allowance. That will “certainly come with a time delay”. The European Central Bank recently raised the deposit rate, which is important for banks, from minus 0.5 percent to 0 percent, while the key interest rate went up from 0 to 0.5 percent. Further interest rate hikes in the fight against inflation can be expected.



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