The savings account is an investment without a fixed term, with which the balance usually pays variable interest. The savings account is probably the best-known savings account.
The savings account is used to invest and accumulate money and cannot be used for daily payment transactions. The saver receives a savings certificate from the bank. Traditionally, this is a savings book in which the bank records deposits and withdrawals. In order to withdraw money, it is usually necessary to present the savings account. Furthermore, the contractual agreements also regularly contain a clause authorizing the bank to pay out credit to anyone who presents the savings book. As an alternative to the savings book, a savings card can also function as a savings certificate. In practice, the savings card is increasingly replacing the savings book.
What are the risks?
Interest rate risk: The interest rate can rise or fall during the investment period. These offer the customer the prospect of compensation going beyond the legal entitlement – but without a legal entitlement.
How are the performance, profit and benefits of the savings account structured?
You receive an interest rate that is based, among other things, on the respective market interest rate. The interest rate varies from institute to institute and can be adjusted by the banks at any time.
What obligations do I have towards the bank?
You are obliged to carefully keep the savings certificate. Entries in the savings book or account statement must be checked for correctness immediately upon receipt and objections raised immediately.
When can I have access to the money in the savings account?
As a rule, you can dispose of the accrued interest within two months of being credited, regardless of the amount of interest income and the notice period. Thereafter, the interest is subject to the agreed termination rules.
In addition, there is no entitlement to early repayment of the savings deposit. If you want to withdraw more money, you have to cancel this partial amount. When terminating, the notice period set by the bank (at least three months) must be observed. With many banks you can have higher amounts of credit at your disposal without observing the notice period. However, the bank then demands so-called advance interest. The advance interest relates to that part of the withdrawal amount that exceeds the maximum amount per month.
What details does the bank have, among other items, to supply me with?
Every German credit institution is legally obliged to inform its customers about the individual services of its products and the associated prices.
From the bank’s list of prices and services, you can see which costs are incurred for the savings account, but also which interest is granted. The current interest rate is posted, for example, in the branches. Before concluding the contract, the bank must give you a detailed list of prices and services. Every credit institution is also legally obliged to inform its customers about the statutory deposit insurance when concluding a contract and from now on once a year.
Where can I open a savings account?
A savings account can be in a bank open. Knowledge and advice can be accessed from the appropriate provider in the branches, electronically or by phone. Think on how long and for what reason you intend to spend money in advance and closely review the circumstances.
Who is the savings account suitable for?
The savings account is suitable for those investors who prefer a conservative, safe investment to build up reserves and do not need the flexibility of a call money account.