Interest rates for savers are already rising again and there are now signs of an end to penalty interest rates. Now the Sparda banks also want to abolish these so-called custody fees.
The most blatant intervention in the assets of German savers seems to have come to an end: According to surveys by the comparison portal Verivox, various banks are planning to abolish negative interest rates altogether. The basis is a current Verivox evaluation of around 1,300 banks and savings banks. You can find out in this table whether your bank has already joined the trend:
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According to Verivox, 34 banks have already completely abolished negative interest rates. 15 banks have increased the allowances so much – in some cases to one million euros – that the negative interest rates are history, at least for a large part of the customer base. For example, the Sparda banks have decided to abolish these altogether and have already partially implemented them.
However, according to Verivox, 426 credit institutions still charge their customers custody fees. However, since not all institutes publish their negative interest rates freely accessible on their website, there could be other institutes about whose interest rates Verivox has no information.
In the table below you will find 426 banks that still charge negative interest. You can use the search function to find out whether your bank is included.
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Compare the services and fees of the best offers in 2022 quickly, easily and free of charge in the FOCUS Online current account comparison. Compare now and find the right current account!
“More and more banks are saying goodbye to negative interest rates, a historic interest rate phenomenon is coming to an end,” says Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “If interest rates rise in the future, the business with savings deposits will become attractive again for the banks. The first institutes are already positioning themselves for this and have canceled their negative interest rates even before the first rate hike by the ECB has even taken place.”
As early as the end of April there were indications that the era of negative interest rates was coming to an end. While a few financial institutions were still introducing new negative interest rates at this point, the market trend has been going in the opposite direction since the end of June at the latest. The reason for the banks’ continued reluctance is the penalty interest rate on bank deposits. As soon as the ECB lifts this, negative interest rates for savers could be a thing of the past.
The banks themselves still have to pay 0.5 percent penalty interest on part of the savings if they deposit them with the central bank. Several banks stated that the abolition of negative interest rates was directly linked to the ECB’s decisions.
After the increase in lending rates, the turnaround in interest rates has now also reached savers. Fixed deposit interest rates have in some cases more than tripled since the beginning of April. Savers currently receive up to 1.95 percent interest on fixed-term deposits with a two-year term from German banks. At the beginning of the second quarter, even the best offers were only 0.41 percent.
In order to get the most out of your savings despite the rapid inflation of an expected 7.1 percent for the whole of 2022, an extensive comparison of the best offers for current accounts and overnight and fixed-term deposits is recommended.
When investing in a fixed-term deposit account, the saver invests his capital for a specified period of time at an interest rate specified by the bank. The interest rate does not change during this period. However, there are now also flex models that deviate from the classic process. In the FOCUS Online fixed-term deposit comparison, you can quickly and easily find the right fixed-term deposit account.
