Savings accounts in Germany

166 posts in this topic

Posted

My bank here in Germany offers various accounts with different rates for different balances, but pretty much all under 2%. Does anyone have any suggestions of where I could (relative for Germany) easily put my savings and get a better return? I don't mind having it fixed for a short period, but then I'm not exactly in the over €10k bracket which might make it more difficult.

 

I'd appreciate any tips.

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Posted

try citibank

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Posted

Get an appointment with a financial advisor from your bank. They will do this for free. Try stocks, funds and bonds. This can be fixed for various amounts of time. Of course, the longer you leave it, the better the rate of return. Outside of that, nothing will beat inflation that is legal.

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Posted

Have a chat with the Martin Brown from FirstFD to see if they can help you.

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Posted

Some of the best rates in Germany (and this is the important bit) offered by banks that are members of the deposit protection bank scheme, Einlagenssicherungsfonds (bank goes tits up, you as a private citizen get your money back) are Daimler Chrysler Bank and DIBA. Easy to get the money back to a current acount aswell. I would personally go and lump it into AHBR Pfandbrief bonds though. Bank pretty much gone down the toilet, but the bonds are backed by residential mortgages. Your money, so to speak, is as safe as houses..

 

AHBR 3 ½ 06/06

ISIN DE0002029394

Wertpap. 202939

YTM ~2.70% = LIBOR+10bp

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Posted

I have a bit of money that I am going to invest, however until I decide exactly what to do with it, I want to put it into an account so it will get some interest for the time being.

 

Does anyone know of an account that will let me put money into it just for a short time, and will pay at least 3% on the money in there (preferably monthly)? Anything where I can get the money out easily, and not have to wait 3 months or something would be good too.

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Posted

I had an appointment at Citibank yesterday and the guy tried to change me to some "Fixed Deposit" savings account that has 3%pa interest.

 

The only catch was that you can only withdraw on one day of the week, a day that you decide when you start the account.

 

We may be switching to this.

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Posted

Never, EVER, buy funds which are controlled by the bank selling them. My ex- worked for a certain bank which shares initials with a rather large transportation company and they fucked their investors over left, right and center. There are fees, loads and all kinds of costs, including costs to get in and out.

 

The bank will ALWAYS make money on the funds because they charge both a percentage of gains PLUS daily operational fees. The fund deal I'm most familiar peaked with more than $300m investment and lost over $100m, but the bank earned over $40m from the deal -- investors got about half their money back, and many were convinced to moev it into another fnud run by the same company.

 

woof.

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Posted

I use the Heinz Sutor bank in Hamburg.Last years return was 13% which i have been told is normal for this investment bank.The other one i use is Canada Life.

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Posted

Cannot agree with you their Woofie.Ok buying in to the same fonds your bank offers yes, will agree with you there.Have been with the Heinz Sutor bank and paid in € 480 last year.Got another € 520 back on top pf that.

Canada Life has been in the top ten since god knows when.Nurenbürger Fonds were crap and they had a big court case with investors about 9 years ago.

Decided to do this as a long term investment for my pension andd well i am looking good at the moment.Will post more when i get my yearly round up and let you know how i went on this year.The 13% i mentioned previously on the thread is the whole return in the last 4 years.After all costs and such like have been deducted

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Posted

I am with Satander Consumer Bank (www.cc-bank.de) and they are raising their rates on 01.01.2007 to 3,1% on all deposits. This is a "tagesgeldkonto" which means it is not fixed (you can access the money at any time). You might get a better rate with fixed offering.

 

If you want to dig a bit deeper into whats available on the German market get this months Finanztest (from the Stiftung Warentest). On Page 82 are the Top 20 Tagesgeldkonten in Germany and Top 20 Festgeldanlagen...

 

For those with Fonds there is also a listing of the top performers

 

Can somebody explain the 13% interest rate - dont get it.

 

Thanks,

 

Neil

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Posted

Does anyone know of a bank here that will let you enter into one of these accounts, but without 3 months cancellation notice? I want to put my money in for a MAX of 3 months, probably less. In the UK, I had an account that I could move money in and out freely without any problems and it gave me 4%!

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Posted

3-month notice is only required for a "Sparbuch". No notice is required for a "Tagesgeldkonto". It is offered by all banks if you ask for it. If you shop around, currently you should be able to get 3.0 % or slightly more (e.g. Santander or ING-Diba, as quoted further up in this thread).

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Posted

 

Does anyone know of a bank here that will let you enter into one of these accounts, but without 3 months cancellation notice? I want to put my money in for a MAX of 3 months, probably less. In the UK, I had an account that I could move money in and out freely without any problems and it gave me 4%!

The Bank I just mentioned lets you take your money out anytime you want (Tagesgeld as mentioned by tom_a with internet banking so really easy to access). Interest rates are increasing again so you might get 4% some time this year but at the moment I dont think its available in Germany. The higest available is AkBank N.V as far as i know (3,6%). Here you can access your money at anytime.

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Posted

I find DIBA really easy to use and it was one of the highest interest rates around at the time.

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Posted

Thanks for the suggestions. I thought I saw a cancellation period on the ING and cc-bank accounts, but you're right, there isn't any.

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Posted

We accepted the suggestion about funds from Deutsch Bank and after 1 year we lost 100 euros!!! :blink:

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