A duel with Deutsche Bank – but interest rates remain low

2023-06-23 14:16:36
HomeEconomyCriticism of the advertising clip: A duel with Deutsche Bank – but interest rates remain low

The large financial institution used to advertise with the concept of trust. In the meantime, there is little left for small savers, although advertising promises otherwise. The clip review.

Harry Nutt

The towers of the Deutsche Bank in Frankfurt with protest poster Andreas Arnold/dpa

An eye duel. A westerner sits with his two daughters in front of the implacable financial advisor and demands a stable interest rate. Is it a matter of life and death? Or is it just about the father’s reputation in front of the children, not letting himself be defeated as a tough negotiator? “I want good interest rates,” says the father. “For sure!” The air is to cut, finally the hard facial features of the banker. “Okay.” The return of the dignified savings goal as an existential drama?

The reality of savings holders can actually be described as such. Although key interest rates are raised almost every week, banks are hardly passing on the momentum in monetary value that has set in after a long period of low interest rates to customers. And the interest rate, which has meanwhile increased to three percent and which our good family man fought for, only applies to new customers. Those who have already entrusted their money to the institute have to move to another house for a higher interest rate. Existing customers can currently expect an interest rate of 2.1 percent at best. So if you want to entrust your savings to a vile account, you lose just four percent and more if you include inflation.

peanuts and trust

Part of the paradoxical situation that Deutsche Bank’s advertising clip withholds is the fact that bank experts are currently recommending checking the overnight money option instead of the fixed-term deposit option. This makes it possible to access the savings at any time. And if interest rate increases are then passed on to a greater extent, you are not trapped in a long-term fixed interest rate of 2.1 or 2.4 percent.

“Trust is the beginning of everything” was a catchy advertising slogan of Deutsche Bank in the 1990s, when its CEO had just expressed his contempt for the savings mentality with the famous “Peanuts” phrase. In the current TV commercial, Deutsche Bank combines the principle of saving with cool player gestures. But sociologists know that trust, which needs to be addressed, has cracked. By the way, online banks offer a few more points.