2023-10-12 17:56:59
Most Germans still rely on interest accounts when saving. At 2.67 trillion euros, the volume of savings deposits was recently only slightly below its peak in December 2022. This is shown by the latest “interest rate radar” from the online platform tagesgeldvergleich.net. Meanwhile, growth has slowed significantly. Compared to the same month last year, it was recently only 0.77 percent. This was the third lowest increase since May 2007. Since a peak of 7.8 percent, which was reached in March 2021, growth has declined massively and is well below the average values of 4 to 5 percent from 2008 to 2021.
Recently, there has been particular demand for fixed-term deposits with a term of up to two years. According to the online platform, the volume invested therein increased by 444 percent to 251 billion euros in the last 12 months, while the daily money volume increased by 5.3 percent to 1.77 trillion euros and that of deposits with notice periods of less than 3 months by 18.6 percent fell to 426 billion euros.
A comment from Martin Hock Published/Updated: , Recommendations: 6
Published/Updated:
Published/Updated: Dyrk Scherff Published/Updated: , Recommendations: 5 Dennis Kremer Published/Updated: , Recommendations: 15
Savers are apparently trying to make up for the loss of purchasing power due to inflation, as nominal interest rates on fixed-term deposits with terms of up to two years rose to a 14-year high of 3.12 percent per year in August. Nevertheless, the losses in purchasing power are enormous. Tagesgeldvergleich.net puts this at no less than 663 billion euros, with cumulative interest income of around 107 billion euros, which is expected to have reached the end of the year since 2011, of which 150 billion euros this year alone and more than 12 billion euros in August alone. Statistically, this was almost 150 euros per inhabitant.
Even though real interest rates have fallen somewhat since their short-term low of more than minus 11 percent a year ago, in August they were still on average minus 5.4 percent across all savings deposits. This means they are in the red twice as much as they were at their low point in the low inflation period. This is now the 32nd month in a row with negative real interest rates, writes tagesgeldvergleich.net. As far as the development of savings deposits is concerned, if the trend of the first eight months of the current year continues, it could decline this year for the first time since the calculations began twelve years ago.
#savings #deposits #lose #purchasing #power #day