Banks abandon savers

Banks hardly pass high interest rates on to their customers. Abroad offers more. What you should consider when taxing interest on savings.

And again rise. The European Central Bank (ECB) is fighting high inflation with an unmatched series of interest rate hikes – and has been doing so since July 2022. But little of this affects the savings account. What to do about it:

The main interest rate was raised again on Thursday and is now 3.75 percent, and that for bank deposits at the central bank is 3.25 percent. So you should save money again. Despite this, customers of Austrian banks are currently receiving very little or no interest on savings deposits after a six-year drought. This is amazing. Because not only do banks receive more than three percent for their funds frozen in the ECB, they are actually demanding higher interest rates from their borrowers.

comparison with abroad

While small banks, which focus on business with money deposits, often operate online and therefore have lower costs, already offer 2 percent and more, large financial institutions still offer less than 1 percent interest rate offer.