Savers beware: Many banks pay interest on money market account | money

Bad news for savers, Many banks, no more interest to pay, according to a report on the money market account. Some would even call for negative interest rates.

Savers beware: Many banks pay interest on money market account | money

Bad news for savers, Many banks, no more interest to pay, according to a report on the money market account. Some would even call for negative interest rates.

Many banks will pay according to a report in interest on the money market account . And some even want interest rates to be Negative, States a study. Savers should inform themselves as to the conditions at the Bank.

report study: More than 500 banks do not pay interest on money market account

Not easy times for saver* : A report of t-online.de relying on the comparison portal Verivox is that more than 500 banks in Germany do not pay interest more money market account . Out of a total of 825 evaluated money market accounts in Germany there is in case of 525 products of banks and savings banks no interest , according to the Portal.

"a Further 190 financial institutions only symbolic interest up to 0.01 per cent, including 64 banks, where depositors an interest rate of 0.001 percent get numbers," says t-online.de more. "Clarification: In this rate, customers would need to create for ten years, 10,000 euros, to bring a 1 Euro interest rates."

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Volks - and Raiffeisen banks often offer no interest

Especially savings banks and local Volks - and Raiffeisen banks would often offer no interest , it is stated in the report on the said study also. The comparison portal Verivox have evaluated for the study, the money rates 761 banks and savings banks with a total of 825 products for the investment sum of 10,000 euros.

And it would give even some of the banks , the negative interest rates request, according to the Portal also. Which means ultimately that one has to pay in such a case, even plan to Park money* on the account .

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The you should know about negative interest rates - what consumer advocates

You say should inquire in advance exactly. the consumer protection groups* that are negative interest rates for new and existing customers allowed only, if the Trustee fee is explicitly agreed with the customer, stated in a report of the German press Agency.

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Updated Date: 30 May 2020, 02:34

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