The turnaround in interest rates is also reflected in savings accounts

Dhe savings book is a traditional affair in Germany. In the year of the Lord 1818, the tenant of the then Berliner Sparkasse is said to have recorded the issue of so-called “receipt books” for the first time. In the 205 years since then, the little booklets, in which the amount saved is typically meticulously noted, have nonetheless gone to the dogs. In the phase of low interest rates, some banks and savings banks even stopped issuing new savings accounts altogether. Possibly also because it was at least legally controversial whether the institutes were also allowed to charge negative interest on savings accounts, as was customary on current and overnight accounts.

That seems to be changing. In any case, FMH-Finanzberatung reports in a current savings book comparison, which is exclusively available to the FAZ, that more institutes are also issuing new savings books again and not just managing the stock. According to the German Savings Banks and Giro Association (DSGV), 23 million savings books are still issued to savings bank customers alone.