Investment: Day money hoppers make 700 percent more return than loyal bank customers
A study shows that those who save with a call savings account should look for new providers more often. What savers should pay attention to.
Max Herbst, head of FMH-Finanzberatung, has calculated that German savers who constantly switched to the best interest rate offers on call deposits over the past four years earned around 700 percent more than loyal bank customers. Starting with 50,000 euros, loyal customers of branch banks had 50,797 euros after four years, while those with direct banks had 51,567 euros, and frequent switchers had 56,744 euros.
Herbst's calculations considered the highest interest rates available, but excluded some short-term offers. Switching banks frequently required around 16 changes over four years, which Herbst considers a manageable effort for the increased earnings.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
