The Chamber of Labor (AK) has good news for savers: interest rates are rising – albeit only sparingly. “But something is happening in the interest rate landscape,” says AK expert Gabriele Zgubic. However, attractive conditions often only apply to new customers or often only for a certain period.
The daily savings account currently has an annual interest rate between 0.001 and 2.00 percent, the average is 0.40 percent. Those who opt for a capital savings account/term deposit with a term of 60 months receive an interest of 2.00 to 3.40 percent (median: 2.675 percent).
Rate hikes ‘somewhat late’
AK consumer lawyer Zgubic advises savers to be careful: “Interest rates are very high. But you have to be careful, because some more attractive interest rates are only valid for new customers or only for a certain period of time.
The Chamber of Labor suggests that savers use the AK bank calculator, which can be used to compare not only savings products, but also checking accounts, personal loans and offers from mortgage banks.
Criticism of the plan of the Minister of Finance
The head of the AK cannot understand why, according to Finance Minister Magnus Brunner (ÖVP), the banks will have to report their conditions to a platform of the Oesterreichische Nationalbank in the future: “Why the banks now have to report their conditions to a platform of the Oesterreichische Nationalbank Nationalbank that has yet to be developed is not understandable, because that is exactly what the AK bank calculator already offers: it is independent, neutral, ad-free, has clear comparison criteria and presents the search results transparently.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
