The most recently announced platform for comparing savings rates is scheduled to launch in 2023. The tool is currently being developed and is expected to be launched this year, according to the Oesterreichische Nationalbank (OeNB) and the Ministry of Finance.
According to the WKÖ banking division, which is involved in the project, the “necessary technical and legal questions” have already been clarified. A specific date was not given.
Better overview for savers
The transparency platform aims to bundle and make understandable the terms and conditions of Austrian financial institutions for savings offers. The aim is that savers can easily get an overview of the offers from different banks at any time, Finance Minister Magnus Brunner (ÖVP) said at the announcement in August. The minister also hopes that this will increase competition and thus reduce the gap between savings rates and loan rates in Austria, which was hotly debated in the summer. The introduction was planned for the autumn.
According to the banking department of the Chamber of Commerce, the platform will offer consumers the most favorable interest rates on overnight and bonded deposits with different conditions. Essentially all Austrian financial institutions engaged in deposit-taking activities are covered. A contractual framework is still missing, but they are optimistic “that the operational start will take place quickly”, according to the Chamber of Commerce.
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.
