Most popular form of investment: good interest rates are driving a revival of savings accounts

Austria is a country of savings accounts. About seven in ten Austrians own the classic. In the ten or so years of the zero interest rate policy, you have lost billions of euros in purchasing power because inflation has eaten away the mini-profits. The ECB’s increase in key interest rates from mid-2022 changed the situation somewhat again. “The increased interest rate has made saving more attractive again in 2024. The high savings interest shows that many bank customers are putting more money aside again,” emphasizes Robert Zadrazil, Country Manager Austria UniCredit.

According to researchers at WIFO, the savings rate is likely to reach as much as 11.4 percent this year, compared to just 8.7 percent last year. “Incomes have risen sharply in recent years as part of the wage agreements. The savings rate shows that these increases are used more for savings than for consumption,” analyzes Gerda Holzinger-Burgstaller, CEO of Erste Bank Austria.

The bottom line is that this simply means that Austrians are currently spending significantly less money. According to a study by Bank Austria, 200 euros goes to savings products every month. This is an increase of 50 percent compared to the previous year. In the current savings survey by Erste Bank and Sparkassen, respondents even indicated that they would “put aside” an average of 308 euros per month this year – whether in the form of a savings account, savings account, the classic piggy bank or hidden piggy banks. in the “pillow”.

The main motive is still the nest egg. If something happens, you would like to have one or two euros available. This is important to 56 percent of respondents. However, according to financial experts, it should not exceed three months’ salary that you always have immediately available.

The item ‘So I can afford something in the future’ has risen sharply this year (54 percent), followed at some distance by ‘pension provision’ (43 percent) and ‘holidays/public holidays’ at 33 percent (see graph).

Alternatives to savings accounts are becoming increasingly important
At the same time, more and more investors realize that other forms of investing are also necessary to build wealth. According to Erste’s research, numerous forms of savings are experiencing a strong influx. For example, 44 percent have life insurance (2023: 36 percent), 36 percent already have securities (2023: 32 percent), 27 percent have a pension plan (2023: 20 percent) and 23 percent have gold or other precious metals (2023). : 19 percent).

Almost every second young man already uses effects
When it comes to the topic of impacts, which is important for long-term provision, there is a big difference between young men and women. While almost half (46 percent) of men under the age of 30 use securities (for example in the form of savings), this is only 22 percent of young women, according to Bank Austria research.

New affordable deposit models at Erste Bank and Sparkasse
To make the topic of saving on securities even more attractive, Erste not only reduced the smallest possible monthly savings amount for fund savings from 50 to 30 euros, but also launched new models for the securities portfolio. With the new “s Young Depot” you pay no deposit for up to 27 years and only low purchase or selling costs. With the “s Actief Depot” “everything is included” for 0.04 percent of the deposit value per month. There is also the new “s Depot” and the “Selfinvest Depot”.

With the new offer, the aim is not only to appeal to young people who might otherwise use a cheap online competitor, but also to attract other customers who, for example, do not yet invest in shares or funds, according to Erste’s private customer board . member Maximilian Clary and Altreibn. To increase the attractiveness of securities in general and to draw attention to the topic of precautionary measures, calls continue for the abolition of the 27.5 percent capital gains tax on capital gains on shares & Co.