World Savings Day – interest rates rise, criticism of banks remains

From the point of view of the Chamber of Labor, this is not enough. For example, the interest on daily savings accounts is currently still “meager” at 0.5 percent. The unionized Momentum Institute has taken a similar position: rising interest rates are slow to be passed on to customers. With the higher interest rates on loans, things look different. The banks themselves currently earn four percent on their excess money that is due from the European Central Bank (ECB).

Fixed date for many families
On the occasion of World Savings Day on Tuesday, the Vienna Stock Exchange spoke of “more attractive investment opportunities such as securities”, which would increasingly reach the “middle of society”. Despite the price increase, October 31 was once again a fixed date for many families, according to a study by the rate comparison portal durchblicker.at. More than a third of respondents wanted to go to the bank with their children this week, and another 43 percent were at least thinking about it. In addition, the majority of parents (85 percent) continue to save for their children.

Parties like the SPÖ and FPÖ saw no reason to celebrate. The SPÖ spoke about the interest rates being too low and that fewer and fewer people in Austria were ‘able to put anything aside’, ‘because we have been dealing with the highest inflation in Western Europe for nine months.’ The FPÖ also criticized “any interest rates hardly match the credit”. Looking at the account and savings book is “more of a reason to burst into tears.”

NEOS: Rich people don’t have money in savings accounts
The NEOS in turn have a problem with the capital gains tax due on savings deposits. “Normal savers are currently being taxed as if they were gambling with securities,” says business spokesman Gerald Loacker. The tax on savings accounts should be abolished to ease the burden on lower-income savers. “The really rich people don’t have their money in savings accounts.”