Thrifty Consumers

Germans Still Love Saving

GermanSaving-Imago
Spend it already! German consumers are still keeping their money in their pockets.
  • Why it matters

    Why it matters

    The world is hoping the German consumer can help power other economies in Europe. High savings rates are preventing this from happening.

  • Facts

    Facts

    • German consumers hoarded €23.2 billion ($26.9 billion) in November in their daily savings accounts, central bank data showed.
    • Total German consumer assets passed the €5 trillion mark again at the end of September, up 0.6 percent compared with June.
    • The German interest rate on a daily savings account was 0.26 percent on average in December.
  • Audio

    Audio

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German households are keeping up their reputation as eager savers, placing a record amount of money in the bank despite historically low interest rates.

With some banks even charging customers to park their money, savings accounts are not necessarily the best place to store your extra cash.

Germans, however, deposited more money than ever in a record month last year.

Consumers placed some €23.2 billion ($26.9 billion) in additional money into daily accounts in November, data from the German central bank, Bundesbank, showed earlier this week.

It was the highest monthly savings amount ever, Peter Barkow, managing director of Barkow Consulting, told Handelsblatt.

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