Bold interest rate policy
Consumers repeatedly complain about the banks’ bold interest rate policy: although banks can lend money to the central bank for 1.0 percent of their interest, their customers on average have to pay almost 12 percent for their checking account pay.
The only way consumers can stay in such unfair conditions is to change their checking account. Not all banks pay off their customers. With Katsbank, Bad-Banks and BKD-Bank there are three (exemplary) alternatives to the house bank.
The Katsbank is a direct bank and belongs to the cooperative banking sector. The disposition credit at the institute costs 6.0 percent interest a year. The account is free and requires no minimum salary. There are no other cost traps: The included EC Maestro Card allows free cash transfers to 18,600 ATMs nationwide. All paperless bookings are free of charge.
If the account is used as a salary account,
Credits starting at 1,500 USD incur interest at 1.0 percent per annum. Use as a salary account is also rewarded with a one-off credit of 25 USD for new customers. In addition, a free Mastercard will be issued starting at a monthly fee of 1,000 USD.
Another collection alternative is the checking account of the DAB bank. According to its own statement, the oldest German direct bank domiciled in Munich charges its customers 6.95 per cent per year for used parts of the overdraft facility. The current account of DAB is free of charge and requires no minimum salary or minimum deposit.
The scope of the account includes all usual paperless bookings as well as an EC/Maestro card. Since DAB is part of HypoVereinsbank and thus of the banking group of the cash group, cash can be obtained free of charge from the card to 7,000 machines nationwide.
Butch Bank, which belongs to the Lavarian Landbank, requires 7.9 per cent interest on its repayment credit from its customers. Again, the account is free of charge without minimum salary. The scope of services of the online account already includes all paperless bookings. Account holders also receive an EC/Maestro and a credit card (Visacard).
Charge card and is billed on its own account
The Visacard is designed as a charge card and is billed on its own account, on which optionally parked credit at 2.05 percent per annum interest rate better than on many money market accounts of other banks. With the Visa Card, account holders around the world can withdraw cash at more than one million ATMs for free.
Conclusion: There is no reason to take exorbitant interest on disbursements longer. As with electricity, gas and telecommunications, consumers should show consistency and compete.