Many private banks are once again offering interest on overnight money. However, many savings banks and cooperative banks are paying next to nothing. How can that be?
A huge gap has opened up in the interest rate market, and savings banks and cooperative banks are not doing well at all: almost three quarters of all savings banks and cooperative banks are currently paying less than one percent on call money. On average, their customers are collecting a meager 0.6 percent.
Other financial institutions are much more generous. 82 percent of private banks offer more than one percent interest on overnight deposits. Many even offer significantly more: their current average overnight interest rate is 2.06 percent. This was the result of evaluations by the comparison portals Verivox and FMH.
Source: Stern
