Interest plus a bonus for years – that’s what attracted bank customers. Because of one-sided contractual clauses, savers are sometimes entitled to money retroactively. The financial regulator calls on consumers to check claims.
The financial regulator Bafin advises owners of premium savings contracts to urgently check possible claims for additional payments. “In particular, owners of older premium savings contracts could be entitled to additional payments,” explained the authority, referring to a decision by the Federal Court of Justice (BGH) from the beginning of July.
With premium savings contracts, savers receive a premium in addition to the variable interest rate, which is usually staggered according to the contract term. The longer regular savings contributions are received, the higher the premium will be. Such savings contracts were sold in the 1990s and early 2000s – primarily by savings banks (“Vorsorgesparen”, “Vermögensplan”), but also by Volks- und Raiffeisenbanken (“Bonusplan”, “VRZukunft”).
Long dispute over interest clauses
Premium savings contracts have been controversial for many years. Many of them have clauses that allow banks to unilaterally and unrestrictedly change the guaranteed interest rate. The BGH had already declared such clauses invalid in 2004.
However, it has not been clarified by the highest court for a long time how interest should be calculated for these products. In July, the BGH confirmed for the first time a reference interest rate for the subsequent calculation of interest. Accordingly, the current yield on listed federal bonds with a remaining term of 8 to 15 years can be a possible basis.
Those affected should check their contracts as soon as possible and have their bank explain the contract structure, advises Christian Bock, head of the consumer protection department at Bafin. Consumers whose contracts have already been terminated may also be entitled to additional interest payments. A three-year statute of limitations applies here. Consumer advice centers and lawyers could help examine claims.
Premium savings contracts used to be widespread
As recently as 2021, there were around 1.1 million premium savings contracts in Germany. Since then, the number has probably fallen significantly because banks have sometimes terminated entire contract years. For current contracts, additional interest payments do not flow automatically. Consumer advice centers have been applying pressure for years with model declaratory actions.
Source: Stern
