World Savings Day products

The Erste Bank has special products for young savers. The “Taschengeld Sparen” and “Sparefroh Sparen” savings products offer attractive interest benefits for children and adolescents. At the end of the year, interest is credited to increase the savings amount. The 1.5% “Taschengeld Sparen” product is recommended for 10 to 14-year-olds, which offers them a fixed interest of 1.5% p.a. on up to 500 Euros. Amounts over this or after the child’s 14 birthday incur 0.125% interest p.a. The aim is to teach and encourage children to take responsibility for their first personal savings. The 3% “Sparefroh Sparen” product is recommended for children under 10, which incurs 3% fixed interest p.a. on amounts up to 500 Euros.

Building up assets with securities

It is recommended to only keep around three net monthly wages as cash reserves in a passbook. “The rest should be invested in a manner that takes into account inflation, and ultimately results in a gain. And the only way to do this at present is with securities”, says Thomas Schaufler, Director of Private Customer Business at the Erste Bank. Funds are particularly an option for “newcomers”. The Erste Bank has specially created five themed packages in the “s Fonds Plan Mix”, where up to 5 relevant funds are pooled each time. The “s Fonds Plan Depot” does not incur any deposit charges or minimum fees for total market values of up to 10,000 Euros in the first three years. Private investors will soon also be able to open a deposit account for the “s Fonds Plan Mix” online via George.

The passbook continues to be Austrians’ most popular form of saving, with 80% using one. 60% have a building loan contract, while 44% leave their money in their current account. The number of people with securities, however, rose to 28% (+11).

^{About the study: Erste Bank und Sparkassen hired the market research institute IMAS to survey Austrians (aged 15 and over) about saving. The study is representative of the Austrian population aged 15 and over. A total of 900 interviews were conducted right across Austria. 100 interviews were conducted per state in order to enable separate analyses. Comparative values are based on previous studies from 2009 onwards.}