2023-12-06 10:31:38
On Wednesday, the Oesterreichische Nationalbank (OeNB) put a new product online, the so-called transparency platform for savings deposit interest, which enables the comparison of interest rates for different forms of savings offered by commercial banks operating in Austria. Consumers can now – see – get “comprehensive information regarding the market development of savings products as well as the conditions of individual banks”.
The “Sparzinsen Österreich” initiative strengthens the financial literacy of the population. The OeNB also said it provides a reliable source of information for your investment decisions. The project was announced in August. The Chamber of Labor (AK) also offers a bank calculator, and various (interest) calculators also offer private platforms.
According to the National Bank, the information is intended to provide savers with a good and simple overview of the current market situation. The OeNB transparency platform deliberately does not duplicate existing private and public comparison platforms that compare specific products for specific personal investment needs. By providing a clear market overview and increasing market transparency, it represents the logical first step and thus closes a gap.
“Sparzinsen Österreich” covers savings products that can be taken out in the branch or digitally. For this purpose, the Austrian banks make their offers available for overnight deposits and products with commitment periods of 6, 12, 24 and 36 months. This is an interest rate without conditions, which is independent of the deposit amount (unless a certain deposit amount is generally necessary), does not take new customers and new capital campaigns into account, and in the case of tied deposits generally refers to products with one-off payments and does not depends on other additional conditions, such as opening a securities account.
“Successful accumulation of assets has become a difficult task for private households in view of high inflation, unclear economic prospects and a difficult overview of the variety of different forms of savings and investments,” OeNB Deputy Governor Gottfried Haber was quoted as saying in the central bank statement. With the newly developed transparency platform for savings deposit interest, the OeNB is now giving domestic savers “a reliable instrument to obtain comprehensive information from a reliable source regarding the current conditions on the market for savings deposits as well as details regarding the specific conditions of all banks operating in Austria.” .
“With the new, common transparency platform, we all have even easier and faster access to information regarding the level of savings interest in Austria,” Willi Cernko, chairman of the federal banking and insurance division in the Austrian Economic Chamber (WKÖ), was quoted as saying in a chamber press release. “With more transparency, the savings conditions of the Austrian banks will be even more comparable.” The platform creates real added value for customers as it offers a complete market overview of the savings conditions of all banks in Austria.
“The focus is on savings products, not on checking accounts that are only used for payment transactions,” says Cernko. The transparency platform for savings deposit interest only provides information regarding classic savings deposits with terms of up to 36 months. Other longer-term and purpose-oriented forms of investment such as building savings accounts, federal treasury certificates or securities investments would not be taken into account due to a lack of direct comparability. The OeNB points out that these should also be taken into account when making investment decisions.
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