German savers are getting cold feet about deposits held abroad despite juicier interest rates for fear of getting embroiled in a crisis like the one that hit Silicon Valley Bank, data compiled for Reuters shows.
By contrast, German banks, which are perceived as safer because of their government's high credit rating andGermans' retreat to safer ground mimics, on a small scale, theof U.S. depositors from small to large banks in the wake of SVB's collapse and could raise funding costs for lenders in weaker European economies that were hoping to tap Germany's vast pool of cash.
Sibylle Miller-Trach of the German consumer association in Bavaria said "term deposits aren't necessarily safe" and savers should gather information about the creditworthiness of the bank and its country.Check24 and competing platforms do not publish figures about their volumes of business so it is hard to tell how much money Germans have deposited abroad.
By contrast, the most that savers could get from a German bank was 2.55% from online lender SWK Bank. Known in German as Festgeld, term deposits pay savers interest for locking in money at a bank for a number of months or years and had been a staple for Germans until a collapse in rates a decade ago made them unappealing.
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