German Savers Lose Faith in Banks, Stash Cash at Home

August 29th, 2016

Via: Wall Street Journal:

German savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.

Savers now face the prospect of being charged fees on their deposits. Some companies and large private depositors already incur charges.

The latest such sign that penalty rates are creeping in comes from a small cooperative bank in the Bavarian town of Gmund on the Tegernsee lake. As of Sept. 1, the bank, Raiffeisenbank Gmund, will charge its customers 0.4% on deposits above €100,000.

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