Savedo's New Feature for Savers

By Carlotta Mondino | April 6th, 2016
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  • The European Central Bank has lowered interest rates once more which creates unattractive deposits for customers all over Europe.

    The ECB has taken drastic measures related to interest rates two times before. Since 2008, the rates have been lowered 700 times, slowly approaching zero. Moreover, in December 2015, the banks were punished with negative interest rates by the ECB. The impact of this decision is enormous as European savers become one of the victims of the system. In fact, 115 saving banks in Germany offer investors an interest rate of 0.01%. The maximum rate offered by one of the biggest banking associations is 0.25%. It doesn’t all stop there: the costs for opening a bank account have been renewed and the ones for keeping a bank account are also increasing due to the reaction of banks to ECB’s policies.

    Nevertheless, Germans have continued saving more than before maybe because of a long savings tradition in the country or maybe because of lack of flexibility.

    So how does Savedo help the German savers? Savedo is the first international online financial marketplace to make attractive savings products in Germany and other European countries available to private customers in Germany and Austria and soon in the Netherlands. Savedo supports paperless processes, which makes investing in other countries for private customers very easy Christian Tiessen, Co-founder of Savedo, says in an interview for FinTech Profile that the company, “brought high-yield saving products to Germany and made hopping from one bank to another as fast and as unproblematic as possible.” He continues to state that “Savedo’s products, compared to most other investment forms, are very safe.”

    Everything that savers need to know about investing in fixed-term deposits abroad can be found on the Savedo website. Currently Savedo has also created a way a saver can be informed about all questions of taxation. Through a detailed online-manual the Savedo-user can find the answers to questions related to the tax, declaration of income, minimization of the tax, the acquiring of the needed documentation, and the specific deadlines.

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    Carlotta Mondino