Illegal interest rate adjustment clauses in premium savings contracts can unexpectedly lead to a windfall. Anyone who has concluded such a contract should check the clauses, have interest recalculated if necessary and not give away claims for additional payment.

“Initial successes show that those affected can sometimes – depending on the savings rate and duration – enjoy additional payments of several thousand euros,” says Angela Wehrt-Sierwald, lawyer and fee consultant at the Lower Saxony Consumer Center in Stade. So it's worth taking a look at the contract. “If a premium savings contract contains a clause that states that the savings deposit currently has a variable interest rate of X percent, this can be objected to,” explains the lawyer. In their opinion, however, there are other different wordings that also lead to ineffectiveness.

Interest: Retroactive calculations are possible for a long period of time

On the question of the statute of limitations, the Federal Court of Justice ruled in favor of savers as part of a model declaratory action brought by the Saxon consumer advice center. Banks may be obliged to charge interest from the start of the contract. “The only thing that shouldn’t be missed is the deadline to demand additional payments from the bank. This is three years after the end of the premium savings contract,” explains Wehrung-Sierwald.

Consumer advice center supports with advice

Those seeking advice from the Stade region who are unsure whether they can also benefit from additional payments can get help from the Lower Saxony Consumer Center's legal advice on investments. “In up to 40 minutes, we take a closer look at the premium savings contracts, answer questions and give an important initial assessment,” says Wehrt-Sierwald. The cost for this is 75 euros.

If it turns out during the consultation that the contract contains an invalid clause, those affected are advised to contact experts for the exact interest calculation. With this calculation, savers can then approach their bank and request a refund. If you have any questions, the Lower Saxony Consumer Center - on site, by telephone and via video. Anyone interested can make an appointment for legal advice on investments at the Stade advice center here .

That could also be of interest

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