From today's perspective, many old building savings contracts offer a high interest rate on credit balances. This is why building societies repeatedly terminate these building savings accounts and thus get rid of the contracts that are unprofitable for them. It is not uncommon for them to refuse to pay out the bonus interest. Many affected customers are currently complaining to the Brandenburg Consumer Center (VZB) about this practice. This often involves a loss of interest of several thousand euros. The VZB explains what building savers can do.
Check building savings contracts in good time
In principle, according to case law, building societies are allowed to terminate building savings contracts under certain conditions. This means that practically every owner of a contract with a good interest rate has to expect termination sooner or later.
“We advise building savers to take action before terminating the contract so as not to lose money.”
Anett Fajerski, financial expert at the Brandenburg Consumer Center
So you should invest the time to take a close look at the contract and in particular the general building society conditions for interest payment. As a rule, an active waiver of the building society loan is a prerequisite in order to receive the bonus interest. These can amount to several thousand euros.
For some tariffs, additional conditions must be met, such as applying for a “loyalty option” or similar. The devil is in the details: The wording is varied and varies from building society to building society. The consumer advice center supports consumers in checking the contracts, which are often difficult to understand, and gives recommendations on how to secure the bonus interest.
Anyone who has already received a notice of termination should act quickly
Those affected often accept the cancellation of the building society and only realize when the balance is paid out that they are receiving less interest than expected. Then it is usually too late.
“Savers should take action at the latest as soon as they receive a letter of termination from the provider. Depending on the case scenario, the effectiveness of the termination may then be prevented and the higher interest on savings can be saved.”
Anett Fajerski, financial expert at the Brandenburg Consumer Center
Source: Brandenburg Consumer Center
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