High interest add-ons possible - Consumer protection: higher interest rates possible after the ruling
Thuringian Sparkasse customers with prize savings contracts have a chance for a higher interest payout following a court ruling, according to consumer advocates. "Those who haven't checked the interest claims of their prize savings contract yet should do so urgently," says Andreas Behn, financial expert at the Thuringian Consumer Center. Many savers are entitled to four-figure repayments - but apparently, many affected parties are not aware of this.
Long-standing legal dispute
The background is a ruling by the Federal Court of Justice: About three weeks ago, the highest judges in Karlsruhe confirmed an interest rate for the recalculation of interest for prize savings contracts for the first time. With these contracts, savers receive an additional, usually graduated prize in addition to the variable interest, depending on the contract term. Many of these contracts contain clauses that unilaterally grant banks the right to change the guaranteed interest rate at will. The BGH declared this illegal already 20 years ago. However, until the latest ruling, it was not legally clarified how the interest for these products should be calculated.
Ruling also applies to customers of other savings banks
"Even if the rulings are only legally binding for the two sued savings banks - the Saale Savings Bank and the Saxon Savings Bank Dresden - the consumer center considers the court's specifications also applicable in content for variable interest prize savings contracts of the Thuringian Savings Banks," says Behn. If a savings contract is affected by the illegal clauses, customers can demand a recalculation and refund - even three years after the savings contract has ended.
The ruling by the Federal Court of Justice benefits not only Thuringian Sparkasse consumers, but also others with similar prize savings contracts, as advocated by Behn. Therefore, all consumers should thoroughly review their interest claims to potentially claim four-figure repayments.
