Baden-Württemberg: Sparkasse customers were reluctant to save in 2022

Stuttgart (dpa / lsw) - Also in view of the inflation, savings bank customers in the south-west put significantly less money back in 2022 than in previous years.

Baden-Württemberg: Sparkasse customers were reluctant to save in 2022

Stuttgart (dpa / lsw) - Also in view of the inflation, savings bank customers in the south-west put significantly less money back in 2022 than in previous years. Customer deposits rose by three billion euros to 169 billion euros, as the Savings Banks Association announced on Thursday in Stuttgart. In the two previous years marked by Corona, growth was still seven billion euros (2021) and 11.7 billion euros (2020). The reason for this is not only inflation, but also the fact that many people now have opportunities to spend money again, for example on vacation, said Savings Bank President Peter Schneider.

Higher interest rates on money market accounts, such as those recently announced by direct banks, were rejected by Schneider. The savings banks are all about long-term investments and the topic of call money is not the focus of customers.

The result of the savings banks in the southwest has almost halved compared to 2021 and amounted to around 490 million euros in 2022. Drivers are high write-downs on the securities holdings of the savings banks. With a minus of 960 million, the houses had to record the highest valuation loss on their securities to date. The reason is the historically rapid rise in interest rates, said Schneider.