2024-07-09 20:01:42
Business
Finance

BGH Confirms Reference Interest Rate: Hope for Back Payments for Premium Savers

In a recent ruling, the Federal Court of Justice (BGH) confirmed a method for calculating interest on premium savings contracts that has sparked disputes between consumers and banks. Despite the BGH's decision not aligning entirely with consumer advocates' preferences, banks are obliged to make back payments to premium savers.

The exact amounts of these payments will be determined individually, potentially resulting in substantial reimbursements for over 7,000 consumers involved in model declaratory actions. The ruling settles the controversy surrounding premium savings contracts, as the interest rates are now to be based on the average returns of publicly traded federal securities, offering hope for significant back payments to affected savers.

This legal clarity comes as a relief to many, even though the subsequent payments may reach four-digit sums in numerous cases due to the recalculated interest rates.

The press radar on this topic:

Wirtschaft und Börsen-Nachrichten
9. Juli 2024 um 18:13

BGH confirms reference interest rate Premium savers can hope for back payments

Finance
Premium savings contracts led to disputes between savers and banks over insufficient interest payments. The Federal Court of Justice (BGH) has now confirmed a method of calculating interest that is not optimal for consumers. Nevertheless, banks must make back payments, which consumer advocates are demanding.
n-tv.de
9. Juli 2024 um 15:48

Controversial Premium Savings Contracts: BGH: Savings Banks Have to Pay Less Interest Than Demanded - n-tv.de

Finance
Economy
The Federal Court of Justice (BGH) has decided that savings banks have to pay less interest on controversial premium savings contracts than demanded by consumer advocates. The BGH determined that the interest can be based on the average yields of listed federal securities. Consumer advocates had demanded a so-called sliding average interest rate based on mortgage bonds, which would have resulted in higher subsequent payments. The ruling now brings legal certainty, even though the subsequent payments for consumers will nevertheless amount to four-digit sums in many cases.
Spiegel Unternehmen & Märkte
9. Juli 2024 um 16:31

BGH Ruling on Savings Banks: What Premium Savers Can Now Hope for - DER SPIEGEL

Finance
The Federal Court of Justice (BGH) decided that savings bank customers can hope for back payments, as the interest rates for premium savings contracts must be based on the average returns of publicly traded federal securities, not on unilaterally set rates by the banks.
CW

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