Verivox: Savings Rates Slightly Decreased - Little Movement in Construction Loans

The decision by the European Central Bank (ECB) to lower interest rates in June has led to a slight deterioration in savings rates. According to the comparison portal Verivox, banks paid an average of 1.69 percent for overnight deposits in mid-July, compared to 1.72 percent before the decision in early June.

However, there has been little change in construction loan rates. At least 64 out of 765 banks surveyed by Verivox have lowered their savings rates since the ECB decision in June, while four banks have increased rates.

Despite the lower rates, the interest rates on construction loans have remained stable, with a 10-year fixed rate at 3.71 percent. The ECB's monetary policy decisions indirectly influence the development of interest rates, while the rates for savings and loan products are affected directly.

The next ECB rate decision is expected to maintain the current levels. Overall, savings rates have decreased slightly, while there has been little movement in construction loan rates.