Over 800,000 savers have completed in the past 15 years, a Riester Bank savings plan. In the certainty that this Riester product of the first paid-in Euro lands directly in the contract. Because advance commissions as insurance policies and home savings contracts. Also front-end loads as in the case of Riester Fund will not be deducted from the savers. Consumer advocates have also praised therefore, the product in principle. And as the products started, often an interest of 4 per cent in the year.

But the Golden days are long gone. First, the banks have lowered the interest rates for such savings plans again and again. They were also offering people banks and savings banks have designed their interest-rate offers for those contracts from the start variable.

Large providers, such as the Mainzer Volksbank (almost 25,000 contracts), the Sparkasse Holstein (in 10,000 contracts) and the Volksbank Gronau-Ahaus (in 10,000 contracts) currently pay between 0.05 and 0.18 percent. In Gronau an interest rate guarantee was always a part of the contract. Who has completed in Gronau quite early, still on warranty, interest of 1.5 per cent. By 2015, there was 1 percent. For the last of the new contracts in 2016, the guarantee shrank to a sad 0.1 percent.

to reduce, Finally, to understand the DPA, The most important data and facts on the worldwide interest rate movement

A variable rate of interest then actually not is unfair. Because of the interest for such a Riester savings plan is based on all of these banks on a market rate of interest, you may have to check with the Bundesbank. Whether an offer is fair or not so fair, that instead chose to originally to the question, how much less than the market interest rate the banks paid to customers on their Savings. The above-mentioned houses were always to the better providers. Because the orientation of interest rates for years, but close to zero, savers forgo almost always up to date on any return on investment.

Virtually no interest – this is not a pleasure. But in the case of Riester contracts Yes, there are a decent promotion, so that up to retirement have a relatively nice funding yield entry is still guaranteed. Every year there are for fully paid contracts 175 Euro allowance for the contract of their own. And then again 300 Euro allowance per child, if the children were born in 2008 or later. For childless high-earners, tax incentives for replacing allowance, the children, in 1925 Euro Deposit, up to € 700 refund from the state.

Finally, to understand The is safe at the time of retirement

As a result, even without a return of the Bank for long-term contracts 2 to 3 percent rate of return in short term even up to 10 percent. 680.000 contracts, customers keep yet, in the case of national banks and savings banks, in spite of the prevailing low interest rates.

The number of customers is also remarkable, because the Federal government would have done with your most recent Reform to the contracts of pension savings in 2016, the Bank savings plans, almost all of them off. Federal Finance Minister Wolfgang Schäuble and the state Secretary Jens Spahn (has learned in the münsterland banker) increased the formal requirements for new Riester contracts so much so that most of the small providers, painted the sail.

Where once Church, banks such as the Bank for Church and Caritas in Paderborn with the Sparkasse Gelsenkirchen and the Volksbank Gronau-competed Ahaus, there since 2017, nothing more. The three banks have set the end of 2016, the sales of the Riester Bank savings plans, and many others.

Some banks complained at the time, according to, other more behavior that may have been glad to have no further contracts to offer.

about The author Finanztip Hermann-Josef Tenhagen (Born 1963) is editor-in-chief of the “Finanztip”. The consumer guide is a non-profit. “Finanztip” refinanced through what is called Affiliate Links. More on this here.

Tenhagen has previously led as editor-in-chief for 15 years, the magazine “financial test”. After his studies of politics and Economics, he began his journalistic career at the “daily newspaper”. He is now the honorary Supervisory Board of the cooperative. In the case of MIRROR ONLINE Tenhagen writes weekly about the right way to deal with your own money.

Instead, the institutions of a new strategy, turned to reduce the cost of the contracts. The idea: If the customers pay new fees, bring in the Riester contracts at least a little. If the customers go out of anger, is also good. Finally, the Mainzer Volksbank increased the annual administration fee from 10 to 25 euros. Started with 5 Euro.

Quite defenceless you are as a customer against the fees increase. We know from customers that the Gronauer when trying to get management to impose fees that have failed in the past few years, sometimes. The Riester-contracts of Volksbank Gronau-Ahaus initially have no fees at all. The customers took complaints to the Ombudsman or consumer associations such as the consumer service Bavaria. At least in the fees structure of Westphalia, of the cases collected.

For every customer this is nevertheless a disappointing experience – and an unnecessary confirmation of prejudice. Many who have set on Bank savings plans have done so just because there is actually no high up-front fees are due and you can watch the savings plan from the beginning to Grow. To take the 25,000 customers in the Mainzer Volksbank: 0.05% interest rates of more than 50,000 euros would have to be on the respective Riester account, in order to generate the 25 Euro annual fee.

What can you do as a customer so now?

Who has old contracts with banks, possibly with ordinary guarantees, or Bonus rules for more interest, adheres to the treaties. And new charges speaks in writing. No matter how it is formulated your Bank in the cover Letter, you can impose the fees without Further notice. A contradiction, the banks are not allowed to simply dismiss. In the case of Volksbank Gronau-Ahaus (with guaranteed interest) has succeeded, as we said, in individual cases, charges to repel. Who is dissatisfied, and of Riester-equity funds promises in spite of the issue premiums on long term yield, as of younger customers the Chance to put the money in a good Riester-Fund savings plan. The saving of money that the customer pays into a new “Riester” contract, has to guarantee the new providers for retirement, so that first no risk of loss. A change is only a disadvantage, if your credit is far below the deposits. Even without the new fees, you can be, of course, with the interest situation of the own Riester savings plan unhappy. But who is older, significantly beyond the age of 50, gets no share-heavy Riester-Fund savings plan and more. In the case only: perseverance. Alternatively, you can make the contract free of charge. And in the future, the pension money without state funding in a share Fund savings plan. under No circumstances should you cancel customer contracts. After all, who terminates the contract, loses the allowance and the tax incentives. This is always a loss of business.

a Lot of success. And let the bankers continue to not be intimidated.

Sam Yoon has many years of experiences in journalism. He has covered such areas as information technology, science, sports and politics. Yoon can be reached at 82-2-6956-6698.