Savings Banks Premium Savings Contract
Premium savings | Background
In the 1990s and 2000s, many customers concluded premium savings contracts with savings banks that are lucrative for consumers from today's perspective. A premium savings contract is a hybrid of a savings book and a savings plan aimed at long-term asset accumulation. The main feature of such a contract is variable base interest rates, which are, however, offset by fixed, increasing premium interest rates as the term of the contract increases. There are various types of premium savings contracts with different terms.
Due to the current low interest rates, these premium savings contracts are now becoming increasingly "expensive" for the savings banks. As a result, many savings banks are trying to get rid of the troublesome premium savings contracts. The contracts are often terminated. In addition, interest rates are being adjusted downward and calculated incorrectly, to the detriment of consumers.
Several hundred thousand contracts are affected nationwide.
Terminations of premium savings contracts by savings banks often ineffective
Some savings banks refer to the decision of the Federal Court of Justice of May 14, 2019 (Ref. XI ZR 345/18) in the context of their termination. However, the BGH ruled that savings banks may only terminate long-term contracts under certain conditions. By no means is the BGH's decision a "free ride" for the savings banks. In particular, terminations with already fixed terms are invalid, as the term must be adhered to.
Incorrect interest calculation
Another starting point is the interest back payments from the savings contracts. If there is a variable base interest rate, you should take a closer look (or have someone do so). The Federal Court of Justice (BGH) has already had to deal with incorrect interest payments to the detriment of savers and has established that savers were often credited too little.
Even if you have already received or been offered back payments, you should not accept this as correct without further ado.
It depends on the individual case
In some cases, savings banks have agreed terms of 25 years or even 99 years (or 1188 months) with their savers as part of premium savings contracts. The terms and conditions are not uniform for the various contracts.
A close look at the contract documents and a non-binding initial assessment by our lawyers is therefore worthwhile! As a general rule, every contract is unique and should be examined separately. In individual cases, starting points can be found that can justify adherence to the agreed contract.
Several regional and higher regional courts have already ruled in favor of consumers.
Savings Contract Cancellation 2019 Received?
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What are your legal options?
After our attorneys review your contract documents, we will provide you with an individualized initial assessment letter explaining your options:
Continue contract
If the termination is invalid, our lawyers will first contact your savings bank. If these talks fail, we will file an action in the competent court for a declaratory judgment and ensure that your contract is continued.
Interest back payment received
If we discover that your interest has been calculated incorrectly, we will first request the Sparkasse out of court to pay the interest in arrears. In the event of a refusal, we will also file a lawsuit on your behalf, but this time for payment.
Continue saving and receive interest back payment
In some cases, we have already been able to establish that both the termination is invalid and the interest was calculated incorrectly. In such a case, we file a lawsuit on your behalf for a declaratory judgment of invalidity and for subsequent payment of interest.
What do we need from you?
- Your premium savings contract
- Contract conditions (both inside pages of the passbook)
- Annexes to the contract (premium overviews, scales, etc.)
- If applicable, letter of termination from the savings bank
- Legal protection insurance documents if available
For this purpose, you are very welcome to use our contact form and upload the documents or alternatively send the documents directly to us by mail or e-mail. After reviewing the documents, we will contact you.
