An adult in Germany has an average of 16,917 euros in his current account. This was the result of an evaluation by fintech Raisin for Business Insider.
Germans also use their checking accounts to build reserves and create a nest egg, but this results in wasted interest income.
A money market account is usually a better option for building up reserves and earning additional interest.
The giro account is extremely important in Germany: cash can be withdrawn without any problems, you can now pay almost everywhere with your giro card and your salary is also included here. But how much money does every German have on average in their current account?
This is the average amount of money in a checking account
An evaluation of the Fintech Raisin platform Weltsparen for Business Insider shows: 16.917 Euro is what an adult in Germany has on average in their checking account. This is shown by data from the European Central Bank.
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However, it should be noted that these are average values. Some people in Germany are likely to keep extremely large sums in the current account, which drives the value up.
Financial security or free interest?
Germans also use their checking accounts to build reserves and create a nest egg for financial surprises. What is a good idea in principle, however, means that interest income is wasted.
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After all, no interest is paid on the vast majority of current accounts. The turnaround in interest rates, on the other hand, will make other investment products more profitable again. For example, if you open a money market account, you can collect two percent interest. If you deposit 10,000 euros in the call money account, you will still receive 200 euros in interest per year.
A call money account is a suitable account for building up reserves and receiving additional interest payments. If you have unforeseen expenses, you can usually transfer money to your checking account within one working day.
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