Germans Leaving Banks to Deposit Their Money in Home Safes

Economy Nilgun Salim
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Low interest rates and the prospect of fees on bank deposits increased the safe deposits sale rate in Germany.

The German people are giving up on the security of bank accounts believing that personal safe deposits represent the most secure way to park their cash.

Over the years, Germans kept their money in saving accounts due to low-interest rates.

They believed that bank deposits are safe and easy to access. But, lately, the effects of lower interest rates made the deposit safe industry to go crazy.

According to sales director Dietmar Schake, the biggest German deposit safe producer, Burg-Waetcher reported a 25% rise in the first quarter of 2016.

According to a group of financial analysts, Germans are pointing their fingers at the European Central Bank.

Apparently, in 2014 the financial institution expropriated money from the country’s savers and stoked the rise of rightwing nationalism with its actions.

In addition, ECB allegedly tried to reignite eurozone inflation by pushing interest rates below zero.

More than 80% of the transactions in the German retail industry are made with cash money.

Unlike Americans, the German people prefer to keep large amounts of cash money in their wallets and visit the ATM a lot often than U.S people.

Germany’s love for cash money is mostly generated by anonymity. Most people are literally terrified by the possibility of banning cash transactions.

In Germany, there are several financial organizations struggling to ensure the existence of cash requiring its guarantee in Germany’s constitution.