Getting more banking for less

[microsquid]

I'm not sure whether this is a cross-post or not, but based on my earlier thread on Euro transfers and some of the links I ended up following, I wanted to know other people's experiences of banking in other countries.
It turns out at the moment that a number of banks in Germany are offering up to 6% interest on what is really a current account (although there are min. balances and quarterly charges involved: pros and cons are on MSN.de -> Geldanlage, you'll need good German although Babelfish does a fair translation). 8)
I must admit I'm tempted by such a possibly high yield, [ie even to use it as a savings rather than current account] but do people think its more trouble than it's worth?
Bear in mind I have interCert German (+Babelfish!) and all these accounts are available online, and it doesn't involve the nasty sterling hiccups UK accounts have.

 

[Murt10]

An economics lecturer I had years ago used to say "money is the smartest thing on two feet".

There is no possible way that German banks are offering a return or yield of 6% on deposits. I do not for one minute believe that I could borrow money at 3 -3.3% here in Ireland and lodge to another Euro account and receive 6% (I only wish that I could). It does not make sense.

Perhaps 6% is what they are charging customers on their current account overdrafts. I think you may have lost the message in translation


Murt

 

[microsquid]

I know: I have a rule myself that says "If it looks too good to be true, it probably is" but I've Googled this a couple of times now from different angles and I'm fairly sure that it's deposit interest they're talking about.
They've also updated the commentary pages in the meantime, the one I found this morning was focus.msn.de/finanzen/gel...uperzinsen and it seems that your deposit is invested partially in the stock market (50-50 for most of them) to get the higher rate. Bad news a lot of the time, I know. (I've had PEPs before)
Basically the spiel I heard behind it is that the German government is trying to encourage investment in business to boost themselves out of the slump, and that's where these accounts have sprung from...
Anyone else with an ear to the ground?

 

[brainlessareus]

And the reality is

the most of the good offers in the 5-6% range are with severe conditions (see below). Mostly you need to invest a % of the money into their fonds services to get this.

If you don't want to do the funds you usualy only get 2% to 3%.

But if you are interested, here a short translation (had some time on hand and need to keep my german skills alive).

However please note they also have DIRT that get's deducted and opening an account via mail is not always possible. Also they have an even strikter money laundry law and all accounts can get reported to the Finanzamt (Revenue).

1822direkt „ZinsInvest“
6% if you take 5000 Euro for 3 month but you have to invest 50% in their fonds

Bankhaus August Lenz „Konto Classic Plus“
2.75% for funds over 1500 Euro (even if you are at 1501 you only get that on 1 Euro) and only for 4 month period.

BMW Bank „Spar&Invest“
50% needs to go to a fund and the rest get's 6% with a minium of 3000 Euro to invest

CC-Bank „Geld-Management-Konto“
2.75% up to 50,000 Euro, over that only 2.25
But no fonds investment needed

Comdirect „Best of all“
only for new customers - 2.6% up to 50,000 Euro

Comdirect „fest & fonds“
Again 50% goes to fonds and the rest gets 5% however it's fixed for 6 month and requires 3000 minimum

CortalConsors „4foryou“
You need to buy shares on any company for 4000 euro via them and then you get 4% on you other funds up to 10000 euro and your depot of shares value can not go below 3000

DaimlerChrysler Bank „Tagesgeldkonto“
2.45% (no fonds needed) for up to 100 000

DHB „NetSp@r-Konto“
2.75% however this is a dutch bank and only up to 20000 Euro are guaranteed in case of a bank failure

Diba „Extrakonto“
2.5% on all funds (however interest is only going to the account once a year).

Dresdner Bank „SuperPlus“
Again only with fonds and than you must invest a minimum of 10000 and 60% to the fond. 5.55 on the money that is not on the fond.

Ethikbank „zwEI komma neun“
2.9% for a maximum of 20000 (no fonds needed)

Netbank „fifty-fifty“
Again fonds needed (50%), rest gets 8 however the t/c are very restrictive.

Postbank „Sparcard 3000 direkt“
A minimum of 3000 Euro needed, than you get 3%. Your funds can be accessed via a VISA ATM card

Volkswagen Bank „Plus Konto“
2.5 % if you invest more than 100000 below that a complicated table of rates down to 2.25%. And you get 25 Euro of Aral tank vouchers.

 

[ClubMan]

Re: And the reality is

the most of the good offers in the 5-6% range are with severe conditions (see below). Mostly you need to invest a % of the money into their fonds services to get this.

I presume that this is like the split high rate deposit/tracker or unit linked fund investments that were on offer from time to time from Irish banks in the past few years? For example, 6% on a certain percentage of your funds for one year with the rest invested in a 5 year tracker or a unit linked fund?