A Glimmer of Hope for German Savers?
Savings Deposits Rise a Lot in France & Stagnate/Fall in Germany
Conventional wisdom holds that Germany is a nation of heavy savers. And for a long time, that was true by and large. Though German savings deposits have become less attractive and have stagnated for the last 10+ years, while other banking deposits were strongly growing.
The picture in France, however, is totally different. First of all, at the same time, French savings deposits more than doubled (see blue line below).
Surprise Jump in French Savings Deposit Rate in February 2022
And on top of that, the interest rate for French savings deposits has started to increase for the first time in 10 years by almost doubling from 0.40% p.a. in January 2022 to 0.74% pa in February 2022 according to ECB data (see blue line below). This contrasts with Germany where so far nothing has happened.
Against this background of lucky French savers, however, there might be some light on the horizon for Germans too (orange line).