FAQ´s Saving


Suitable documents for legitimation:
in case of Online Video Legitimization: valid photo ID (passport, personal ID card or EU driving licence card)
in case of confirmation of identity by post: valid photo ID (passport or personal ID card)

What is a Type 1 Savings Account?

Type 1 savings accounts are all identified savings accounts with a credit balance (at the time of identification) up to EUR 14,999.99, which are not in the holder's name, but an identifier.

It is mandatory to establish a password. Withdrawals for type 1 savings accounts are made by presenting the bank book, providing the password and confirming identity.

What is a Type 2 Savings Account?

Type 2 passbooks are all identified savings accounts with a credit balance from EUR 15,000. They can be:

  • in the name of the holder or holders
  • under an identifier

and all identified savings accounts with a credit balance (at the time of identification) up to EUR 14,999.99 in the name of the holder or holders. Withdrawals from type 2 savings accounts are only possible by the identified holder.

What is an Anonymous Savings Account?

Anonymity for savings accounts was abolished in November 2000. Since July 2002, withdrawals from anonymous savings accounts are only possible after the identification of the holder and presentation of an official photo ID.

What is an interest penalty?

An interest penalty will be charged on amounts withdrawn early from savings accounts with a commitment term. A thousandth of the amount withdrawn per full month of the unobserved term of commitment. A thousandth is equivalent to 0.1%.

Which deposits are covered by deposit protection?

Generally, all balances on accounts with or without interest or savings accounts, such as salary and pension accounts, other current accounts, fixed deposits, capital savings accounts or daily payable savings accounts are eligible for cover.

Is there an excess?

No. With deposit protection, there is no excess for natural or for non-natural persons.

I have purchased bonds at my bank and put them in a securities account. Are these bonds covered by the deposit protection?

All kinds of bonds (e.g. housing bonds, certificates, savings certificates) are not deposits in the sense of deposit protection and are therefore not eligible for cover.

In the event of insolvency of the bond-issuing bank, such securities will be serviced in accordance with the terms of issue (e.g. preferably from a separate collateral pool, or with the bankruptcy dividend, or as a subordinated debt after satisfaction of all other creditors).

In the event of insolvency of your custodian credit institution, the debt securities will be handed over to another issuer or transferred for deposit at another credit institution named by you. If the papers cannot be handed over or transferred, this would then be a case for the investor compensation.

Are only deposits by Austrian citizens covered?

No, the nationality of the customer does not matter. Deposits of customers who are not Austrian citizens are also covered.

In what form will I receive my money in the event of a claim?

The protection scheme will pay the covered deposits in full (up to a maximum of EUR 100,000) by transfer to a bank account provided by the depositor.

Where can I get information about the deposit guarantee?

On the one hand you could read about it directly in the statute: In Austria, the deposit guarantee is regulated in the federal law on deposit insurance and investor compensation for banks (Einlagensicherungs- und Anlegerentschädigungsgesetz - ESAEG) and in §§ 37a, 93 and 93a as well as the appendix to § 37a Austrian Banking Act (BWG). For the current legal wording, see the Federal Legal Information System (RIS).

On the other hand you could also contact your credit institution: credit institutions which accept deposits subject to compulsory insurance, must, according to § 38 ESAEG, inform investors by notice in the bank foyer and on its website, about the requirements concerning the security of deposits.

You can also contact the protection scheme responsible for your bank. You can find out which protection scheme is responsible for your financial institution on the collective deposit protection schemes website at the WKO.

Frequently asked questions for deposit guarantee schemes and investor compensation (.pdf)
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What is the maximum I can deposit to take full advantage of the government bonus?

To take full advantage of the government bonus, you can pay in up to a maximum of EUR 100 per month, an annual maximum of EUR 1,200, or a one off maximum of EUR 7,200.

Does the interest rate change during the term of the savings plan?

With the dynamic building savings the interest begins with a tasty starting interest rate for 6 months, after which the rate depends on the market interest rate. The upper limit is an interest rate of 4% and the lower limit 0.25% per annum.

For those who like to play safe, our fixed interest loan (SMARTBausparvertrag) is the perfect solution. Fixed interest over the entire 6 year term.

What happens to my capital if I do not cancel at the end of the contract?

After 6 years, the balance remains in the Wüstenrot account where the current interest after the end of the 6 year term lies at 0.125% per annum.

Do I have access to my capital?

It is possible to withdraw the money before the end of the 6 year minimum commitment term, but then the government bonus is no longer applicable.