For illustration only – your own calculation is what counts.
Explanation
How Savings Book Calculator works
The savings book calculator computes the balance development of a classic savings book with an optional monthly savings rate. The calculation follows bank convention: annual interest crediting on the average balance.
The savings book is one of the oldest forms of saving in Germany — the first savings bank (Hamburger Ersparungsklasse) introduced it as early as 1778. For centuries, the savings book was the central savings instrument for broad population groups, particularly because it required no minimum deposit and was considered absolutely safe due to the government-guaranteed deposit insurance. Today, several hundred million savings books still exist in Germany, although interest rates have fallen to historic lows since the low-interest phase starting in 2010. The cultural significance — for example as a gift at birth or communion — maintains their prevalence.
Notice period, free withdrawals and advance interest depend on the savings contract and terms.
Despite the economic disadvantages, the savings book still has merit in certain situations: For children under 18, it provides a pedagogically valuable, tangible savings experience. The notice period acts as a built-in spending brake — those wanting to avoid impulsive purchases benefit from the reduced liquidity. Additionally, deposit insurance is identical to other bank products: Up to EUR 100,000 per customer and bank, the statutory deposit insurance under the Deposit Insurance Act applies. Many savings banks and cooperative banks additionally offer institution-protecting systems that provide virtually unlimited protection.
Annual interest (savings book)Interest = Starting balance x r + Deposits x r x (n+1)/(2n)
r = interest rate, n = number of deposits per year. The formula accounts for the fact that deposits do not earn interest for the full year.
Knowledge
Understanding the savings book
Basics, notice period, and early withdrawal charges for the classic savings book.
Section 21 RechKredV requires at least three months notice for accounting classification as a savings deposit. The actual notice period and access depend on the contract and terms; the rule grants no general right to withdraw EUR 2,000 monthly.
Deposit insurance up to EUR 100,000 per person and bank.
Check the freely available amount and notice period in your contract.
Check the freely available amount and notice period in your contract.
Annual interest crediting (compound interest from the following year).
Early withdrawal interest charges on premature withdrawal.
Practice
Practical examples
For illustration only – your own calculation is what counts.
EUR 5,000 balance, 0.5%, 5 years
EUR 5,000 in a savings book at 0.5% interest over 5 years without additional deposits.
Result: After 5 years, the final balance is approx. EUR 5,126 (interest approx. EUR 126).
0.5% interest rate€5,126.26
1.0% interest rate€5,255.05
2.0% interest rate€5,520.40
EUR 2,000 + EUR 100/month, 0.75%, 10 years
EUR 2,000 initial balance plus EUR 100 monthly savings rate at 0.75% over 10 years.
Forgetting early withdrawal charges on premature withdrawal
Early withdrawals may incur advance interest under the contract and terms. The rate, freely available amount and days vary; one quarter of the deposit rate for 90 days is only a model.
Check the freely available amount and notice period in your contract.
Treating the savings book as a serious investment
Whether real return is positive or negative depends on the contractual rate and price changes. The calculator shows only nominal return from the entered terms.
Consider nominal return and purchasing power separately; use (1 + nominal return) / (1 + inflation) - 1 for exact real return.
Not closing old savings books
An existing savings book may have different rates, notice and other terms. The calculator does not assess alternative products.
Check the specific contract and do not base product decisions on a blanket assessment.
Mistaking a contractual withdrawal amount for a statutory right
Section 21 RechKredV requires at least three months notice for accounting classification as a savings deposit. The actual notice period and access depend on the contract and terms; the rule grants no general right to withdraw EUR 2,000 monthly.
Check the freely available amount and notice period in your contract.
Not planning for annual interest crediting
Interest calculation, crediting, notice and entitlement on closure follow the contract. Closing before year-end does not generally forfeit accrued annual interest.
Before closing, check the contractual rules. The calculator models only annual crediting.
FAQ
Frequently asked questions
Is a savings book still worthwhile?
Whether a savings book fits depends on its rate, notice and withdrawal terms. The calculator models entered terms and gives no product recommendation.
What is the notice period for a savings book?
Section 21 RechKredV requires at least three months notice for accounting classification as a savings deposit. The actual notice period and access depend on the contract and terms; the rule grants no general right to withdraw EUR 2,000 monthly.
What are early withdrawal interest charges?
Early withdrawals may incur advance interest under the contract and terms. The rate, freely available amount and days vary; one quarter of the deposit rate for 90 days is only a model.
When is savings book interest credited?
Timing and method of interest crediting follow the contract and terms. The calculator assumes annual crediting; this is not a general rule for every savings book.
What happens if the savings book is lost?
If a physical savings book is lost, it must be reported to the bank as lost. After a blocking period (typically 3 months to 1 year), a new savings book can be issued. A public notice procedure at the local court may be required.
Are there better alternatives to the savings book?
Overnight deposits offer higher rates with daily available funds. Fixed deposits offer even higher rates for locked capital. Both alternatives are subject to the same deposit insurance. The savings book today has primarily nostalgic value or serves as a gift for children.
How high is the deposit insurance for savings books?
Savings books, like all bank deposits, are protected by statutory deposit insurance up to EUR 100,000 per person and bank. Beyond that, many banks offer voluntary deposit insurance systems with higher limits.
Can I open a savings book for children?
Yes. Parents can open a savings book in the child's name. The child has their own saver's allowance (EUR 1,000). Upon reaching adulthood, sole authorization passes to the child.
Limits
Limitations
No market-rate assessment: the calculator shows nominal return from the entered rate. Real return also depends on price changes over the period.
Only annual crediting is modelled. Different contract methods and intra-year withdrawals are not fully represented.
No early withdrawal charges calculated: Costs for premature withdrawal (early withdrawal interest) are not considered.
No automatic alternative comparison: The calculator does not compare with overnight or fixed deposits. For context, the results of different calculators should be viewed side by side.
Sources
Sources and references
§ 488 BGB — Darlehensvertrag (Spareinlagen)Bundesministerium der Justiz
Legal basis for the savings book as irregular deposit or loan from the saver to the bank.
View sourceRetrieved: 09/28/2026 · Verified on: 09/28/2026 · Primary source
§ 21 RechKredV — SpareinlagenBundesministerium der Justiz
Requirements for accounting classification as a savings deposit; no individual right to withdraw EUR 2,000 monthly.
View sourceRetrieved: 09/28/2026 · Verified on: 09/28/2026 · Primary source
Verbraucherzentrale — Sparbuch und SpareinlagenVerbraucherzentrale Bundesverband
Independent assessment of the savings book compared to modern savings alternatives.
View sourceRetrieved: 09/28/2026 · Verified on: 09/28/2026
Read interest factors and capital growth at several rates.
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