The 31st of October was World Savings Day! A good opportunity to inform yourself about saving possibilities in Germany. In Germany saving is often symbolically illustrated with a piggy bank (Sparschwein) and many people in Germany still like to use the piggy bank for saving. But of course saving on the bank is much better. What you need for it is a German bank account, a so-called Girokonto. You will find a lot of helpful information about how to open a bank account on our portal.
Half of the Germans use also a so-called savings book (Sparbuch) for saving. A savings book is a kind of a saving account that can only be kept in credit (plus). It is not intended for payment transactions, only for saving. In this savings book, all deposits, interest, etc. are recorded. The savings book is currently no longer financially interesting because of the current low interest rates. Now, for example, a call instant access savings account (Tagesgeldkonto) is very popular in Germany. The money is, in comparison to the savings book, at any time available. But also here, the account is meant for saving and not for payment transactions. There are no transfers and credits possible. Inform yourselves about the savings possibilities offered at your bank.
If you are employed or are doing a vocational training, you can receive a government subsidy for saving, so-called "Vermögenswirksame Leistungen" capital-forming benefits. You will only receive state support if you pay the money via your salary account. The money is then invested in a savings contract and paid out to you after 7 years. Just ask your company whether Vermögenswirksame Leistungen are possible to get.
There are many other ways in which you can save money, but the best way to find out is to visit comparison portals or the consumer advice centre. Pay attention, however, not only to the interest you receive for saving, but also to the terms and conditions, fee rates and terms etc. .