premiums, savers have to accept the termination of their attractive existing contracts by savings banks after a certain period of time. As soon as the agreed premiums guarantee is in time exhausted, the Bank has the right to do so, stated the Supreme civil judge of the Karlsruhe Federal court of justice (BGH). The action of the banks in the ongoing low-interest phase is justified, it is said in the explanatory Memorandum.

Sued customers of the kreissparkasse Stendal, in Saxony-Anhalt, who want to keep their savings contracts between 1996 and 2004. The so-called S-save Premiums-flexible model, the savers were given in addition to a fluctuating interest rate from the third year of a rising premium. The maximum possible yield of 50 per cent on the paid-in Savings premiums was after the 15. Year, a fixed maturity but not agreed.

notice first in the highest reward level possible

The judge concluded in her judgment, a notice of termination in the first 15 years, so that the saver can reach the promised maximum premium at least once. The Bank was set up with the agreed Premium scale a “special bonus incentive”, which could mean a right of termination in this case, until the fifteenth-saving year. Thereafter, the savings banks are allowed to quit the expensive old contracts but according to their General terms and conditions “for a proper reason”.

and nothing changes, according to the BGH by a promotional flyer for the savings contracts, in which the development of the Savings over 25 years. It was only a “sample calculation,” said a judge. The statements in the brochure were “only advertiser promotions”.