Old savings book: How to close it and receive credit and interest
An old savings book can turn up unexpectedly. Can the balance still be paid out even after years? This is what you should know.
When apartments are cleared out, old savings books often turn up. Often these have not been devalued and even show a good balance. The balance does not expire. The interest even has to be added. We explain how you can still get the money paid out even after years.
The limitation period always begins when the savings account is closed. The bank is therefore obliged to pay out the savings and cannot claim that your claim has since expired. You can still close the old savings account and have it paid out even decades after the last entry.
You have found an old savings book. What should you do now? As a rule, most banks will pay out if you can prove that you are the legal beneficiary. However, you should note the following points:
- First, contact the bank or savings bank that issued the savings book and request a payout .
- The bank is entitled, but not obliged, to request identification . Please bring an ID card with you to the appointment.
- If the savings book you found belonged to a deceased person, the bank may request proof, such as a certificate of inheritance, that proves that you are entitled to inherit.
- If possible, take a witness with you and do not let the savings book out of your hands. Do not leave the book at the bank under any circumstances, as the bank is only obliged to pay out if the original document is presented.
- If the bank refuses to pay out, ask them in writing to close the savings account and pay out. Give the bank a deadline .
- If the bank steadfastly refuses to pay out, you should also contact the ombudsman of the banking association . If the dispute cannot be settled amicably, the only option left is to contact a lawyer.
Attention: Banks like to claim that the corresponding balance has long been paid out. However, the relevant documents cannot usually be presented. The argument of limitation is often used and it is declared that the claim has been forfeited. However, this is not true.
If the savings book is still in D-Marks, the balance is converted into euros. The official exchange rate of 1.95583 applies here. This means that 1.95583 D-Marks correspond to one euro.
However, if a savings book still has a balance in East German marks, it is unfortunately worthless. All exchange periods have now expired. Even savings books with a balance in Reichsmarks only have historical value. They are no longer paid out.
For an old savings book, all interest since the last account transaction is added. This also applies to a savings book with a balance in D-Marks. Over the years, a lot of money can accumulate. The following calculation shows how this is determined:
For example, in 2023 you found a savings book with a balance of 5,000 D-Marks. The last entry was in 1997, 26 years ago. According to the official exchange rate of 1.95583, 5,000 D-Marks would be worth 2,556.46 euros today.
With an average savings account interest rate, you will then receive approximately 3,600 euros plus interest of around 1,100 euros.
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