In the dispute over underpaid interest on long-term premium savings contracts, the Federal Court of Justice has passed a remarkable judgment.

The court agreed with the plaintiff's consumer center in Saxony that the way in which interest was calculated on long-term savings contracts with Stadt- und Kreissparkasse Leipzig was in some cases not permissible in the past.

The institute had set the interest too freely.

Christian Siedenbiedel

Editor in business.

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The BGH made it clear that the clause for interest rate adjustments in the Sparkasse's contract was ineffective because it did not contain any requirements and was incalculable for savers.

(File number XI ZR 234/20).

The consumer advice center spoke of a “guiding judgment for all premium savers”.

More than 1,300 victims had registered for the model lawsuit at the BGH against the Sparkasse in Leipzig alone.

According to the calculations of the consumer advocates, the savings bank paid them an average of EUR 3,100 too little.

Bundesbank reference interest rate

In order to determine which interest rate would have been correct in the past, an official reference interest rate from the Bundesbank should be used. Exactly which one should be decided by the Dresden Higher Regional Court on the basis of an expert report. On this question, the BGH returned the case to the lower instance, even if it finally decided on the fundamental question. The presiding judge Jürgen Ellenberger said that the question of which interest rate is exactly the right one must be clarified with the help of an expert. Also on the question of when claims may be forfeited, there has not yet been a decision by the highest court.

The consumer center in Saxony rated the decision as a success. The difference between the various reference interest rates of the Bundesbank is around 10 to 15 percent. Which one is chosen in the end is not decisive, said Michael Hummel, the legal advisor of the consumer association. 

It is important that the court decided that the relative changes in the reference interest rate should be used to calculate possible back payments and not the absolute ones, said Hummel. What does that mean? If, for example, a premium savings contract was concluded many years ago with an initial interest rate of 5 percent when the reference interest rate was 10 percent, and the reference interest rate later fell to 5 percent, taking the absolute change into account would have reduced the entitlement to additional payments to zero Consideration of the relative change only to 2.5 percent. On this issue, the court ruled in favor of the bank customers, it said at the consumer advice center.

The German Savings Banks and Giro Association criticized the judgment: The now given relative distance to a reference interest rate is advantageous or disadvantageous for consumers, depending on the interest rate situation, compared to the absolute distance currently used: “We therefore do not necessarily see a decision in the interest of the judgment the consumer."

Further judgment takes time

Because the OLG will now need some time, possibly even one or two years, in order to make its decision again, the consumer advice center does not expect that banks and savings banks will already repay money to the bank customers of their own accord.

Nevertheless, the consumer advice center thinks it is important that bank customers register their claims with their institute.

In many cases it has already been possible to reach an agreement out of court.