Editing Germany/Banking/Savings
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{{Head | {{Head | ||
|Savings Accounts in Germany | |Savings Accounts in Germany | ||
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However, fixed deposits usually offer a higher interest rate. | However, fixed deposits usually offer a higher interest rate. | ||
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}}{{FAQ/Item|q= Are the interest rates fixed? |a= | }}{{FAQ/Item|q= Are the interest rates fixed? |a= | ||
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}}{{FAQ/Item|q= Are interest payments taxed? |a= | }}{{FAQ/Item|q= Are interest payments taxed? |a= | ||
− | * Yes, in Germany capital gains from savings accounts are taxed with the '''Withholding Tax''' | + | * Yes, in Germany capital gains from savings accounts are taxed with the '''Withholding Tax''' (''[https://en.wikipedia.org/wiki/Abgeltungsteuer#Germany Abgeltungsteuer]''). |
* Basically, you pay '''25% flat''' on your earnings. | * Basically, you pay '''25% flat''' on your earnings. | ||
* However, there's an '''allowance of €801 per year'''. It means that if you have earned less than €801 on interest payments in a year, you pay no Withholding Tax on this sum. Only earnings above will be taxed. | * However, there's an '''allowance of €801 per year'''. It means that if you have earned less than €801 on interest payments in a year, you pay no Withholding Tax on this sum. Only earnings above will be taxed. | ||
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== Comparisons with Calculators == | == Comparisons with Calculators == | ||