What is a call money account and how does it help you save?


Everyone is talking about savings, interest and call money accounts! We'll give you a simple explanation of call money accounts. With everything that's important - bragging rights included! So you can have a relaxed conversation - and know exactly how a call money account can help you save.

The most important things in brief

Your call money account definition in a nutshell:

  • Call money accounts are a type of savings account and help you put money aside.
  • You get interest on a call money account.
  • A call money account is super useful for your finances.
  • You should always combine a call money account with other forms of savings.

The term: What is overnight allowance?

Daily allowance is a funny word, isn't it? But it's actually quite logical and already reveals what it's about: It's about money that you set aside but can take back every day. Almost like cash that you put in your piggy bank at home — just not cash, but safely stored in your bank.

It becomes even clearer when you compare other investments with them: Because there are also fixed-term deposit or term deposit accounts. With these accounts, you can't easily access your savings. You've set it up for a certain period of time — and you can't easily get it back before the agreed date.

That sounds strange at first, but it has a very simple background: interest rates. Because when you invest money in a bank, you get interest on it. In other words, payment for allowing your bank to work with your money. The longer you leave your money to the bank, the more interest you get. Interest rates are therefore always higher for fixed-term deposits or term deposits than for a call money account.

How does a call money account work?

A call money account is a savings account in which you put money aside. The bank will keep an eye on your money and give it back to you anytime you want it.

So it's almost like your normal bank account, but not as versatile. Because with a normal bank account, you handle all your financial transactions: You receive your salary, pay with your bank card in the supermarket and transfer your rent by standing order. It's a bit different with a call money account: You only have it to save money there. Otherwise, you won't do anything with it.

But your call money account has other skills that your bank account doesn't have: You receive interest on the money you save in the call money account. In other words, it's a reward for saving money.

What are call money accounts suitable for and what are they not suitable for?

Overnight money accounts are there for short-term savings. For example, on a family vacation or a birthday party. It is also particularly practical to set aside a nest egg. With a few hundred euros in your overnight money account, even a broken washing machine or an unplanned car repair can no longer shock you.

A call money account is unsuitable for long-term savings. For your retirement provision or for driver's license Your kids have better savings products. For example, the sparbaum from Bling. There, your money has much better opportunities to generate hefty income for you.

How does the money get into the call money account and back?

A call money account is always linked to a bank account. If you want to save something, transfer the money from your bank account to your call money account. And if you want some of your saved money back, you transfer it from your call money account back to your bank account. The bank account is the so-called reference account of your call money account — i.e. the associated account.

You can choose for yourself how to transfer the money to your call money account. You can flexibly transfer something to it whenever you have money left over. Whether that is 5€ or 5,000€ is up to you. It is even more practical if you make a standing order. You will then automatically transfer a certain amount every month on the same date.

Important: You usually manage your call money account online. This means that you can easily move your money back and forth in online banking. Just the way you make transfers online. Of course, you can also have a call money account if you don't do online banking. But then you still have to go to the bank in the classic way if you want to transfer money.

If you want

Totally convenient: When you manage your call money account online, you can transfer your money back and forth from the comfort of your home.

If you want

Does a call money account cost anything?

Call money accounts are usually free of charge. You can simply open it in addition to your current account.

Attention, show off knowledge: In recent years, some banks have had negative interest rates on their overnight money accounts. This means that you did not receive interest, but had to pay interest just like with a loan. From this point of view, the call money account has already cost a bit. But: This was only true for people who had an extremely large amount of money in their call money account. And those days are gone — because the situation on the financial market has changed again. Call money accounts are now free of charge again at almost all banks.

How much interest do you get on the money in your call money account?

You get interest on the money you save in your call money account. In other words, compensation for trusting your bank with your money. However, these interest rates are significantly lower than for other products — for example, than the interest on a savings contract or the potential return on a fund savings plan. This is because you can withdraw your money at any time. The bank has to keep the money ready every day and is therefore unable to work with it as well.

Exactly how high interest rates are varies from bank to bank. And above all: It differs depending on the situation on the financial market. A few years ago, depending on the bank, you received just 0.1% interest on your savings — if at all. It looks completely different today and sometimes you even get over 3%.

The percentages are based on an entire year and are only calculated for the time in which your money was actually in the call money account.

If you want

You always get interest for the exact period of time in which your money is actually in the savings account. The interest rate is always based on an entire year.

If you want

Where and how can you open a call money account?

The easiest way to open your call money account is at the bank where you also have your normal bank account. As a rule, you can do this directly online in your online banking. If you don't have online banking, it's best to go to your bank or call the service.

How many call money accounts can you have?

Call money accounts for free! You can have as many call money accounts as you need. For example, a call money account for the nest egg, a call allowance account for family holidays and a call allowance account for possible veterinary expenses for the family dog.

By the way: If you don't use one of your call money accounts for a long time and don't have any money in it, it can happen that your bank closes the account. However, you will usually be informed about this in advance.

Call money account: advantages and disadvantages at a glance

Open a call money account yes or no? Before you decide, we have summarized the most important advantages and disadvantages for you.

These are the advantages of a call money account

You are flexible

The money in your call money account is available every day. So you can access your savings at any time. When you do online banking, even on weekends.

Managing the call money account is free of charge. You simply keep it in addition to your normal bank account and flexibly transfer money back and forth.

Attention: Some bank accounts have fees for account transactions. This means that you have to pay a few cents when you transfer money — possibly even if you add something to your call money account.

You get interest

The money you save in your call money account earns interest. So you get money simply for saving money. It's cool, isn't it?

Your money is safe

100 times better than under a pillow! Your money is safe in the call money account. You can't lose it, no one can steal it from you, and you won't be tempted to spend it on small stuff.

Attention, show off knowledge: In Germany, your money is really safe with a bank. For this, there is the so-called statutory deposit insurance. This means that banks must guarantee each of their customers that they can repay at least €100,000 of their money — even if the bank goes bankrupt. Many banks even go beyond this limit and offer additional voluntary deposit insurance. Then your money is absolutely safe. Even if you're very rich.

If you want

For anyone who is swimming in money: It is safe in the bank.

If you want

You have the overview

With a call money account, you always know exactly how much you've already saved. Count without coins, keep without a tally list. This is particularly relaxed when you save up for various things, for example once for initial equipment for your offspring and once simply as a nest egg.

By the way: If you want to teach your child at an early age how easy it is to save money, you should definitely use the savings pots of Blingcard try it out. It's the same principle here as with call money accounts: There are different “pots” in which you can save for different purposes. Everything is combined in a relaxed way in one app so that you know immediately at a glance.

Call money account: Disadvantages? There is barely any!

Minor spoiler: A call money account does not have any real disadvantages. After all, it costs nothing and takes good care of your money. Nevertheless, we would like to introduce you to the few points on the negative side:

There is little interest

Interest is paid on the money in your call money account. However, the interest rate is usually significantly lower than with other forms of investment, such as a fixed deposit or a building loan agreement. Fund savings plans also usually offer higher income opportunities.

Overnight money accounts alone don't make you rich

Call money accounts are great for setting aside a nest egg. However, they are therefore not an all-round carefree package for the future. For your retirement provision Or the future of your kids, you should therefore always also use other savings products.

The conclusion: Is a call money account worthwhile?

Call money accounts are great for managing your finances. And they have an unbeatable advantage: they don't cost anything.

So just give it a try: Open a call money account and make a standing order worth a few euros. And whenever you have money left over, you also transfer it to it. And the next time the vacuum cleaner breaks down or a school trip is coming up, you'll stay completely relaxed — because you've got a nest egg that you can use for that.

Bling tip: How to use your call money account correctly

Our clever tip: Always use call money accounts in a mix with other savings products. This means that you are well prepared for every situation in life — today, tomorrow, next year and in old age. A great part of your mix is, for example, the Sparbaum — with it, you can invest in sustainable funds starting at just €1 and watch your money grow in the long term.

Auch interessant: