Waiver: This mistake can cost you a lot of money

Do you have your money in a current account or a fixed-term deposit? Then you can currently benefit from attractive deposit interest rates. Depending on the bank and type of investment, you can currently get around 3.5% annual interest on your savings (as of August 2024).

But what most savers have probably noticed is that taxes are deducted from the income. And not exactly a little. In Germany, capital gains are calculated using the so-calledWithholding tax (formerly capital gains tax) of 25%taxed. There are more to come5% solidarity surcharge and, if applicable, church tax.

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Consequently, this meansyou give back at least 30% of your interest income. The withholding tax is automatically paid to the tax office by the respective credit institution. Unless you have given an exemption order.

The state grants a so-called savings allowance.This means that capital gains of up to 1,000 euros for singles and up to 2,000 euros for couples remain tax-free.This means you can save a pretty penny through an exemption order. However, many people do not take advantage of the exemption order.

According to the Postbank survey: More than one in two people do not use the exemption order

According to a study conducted in 2024representative YouGov survey commissioned
the PostbankOnly 55% of those surveyed have set up an exemption order. 27%, i.e. around one in four, did not submit an exemption request and 13% apparently did not know whether they had submitted an exemption request.

You can still get the moneyRepeat as part of the income tax return, but you then have to go without the money for much longer, as the refund from the tax office will not be received until the following year.

Attention, for people who have to submit a tax return, the 2024 deadline ends on September 2nd for the 2023 tax year.

Anyone who does not issue an exemption order and does not submit a tax return is making a fatal mistake because in this case they are wasting the money.

How do I set up an exemption order?

Setting up an exemption order is usually straightforward. Most banks have their own form for this. With online banking, the exemption request can usually be issued with just a few clicks.

Particularly practical: If you have invested your money at different credit institutions, you can also split your exemption order. Important: The total of all exemption orders must not exceed 1,000 euros for singles or 2,000 euros for couples.

As a rule, one order is sufficient for all accounts at a bank, including this oneSavings Bank.

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