Some 140 billion euros are invested in savings accounts in Austria, equating to over 17,000 euros per resident. Only gradually are Austrians beginning to swap this trusted but low-yield investment form for more lucrative offers.
To encourage people to make the change, since mid-February Allianz Austria has been offering its customers the opportunity to invest their money in an instant-access account. With a current interest rate of 3.6 percent, Allianz Top Cash is offering the best conditions available on the Austrian market, and with no minimum or maximum investment amount.
Allianz Top Cash – instant access with top interest
Wolfram Littich: "We got off to a good start"
Off to a good start
The offer has been well received: "Over 3,800 accounts were opened in the first six weeks, accounting for at least 20 million euros at the end of March," says Allianz Elementar CEO Wolfram Littich – and all that before the launch of the advertising campaign scheduled for April. "We got off to a good start, and we are aiming for a deposit volume of around 50 million euros in the first two years," he continues.
Interest rate increase passed on as promised
Allianz is confident that Allianz Top Cash can sustain its price leadership in the long term – it has already passed on the recent interest rate rise effected by the European Central Bank, increasing the rate of interest on the account from 3.375 to 3.6 percent. "We promised that we would always pass on any success in capital investments to our customers," says Littich, "and we are keeping our promise."
Completing the supply chain
Allianz in Austria has been a leading provider of medium and long-term investments for quite some time. The company is currently offering life insurance policies at attractive conditions, with a current total rate of interest of 4.5 percent. The Allianz Invest KAG investment funds are also enjoying above-average performance; the company is one of the four largest capital investment companies in the country.
"We want to offer our customers the best possible investment options, long term," says Wolfram Littich. "Now we are strategically extending our range to include instant access accounts, thus completing our supply chain." For example, once their policy has paid out, holders of Allianz endowment life insurance policies can now temporarily invest their money with Allianz without feeling that they are under time pressure to find a medium or long-term solution. Allianz Top Cash is also attracting new customers.
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