Call money – ideal for construction financing

Call money – The term already describes the fact that call money is a short-term investment. In this respect, call money differs from time deposits or savings bonds, which are tied to a term. The dissolution of these investments is only possible with losses and in compliance with a period of notice. With call money, you can have the deposit transferred to the linked account on a daily basis. For this reason, call money accounts are very suitable for construction financing. There are no fluctuations and no currency risks. You know in advance how much money is in your call money account and can plan accordingly. This is very important for a construction loan, because you have to pay the outstanding amount on the due date. However, there is also a disadvantage, and that is the low interest rate. Because call money is available at such short notice, many banks concede interest rates that are only marginally higher than the European Central Bank’s base rate. Nevertheless, the call money for a construction financing is often the only alternative if you need the deposit in the short term. Feel free to contact MeinHausverkauf.de for individual advice if you need more information on the subject of construction financing and call money.

Open a call money account free of charge

A call money account is offered free of charge by most banks and savings banks. In this respect, it differs from a securities account, which costs monthly fees. Call money accounts are considered pure savings accounts. This means that you cannot post any salary receipts to this account. It is also not possible to make transfers or issue direct debits. The call money account can be managed in online banking. It replaces the classic savings book, where deposits were also available at any time.

You apply for the opening easily and quickly online. You do not need to have a current account with the bank. Choose the credit institution where you would like to keep your call money account. Each call money account is linked to a current account. Deposits and withdrawals can only be made to this linked current account. No current or credit cards are issued for the call money account. Availability is only possible by bank transfer. Take this into account when you link a current account with the call money that is held at another bank. The transfer can sometimes take more than one day.

Call money available at any time

You can use the call money account like your current account. Deposits and withdrawals are possible at any time. Before you can dispose of the money, you must observe the bank terms. This is especially important if you need the money for a construction loan. When buying real estate, payment periods must be observed.

Further information on the subject of accounts

Fixed-term deposits – term, interest and planning

The term fixed-term deposit refers to an investment that is tied to a specific term. You agree this term with your bank in advance. Periods of between twelve months and six years are common. The term is the most important distinguishing feature between fixed-term deposits and overnight money. While you can dispose of the balance in an overnight deposit account at any time, the money in a time deposit account is not available. If you want to receive the agreed interest, it is necessary that you do not touch the money during the entire term. If you urgently need the money, you can terminate the time deposit account. The deadlines for such a termination are one to three months. Therefore, transfer money to the fixed deposit account only if you are sure that you will not need it during the entire term.

• Find out more about fixed-term deposits here.

Current account – cash withdrawal, cash deposit and fees

A current account is used to handle your daily financial transactions. You use it as a salary account, for purchases and for all transfers and debits that become necessary in everyday life. Current accounts are offered by all banks and savings banks. Before opening a current account, it is strongly recommended to compare the conditions. The offers differ greatly in their price-performance ratio. There are current accounts where account management is completely free. However, with many banks you pay fees. Before opening, you should find out for yourself which services of the bank you need and what you can possibly do without. In many cases, a free checking account is sufficient. Sometimes, however, you are limited in the options for obtaining cash.

• Find out more about current accounts here.