“Advice not provided”: Savings banks are exploring the crypto business

Savings banks have long considered cryptocurrencies to be too risky, but now they are responding to their customers' demands. The offer will be rolled out gradually and initially includes five crypto assets. We expressly warn against strong fluctuations and a possible total loss.

The savings banks are entering the business with crypto assets such as Bitcoin and Ethereum. From this Monday, the first customers will be able to trade cryptocurrencies via the existing savings bank app, as the German Savings Banks and Giro Association (DSGV) announced. The offer will initially be available at the first participating savings banks, and 30 to 40 more houses will be added each month.

Cryptocurrencies such as Bitcoin, Ethereum, Ripple, Solana and Polygon are initially planned, according to the DSGV. "The offer is aimed at customers who want to buy, sell and store cryptocurrencies independently. There is no provision for advice or active applications from the savings banks across the board." There is no uniform nationwide start date for the offer, which is provided by the savings bank securities provider Dekabank.

“It decides for itself when a savings bank starts,” said Joachim Schmalzl, managing board member of the DSGV. "The interest in the group is great, and more institutions will be added week by week. We want to have a large number of interested savings banks connected by the first half of 2027."

Cryptocurrencies are particularly popular among young people. Smartphone banks such as N26, Trade Republic and Revolut have been offering trading in Bitcoin and Co for some time, and Volksbanks recently also got into the business. There have long been concerns among savings banks because cryptocurrencies fluctuate greatly and are considered risky. Even if some cryptocurrencies have gained significantly in the long term, critics continue to warn of speculative bubbles.

“We weighed up very carefully whether and how a crypto offering would suit us,” said Schmalzl. The decisive factor was customer demand and the fact that there was a reliable European legal framework. According to the DSGV, the aim of the offer is to provide access in a regulated environment to customers who consciously choose crypto. The crypto assets are held by Dekabank in cooperation with the Stuttgart Stock Exchange.

“From the perspective of savings banks, cryptocurrencies remain highly speculative investments,” emphasizes the DSGV. Customers are expressly advised of “strong price fluctuations and the risk of a total loss”. Securities investments, savings plans and advice continue to be the focus for broad, long-term wealth creation.