Compare final capital, yield and progression of both options over the full term.
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A German Bausparvertrag combines a savings phase with the right to a low-interest building loan. During the savings phase you pay monthly contributions that earn a fixed but typically low interest rate. Once a certain percentage of the contract sum is reached and minimum valuation numbers are met, the contract is allotted and you can take out a loan at the interest rate fixed at signing. A one-off closing fee (often 1–1.6% of the contract sum) applies.
An ETF savings plan invests your monthly contribution broadly in stocks or bonds and benefits from compounding. Historically, globally diversified stock ETFs have returned roughly 5–8% p.a. long-term — with volatility. Unlike Bausparen the return is not guaranteed but there is no fixed closing fee. In Germany, capital gains are taxed at 26.375% (incl. solidarity surcharge), partially offset by the saver's allowance and partial exemption for stock ETFs.
Looking at pure capital returns, a well-diversified ETF savings plan typically beats a Bausparvertrag over long horizons in most scenarios. The Bausparvertrag shines when you actually plan to build or buy a home and want to lock in a low loan rate today — especially when rates are expected to rise. Government-supported variants (Riester, employer VL contributions) can also tip the math.