4 Questions to Co-Founder Christian Tiessen of Savedo on their new asset class: Precious Metals
Savedo, which provides its customers with high interest rates in the European Union through one simple current account, has introduced a new asset class. This is an advantage, particularly in the current low-interest-rate environment, for customers that are looking for new investment products. Negative interest rates and low inflation cause insecurity about the real value of the savings among investors.
We talked to Co-Founder Christian Tiessen about the new asset class and the advantages for customers.
FinLeap.com: What is your new asset class?
Christian: Our new asset class is the purchase and tax-free storage of precious metals. We are excited to offer our customers a solid, very cost-competitive investment in gold and silver through our platform. With Savedo, you can purchase precious metals, like gold and silver, online and store them in a safe in Switzerland – we make the whole process safe and easy for everyone.
FinLeap.com: How does investing in gold and silver with Savedo work?
Christian: The process is very easy and finished in just three steps. Step 1: you choose the amount of money you would like to invest. Then you define how you want to split your money between gold and silver or if you just want to invest in only gold or only silver. Various financial experts recommend to split the investment amount into 70 percent silver and 30 percent gold.
Step 2: You provide your personal information and download the purchase contract. All you need to do is to sign the form and send it back to Savedo via scan or email, along with a copy of your passport.
Step 3: You transfer the money you would like to invest to our partner Taurus Sachwerte AG. They execute the purchase and store your precious metals in high-security underground safes in a duty free bonded warehouse located near Zurich, Switzerland.
FinLeap.com: What are the advantages for savers investing in Gold and Silver?
Christian: Gold and silver are a solid long-time investment and very much sought after these days. While interest rates decrease and currencies are prone to drop in value, precious metals retain their value even in times of economic crises – actually, their prices usually rise when interest rates are dropping. By investing in gold and silver, savers can cushion themselves against the devastating effects of stock market crashes and avoid the risk of losing their savings through inflation.
FinLeap.com: What are the benefits for Savedo customers when they invest in precious metals?
Christian: Investing in gold and silver with Savedo comes with a bunch of advantages for our customers. First of all: precious metals purchased at Savedo are VAT-exempt because we store them in a duty-free bonded warehouse. This saves our customers 19 percent of taxes on the purchase of silver, which is already a very good reason to buy precious metals at Savedo. Secondly, together with our partner Taurus Sachwerte AG we designed a very low storage fee setup for the customer. Gold and silver are usually being stored over a very long period of time, so this will be a matter of great importance to our customers. And last but not least, Savedo offers a very short and simple purchase process. If our customers have questions or difficulties, our in-house German-speaking customer service is happy to help. Savedo makes the process of buying precious metals a pleasant experience for our customers and – compared to so many traditional gold re-sellers and (online) shops – finally brings the overall user experience to the 21st century.