Question 1

What is Die Zweite Sparkasse?

Accepted Answer

Die Zweite Sparkasse (formally known as Die Zweite Wiener Vereins-Sparcasse) is a unique socially-oriented Austrian savings bank headquartered in Vienna's Leopoldstadt district. Founded in 2006, it is a not-for-profit credit institution that operates exclusively with volunteer staff from Erste Bank and the broader Sparkassen group. The bank specializes in providing banking services to individuals who have lost access to traditional banking due to financial difficulties.

As of 2018, Die Zweite Sparkasse managed approximately €12.4 million in total assets and served around 8,000 customers throughout Austria with over 340 volunteer employees.

Question 2

When was Die Zweite Sparkasse founded?

Accepted Answer

Die Zweite Sparkasse was founded in 2006 on the initiative of and with funding from the ERSTE Foundation. The Articles of Association were adopted on May 15, 2006, at the founding meeting and received approval from Austria's Financial Market Authority in September 2006.

The bank was officially incorporated under company law in the Commercial Register of the Commercial Court of Vienna on October 21, 2006. Just one month later, on November 21, 2006, the first branch in Vienna-Leopoldstadt was ceremonially opened in the presence of Federal President Heinz Fischer. The bank commenced operations on October 4, 2006, registering its first customers.

The bank was created to address a critical social need: providing banking access to people excluded from the financial system due to over-indebtedness, divorce, bereavement, or caregiving expenses.

Question 3

Where is Die Zweite Sparkasse headquartered?

Accepted Answer

Die Zweite Sparkasse is headquartered in Vienna, Austria, specifically in the Leopoldstadt district (Vienna's 2nd municipal district).

Question 4

Where does Die Zweite Sparkasse operate?

Accepted Answer

Die Zweite Sparkasse operates throughout Austria in all provinces except Vorarlberg. The bank maintains branches in multiple provincial capitals including Vienna, Innsbruck, Graz, Salzburg, Klagenfurt, and Linz. These branches are run in cooperation with volunteers from associated regional savings banks.

In the provinces of Lower Austria and Burgenland, Die Zweite Sparkasse operates through a correspondent banking system, where individual branches of regional savings banks provide customer service on behalf of Die Zweite. Since 2008, correspondent banks have included Sparkasse Wiener Neustadt in Lower Austria and Erste Bank branches in Burgenland.

By the end of 2007, the bank had approximately 1,300 customers with around 1,800 accounts across three branches. This grew substantially to around 8,000 customers throughout Austria by the end of 2017. The bank has successfully helped approximately 4,000 clients transition back to conventional commercial banks, demonstrating the effectiveness of its rehabilitative banking model.

Question 5

What services does Die Zweite Sparkasse offer?

Accepted Answer

Die Zweite Sparkasse provides essential banking services specifically designed for people in financial crisis situations. Clients can only access the bank through referrals from cooperating advisory organizations such as Caritas and Austrian debt counselling services (Schuldnerberatung).

Core Banking Services:
• Basic current accounts (Girokonten) initially offered for a three-year term
• Credit-only accounts with no overdraft facilities
• Free Maestro-based ATM cards for cash withdrawals
• Managed accounts with automatic essential payment processing
• Permanent accounts for customers needing additional time to resolve financial problems

Financial Charges: The bank charges a modest €9 quarterly account management fee, which is fully refunded to clients when they successfully transition to a conventional commercial bank and close their Die Zweite account.

Complimentary Insurance Package: All clients automatically receive a basic insurance package including free legal advice every three months, small accident insurance, and household insurance.

Personal Advisory Services: The bank provides personalized financial counseling through its volunteer staff, working closely with partner NGOs to help clients regain financial stability and economic independence.

Debt Prevention Programs: Die Zweite Sparkasse offers educational workshops, including the "I €AN" program for apprentices in their first and second year of training, helping young people develop financial literacy and avoid debt.

Question 6

What makes Die Zweite Sparkasse unique?

Accepted Answer

Die Zweite Sparkasse stands apart from conventional banks through several distinctive characteristics that reflect its social mission.

Volunteer-Operated Model: The bank is run entirely by over 300 volunteers from Erste Bank and the Sparkassen group who dedicate their free time to this social cause. Even the managing board, including chairman Rupert Rieder and board members Carmencita Nader, Robert Schmidbauer, and Karin Wochele-Thoma, serve in voluntary capacities. This volunteer structure allows the bank to operate without profit targets.

Referral-Only Access: Unlike traditional banks, Die Zweite Sparkasse only accepts clients who are referred by partner social organizations. This ensures that customers receive holistic support combining banking services with professional debt counseling and social assistance.

"Second Chance" Banking Philosophy: The bank's name translates to "The Second Savings Bank," reflecting its mission as a bank of second chances. Its tagline is "Die Zweite Sparkasse ist für Menschen da, die einen Zweiten brauchen" (The Second Savings Bank is for people who need a second).

Not-for-Profit Social Purpose: Die Zweite Sparkasse has no profit objectives and operates according to the community-oriented savings bank principle (gemeinwohlorientierter Sparkassengedanken). Its sole purpose is enabling financial inclusion and helping people regain economic participation in society.

Award-Winning Social Impact: The bank has received numerous prestigious awards recognizing its social contribution, including the Greinecker Senior Citizens Award (2006), Sozialmarie prizes (2007, 2011), TRIGOS awards for corporate social responsibility (2010, 2013), and the Dubai International Award for Best Practice (2012). In 2017, founding directors Evelyn Hayden and Gerhard Ruprecht were awarded the Golden Medal of Honor for Services to the Republic of Austria.

Partnership Model: Die Zweite Sparkasse maintains close partnerships with organizations including Erste Bank, regional Sparkassen, Caritas, debt counseling services, and various NGOs. This collaborative approach ensures comprehensive support for clients beyond just banking services.

Since its inception, Die Zweite Sparkasse has helped approximately 23,000 people in Austria overcome financial difficulties, with around 4,000 clients successfully transitioning back to conventional banks.

Question 7

What type of financial institution is Die Zweite Sparkasse?

Accepted Answer

Die Zweite Sparkasse is classified as a Vereinssparkasse (association savings bank), which is a specific type of credit institution under Austrian banking law. This designation places it within the historical tradition of Austrian savings banks founded by associations for the common good.

As a Vereinssparkasse, Die Zweite Sparkasse is a full banking institution supervised by the European Central Bank (ECB) as the competent authority and participates in Austria's deposit guarantee scheme (AT_SH). However, it differs fundamentally from commercial Vereinssparkassen in its exclusively social purpose and not-for-profit operational model.

The bank is a member of the Sparkassengruppe Österreich (Austrian Savings Banks Group), which traces its origins to 1819 with the founding of the first Austrian savings bank. Die Zweite Sparkasse represents a modern interpretation of the original 19th-century savings bank mission: serving as a "financial institution of a humanitarian nature" dedicated to promoting economic participation for all members of society.

Within Austria's banking landscape, Die Zweite Sparkasse occupies a specialized niche as a social bank focused on financial rehabilitation and inclusion, distinguishing it from both traditional retail banks and other savings banks that operate on commercial principles.

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About Die Zweite Sparkasse in Austria