Die Zweite Sparkasse

The Zweite Sparkasse was founded on the initiative of and with funds from the ERSTE Foundation. The Articles of Association dated 15 May 2006 were adopted at the founding meeting and approved by the Financial Market Authority in September of the same year. On 21 October 2006, the incorporation under company law was entered in the Commercial Register of the Commercial Court of Vienna. On 21 November 2006, the first branch in Vienna-Leopoldstadt, which is also the company's headquarters, was opened in the presence of Federal President Heinz Fischer.^[2]

On 4 October 2006 the Zweite Sparkasse commenced operations and registered its first customers. At the end of 2007, the Zweite Sparkasse had around 1,300 customers with around 1,800 accounts in three branches and 268 volunteers' workers.^[2] At the end of 2017, the number of clients had grown to around 8,000 customers throughout Austria.

In line with the business model, around 4,000 Zweite clients have so far been successfully transferred to other banks.

In addition to their main branch at the company's headquarters in Vienna Zweite Sparkasse operates branches in seven provincial capitals run in cooperation with volunteers from the associated savings banks of the federal provinces:^[3][2]

• October 2006 main branch in Vienna-Leopoldstadt (Erste Bank)
• September 2007 in Innsbruck (Tiroler Sparkasse)
• November 2007 in Salzburg (Salzburger Sparkasse)
• February 2008 in Klagenfurt (Kärntener Sparkasse)
• May 2008 in Graz (Steiermärkische Sparkasse)
• October 2009 in Villach (Kärntener Sparkasse)
• January 2011 in Linz (Allgemeine Sparkasse Oberösterreich)

In the provinces of Lower Austria and Burgenland, Die Zweite Sparkasse is represented in the so-called correspondent banking system. Individual branches of regional savings banks provide customer service for Die Zweite:^[3][2]

• May 2008: Sparkasse Wiener Neustadt became a correspondent bank in Lower Austria.
• November 2009: Erste Bank and Sparkasse Hainburg-Bruck-Neusiedl became correspondent banks in Burgenland.
• May 2011: Erste Bank St. Pölten also became a correspondent bank in Lower Austria.

Zweite Sparkasse provides banking services to clients in financial problem situations. Only people referred to Zweite Sparkasse via one of the cooperating advisory organisations are accepted as clients. On the basis of this recommendation, the new client is provided with an account, initially for a three years term, on a credit basis only and not allowing any overdrafts.

The account is debited with a so-called "account management charge" of €9 per quarter, which is refunded to the client when they change to a conventional commercial bank and the second account is closed. Clients are given an ATM card free of charge based on the Maestro system.^[4]

Zweite Sparkasse also offers a "permanent account" to allow customers additional time to sort out their financial problems, and "managed accounts" from which essential payments are made automatically.^[5] All clients are issued a basic insurance package when opening an account:^[2] free legal advice every three months, small accident insurance policy, household insurance (premium).

Zweite Sparkasse is a bank. The difference between Zweite Sparkasse and conventional banks consists in its social purpose, its volunteering consultants, and its not-for-profit status.

Zweite Sparkasse cooperates closely with Caritas and the Austrian debt counselling services. In Vienna and some other provincial locations Zweite Sparkasse cooperates with numerous other non-governmental organisations.^[6]