Sparvereine#

Thrift Clubs: clubs that collect money from their members at club meetings or informal meetings of members and deposit these funds with banks for the account and in the name of the individual members. Although this is actually a banking activity and cannot be legally carried out by a society, the Austrian banking law provides for the granting of special licences for such purposes. Thrift clubs are only allowed to accept money from club members; the benefits of this kind of saving are higher interest rates, advertising gifts etc.