Current Savings Account Interest Rates and Tips for Tax Equalization

In May, the key interest rate of the European Central Bank (ECB) was raised again by 0.25 percent. This is now 3.75 percent.

For many months, however, banks have been heavily criticized: rising interest rates are passed on directly to end customers for loans, but hardly ever for savings products. In addition, there is a hefty fee increase of over ten percent in some cases.

More and more banks in Austria are now increasing their savings interest rates on overnight and fixed-term deposit products. Up to 3.70 percent are now possible.

Up to 3.70 percent fixed interest possible

Many providers of savings products are again increasing their interest rates – fixed-term deposit products are becoming particularly attractive again, especially from a deposit of at least 10,000 euros. With 3.70 percent lures about the Bigbank. A term of more than one year is required. With a term of 12 months, it is still 3.50 percent.

Also the Spanish Santander Consumer Bank offers new customers 3.20 percent on the fixed deposit and 2.50 percent on the call money available at any time an attractive interest rate. Here you will find the currently best money market accounts and fixed deposit accounts in Austria. Also the Kommunalkredit Invest is back in the race for domestic savers with 3.20 percent for fixed-term deposit accounts.

The interest rate offers for new customers are generally only valid for a limited period, but are significantly higher than the interest rates for existing customers. The prerequisite for this is a certain deposit in the call money account or savings account. With these products, however, the capital is immediately available at all times. Deposits and withdrawals can be made online or in the bank branch at any time.

Further current information from Finanz.at:

More information: Savings interest

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Editor-in-Chief, Head of Tax and Finance Department

Daniel Herndler is a business journalist, publisher and editor-in-chief of the news portal Finanz.at. His focus is on tax, finance and economics.