Interest rates for savers remain high, but there are already signs of a turnaround in the trend for fixed-term deposits. Where you can currently get the best conditions.
The most important things at a glance
The positive real interest rates are back: savers can now compensate for the loss in value caused by inflation with daily or fixed-term deposits. Nevertheless, there are still many who park their money in interest-free checking accounts. We show where the best offers for you are currently available.
Daily and fixed-term deposits: The best offers
Savers can currently earn interest of four percent or more from a total of five providers. Of these, four only offer the high interest rate as a temporary special condition for new customers. Such promotional offers are particularly worthwhile for savers who are prepared to move their money to another bank as soon as the new customer conditions have expired. If you don’t want that, it’s best to pay attention to high existing customer conditions when comparing interest rates.
As was the case in the last evaluation at the beginning of December, Trade Republic is the only provider that offers 4 percent interest for an unlimited period for both new and existing customers. However, the offer is not a classic daily money account. The interest applies to credit balances in the securities account clearing account. The money is also available there every day and the associated depot can be maintained free of charge.
The funds are deposited at one of several Trade Republic partner banks. Currently these are Deutsche Bank, Solaris SE and JP Morgan (all of which are subject to the German deposit insurance) and Citibank (Irish deposit insurance).
“After years of dry spells, bank customers can finally secure returns above current inflation with safe savings products such as daily and fixed-term deposits,” says Verivox managing director Oliver Maier. “However, it is important to compare interest rates before making an investment decision. If you simply invest your money with your house bank, you will usually receive significantly less interest.”
Final capital €13,159
Interest €3,159
For the part of your assets that you can invest in the long term, you should also consider investing in the stock market. So-called ETFs are particularly suitable for stock market beginners. These are funds that replicate a stock index such as the Dax. The advantages for you: The costs are low, you spread your risk widely and the returns are comparatively high. You can read everything about the advantages and disadvantages of ETFs here. Here we will explain to you how to minimize your risk when investing in index funds.
The highest interest rates for daily and fixed-term deposits at a glance (all information without guarantee, as of December 31, 2023):
Top fixed-term deposit offers, 24-month term
- Multitude Bank: 4.4 percent (Malta)
- Haitong Bank: 4.36 percent (Portugal)
- Isbank: 4.3 percent (Germany)
- Ziraat Bank: 4.15 percent (Germany)
- J&T Direct Bank: 4.1 percent (Czech Republic)
- Oyak Anker: 4.1 percent (Germany)
Note: The interest offer at Isbank only applies to customers who also open a checking account with the bank.
Top fixed-term deposit offers, 12 month term
- Aegean Baltic Bank: 4.41 percent (Greece)
- Haitong Bank: 4.36 percent (Portugal)
- Isbank: 4.3 percent (Germany)
- J&T Direct Bank: 4.2 percent (Czech Republic)
- Austrian Anadi Bank: 4.1 percent (Austria)
- Ziraat Bank: 4.1 percent (Germany)
- Akbank: 3.9 percent (Germany)
- Akf Bank: 3.9 percent (Germany)
- Peac Bank: 3.9 percent (Germany)
Note: The interest offer at Isbank only applies to customers who also open a checking account with the bank.
Top fixed-term deposit offers, 6 month term
- Banca CF+: 4.2 percent (Italy)
- BAI Europe Bank: 4.2 Prozent (Portugal)
- EBI Groupe Ecobank: 4.2 percent (France)
- My Money Bank: 4.05 percent (France)
- Isbank: 4.0 percent (Germany)
- Qliro: 4.0 percent (Sweden)
- Peac Bank: 3.75 percent (Germany)
- My bank – Raiffeisenbank in Hochtaunus: 3.7 percent (Germany)
Note: The interest offer at Isbank only applies to customers who also open a checking account with the bank.
Notice
Crédit Agricole Consumer Finance is currently one of the top fixed-term deposit providers on the market. But the bank announced a reduction in its fixed deposit interest rates on January 3rd. Verivox already takes the new conditions into account in the evaluation. That’s why the bank no longer appears in the evaluation.
Daily money with temporary special conditions
At Stellantis Direct Bank from France, savers receive 4.1 percent interest. New customers receive the promotional interest rate for three months. Thereafter, variable interest is charged at the regular nominal interest rate (currently: 1.1 percent).
At Advanzia Bank from Luxembourg, savers receive 4.05 percent interest (from January 1, 2024). New customers receive the promotional interest rate for three months. Thereafter, variable interest is charged at the regular nominal interest rate (currently: 1.61 percent).
At Open Bank from Spain, savers receive 4.02 percent interest. New customers receive the promotional interest rate for six months. Thereafter, variable interest is charged at the regular nominal interest rate (currently: 2.8 percent). The current account is only available to customers who also have a current account with the bank.
At the Suresse Direkt Bank from Spain, savers also receive 4.02 percent interest. New customers receive the promotional interest rate for six months. Thereafter, variable interest is charged at the regular nominal interest rate (currently: 2.80 percent).
2023-12-31 13:01:25
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