The savings market is already moving again. After a series of rate hikes by the competition, Renault Bank is now following suit and significantly increasing fixed-term deposit rates for maturities of one to five years. The very secure French deposit guarantee applies to a balance of up to EUR 100,000.
For weeks now, the first banks have been competing for the highest interest rates on call money and time deposit accounts. So far, mainly Eastern European, Baltic and Scandinavian institutes have offered attractive conditions, which did not convince all German customers.
Now, with Renault Bank, a player is entering the race that is well-known in Germany and, with the backing of French deposit insurance, which guarantees credit balances of up to 100,000 euros, can also be classified as very solid.
After the institute doubled the call money interest for new customers to 0.2 percent at the beginning of April and has since then occupied the top position in the FOCUS online comparison, the French are now increasing the interest on their fixed-term deposit accounts significantly.
As of June 29, 2022, interest rates were raised by 0.55 percentage points in some cases for maturities of one to five years. At the top, Renault Bank now pays 1.65 percent per annum for five-year time deposits.
The one-year fixed-term deposit is now very attractive in comparison at 0.80 percent.
Surf tip: Interest rate increases every day – Already 1.80 percent interest for three years fixed deposit: The race for savers is on
Fixed deposit 1 year: 0.80 percent p.a. (instead of the previous 0.25%)
Fixed deposit 2 years: 1.20% p.a. instead of the previous 0.75% p.a.
Fixed deposit 3 years. 1.40% p.a. instead of the previous 1.00% p.a.
Fixed deposit 4 years: 1.55% p.a. instead of the previous 1.15% p.a.
Fixed deposit 5 years: 1.65% p.a. instead of the previous 1.25% p.a.
Note: When opening an account, new customers must first open a call money account, which later serves as a clearing account for the time deposit. This is of course free of charge.
The gap between Renault Bank and the two leaders in the FOCUS online fixed-term deposit comparison for 2-year fixed-term deposits is now just 0.05 percentage points. (best offer: Banka Progetto from Italy and Younited Credit from France with 1.25 percent p.a.).
But German banks have also recently followed suit: IKB is now offering 1.01 percent p.a. for a two-year term, while pbb Direkt is offering 0.80 percent. 1.60 percent can be obtained from IKB over five years, which is almost as much as from Renault – and with German deposit insurance up to 100,000 euros.
Our tip: experts expect that interest rates will continue to rise in the coming months. Investors should therefore invest their fixed-term deposits for a maximum of two years or at least park part of their fixed-term deposit reserves in shorter terms in order to remain flexible and, if in doubt, to be able to switch.
Particularly important for conservative investors: the French deposit insurance guarantees savings deposits at Renault Bank. The creditworthiness of France is determined by S
to all the details of the Renault Bank offer
to all the details of the Renault Bank offer (time deposit)
