Interest rates for savers are now rising again. There is already more than one percent interest for one-year fixed deposits, and 1.80 percent for three years – and more and more banks are following suit.
The turnaround in interest rates is in full swing – also with the interest rate offers for fixed-term deposit accounts. At the beginning of June, the Swedish payment service provider Klarna entered the market for savings accounts and set new standards with interest rates of up to 1.32 percent per annum for a period of three years.
In the meantime, the competition has followed suit and in some cases clearly outperformed Klarna. In particular , Banka Kovanica from Croatia and Italy ‘s Banca Progetto once again significantly increased their interest rates at the start of the week . And Klarna is also following suit.
The Swedish provider Klarna, which was previously known primarily as a payment service provider, is now offering 1.21 percent for a term of only twelve months (as of Wednesday, June 22nd, 2022). As is usual in the European Union, the Swedish deposit insurance guarantees deposits of up to EUR 100,000 and is considered to be very solid. The Croatian Banke Kovanica follows with 1.20 percent interest per annum. Here, too, the state guarantees savings of up to 100,000 euros. Croatia is a member of the EU, but has not yet been allowed to introduce the euro – which can also be taken as an indication of the country’s economic strength. On the other side of the Adriatic, Italy’s Banca Progetto offers just a little less at 1.15 percent. Here the Italian state guarantees savings of up to 100,000 euros as part of the European deposit insurance.
Striking: For this rather short fixed-interest period, eight different banks are already offering an interest rate of one percent and more. Just a few weeks ago, the highest interest rates were only half as high. Behind Progetto are the French Younited Credit with 1.10 percent and the Swedish providers Collector Bank and Qliro with 1.05 percent each. The deposit guarantee schemes in France and Sweden apply equally to deposits of up to EUR 100,000. Illimity from Italy also offers 1.05 percent.
Since interest rates are currently changing almost every day, you should regularly monitor FOCUS Online’s fixed deposit comparison if you currently want to park some money.
With an investment period of two years, Banka Kovanica (Croatia) offers 1.60 percent per annum, followed by Banca Progetto (Italy) and Younited Credit (France) with 1.55 percent per year. On the other ranks: Klarna and Collector Bank (both Swedes) with 1.50 percent each.
In the three-year period, Banka Kovanica is already approaching the two percent mark with 1.80 percent, closely followed by Banca Progetto with 1.75 percent. Younited Credit offers 1.7 percent, followed by illimity (Italy), Collector and Klarna with 1.65 percent. The best three-year time deposit offer from a German bank with German deposit insurance comes from pbb Bank with 1.25 percent.
Fixed-term deposit savers are increasingly finding interesting interest rates in other EU countries. Anyone who mistrusts the Croatian deposit insurance for Banka Kovanica will find alternatives with Klarna from Sweden and Younited Credit from France with very solid deposit insurance and high interest rates across all common maturities. Many savers are likely to feel a little less secure with Italy’s Banca Progetto, which is also top-ranked, but Italy’s deposit insurance should also be sufficient for private savings.
