Many savers haven’t even noticed yet: the era of zero interest is over, the conditions for overnight and time deposit accounts have already reached attractive levels. Where to put your money now.
The race for savings from new customers is in full swing. Because many customers withdrew credit in the zero-interest phase or in view of the threat of penalty interest, the banks now have to raise fresh money for their current lending business. They sometimes outbid each other weekly with ever higher interest rates.
This has already led to an exciting race for overnight money: 0.5 percent are already included for new customers: available daily and guaranteed for up to twelve months.
Savers receive even higher interest rates with fixed deposits: EU banks outside of Germany offer up to 1.9 percent for a term of just twelve months.
The best time deposit offer from a German bank with German deposit insurance currently comes from PAEC Bank. It offers 1.3 percent for twelve months and 1.5 percent with an investment period of two years. Accounts with PAEC can only be opened through the agent Weltsparen, which belongs to the Raisin Group.
If you want to entrust your money to a bank in another EU country, you can also do this via an account with Weltsparen. The fixed-term deposit can be transferred to the illimity bank, for example, which offers 1.9 percent for a term of only twelve months and is based in Italy. Deposits are protected by the European deposit insurance up to 100,000 euros. PayRay Bank from Lithuania also offers 1.9 percent. The European deposit insurance also applies here. Banca Progetto, an Italian bank, is again in third place. It offers 1.70 percent.
All three institutes mentioned – Banca Progetto, PayRay and illimity – even pay 2.3 percent interest per annum over a two-year term.
Since interest rates change every week – often on Fridays – it is worthwhile to regularly monitor interest rate developments in the FOCUS fixed-term deposit comparison online. It is true that none of the offers mentioned is sufficient to keep up the current inflation rate of almost eight percent. to balance. Nevertheless, it is always better than leaving your money in your checking account without interest.
Important: With fixed-term deposits, you determine at the beginning how long you will deposit the money. A premature disposal is usually not possible.
Tip: Since further interest rate increases are to be expected in the current competition, you should proceed in stages. With the so-called staircase strategy, you divide your savings into different pots. You invest your buffer for emergencies in the call money account, the other parts in fixed-term accounts for, for example, six months, twelve months and 24 months. In this way, you always remain flexible, even if interest rates continue to rise, and you can already use the next higher offer after 6 months.
