German banks are currently stirring up the race for interest on savings. It was only at the end of September that the German pbb took the lead together with Renault Bank. Now ING has distanced itself from the competition with an increase to 1 percent.
After the European Central Bank (ECB) raised interest rates again, overnight interest rates continue to rise. On Thursday, ING raised its interest rate to one percent. This is currently the best offer in Europe – and also guaranteed for four months and with German deposit insurance. The BNF Bank from Malta is currently offering 0.8 percent. Behind them are the previous leaders pbb direct and Renault Bank with 0.75 percent. It is to be expected that the competition will soon follow suit after ING’s bang so as not to fall behind in the race for new savings customers.
There are now two German banks among the top 3 in the market. The German Consorsbank, which continues to offer 0.6 percent and remains attractive due to its long interest rate guarantee of six months, ranks a little further down
ING is now offering savers 1 percent interest on overnight money. The offer includes a four-month interest rate guarantee, but only applies to new customers. For existing customers, on the other hand, a variable interest rate of a meager 0.001 percent per annum will apply until December 5, 2022. These conditions also apply to credits over 50,000 euros. The good news for existing customers: ING wants to increase its overnight interest rate to 0.3 percent per year on December 6, 2022.
The Maltese BNF Bank currently ranks second with 0.80 percent. However, it cannot come up with an interest rate guarantee. Renault Bank recently caught up with pbb directly and is currently also offering 0.75 percent. The French also guarantee this interest rate for three months. For existing customers who already have an account with Renault Bank, the interest rate has been raised to 0.60 percent. This is also very attractive compared to existing customer offers from other banks. Open an overnight money account with pbb directly here
Open an overnight deposit account at Renault Bank here
There is also 0.75 percent at the IIG Bank from Malta, but there again without an interest guarantee
The German Consorsbank continues to offer an interesting option. The people of Munich have also come up with something in the event of rising interest rates.
The Consorsbank not only pays 0.6 percent interest on the money market account, but also guarantees the interest rate for six months. The highlight: If the overnight interest rate continues to rise within the six months, customers are automatically credited with the higher value from this point in time. Interest is credited quarterly. A free securities account is also included, which new customers can use to trade free of charge for the first six months.
Consors even offers to extend the guarantee for the promotional interest rate by another six months if the customer
Of course, the whole thing comes with German deposit insurance and no minimum deposit.
Open an overnight deposit account with the Consorsbank here (advertisement)
At all of the banks mentioned, the EU deposit insurance applies to a balance of up to 100,000 euros. For the banks BNF and IIG, the state of Malta guarantees the assets with a credit rating of A. For the Renault Bank directly, the state of France guarantees the assets with a very good credit rating of AA. With AAA, the Federal Republic of Germany enjoys an absolute top credit rating. In addition, ING, Consorsbank and pbb belong directly to the deposit protection fund of the Federal Association of German Banks (BdB), so that customer deposits there are secured with even higher amounts.
Are these call money rates still too low for you? Then take a look at our fixed deposit comparison. Interest rates of up to 2.25 percent for a term of only one year lure there. With two years, even 2.60 percent per year is possible. The best time deposit offer from a German bank comes from pbb directly with 1.75 percent for one year. PEAC Bank offers 2.15 percent per annum for a two-year term with German deposit insurance.
