Since the European Central Bank has been raising the key interest rate step by step, more and more banks are following suit. Credit institutions are outdoing each other with ever higher interest rates on savings deposits. Now the first German bank offers 1.5 percent call money interest – nationwide.
For a long time there was no interest on the savings for savers. Savers with six-figure deposits even had to pay penalty interest. Those days are over. After the ECB raised the key interest rate, which is now two percent, more and more banks are offering their customers interest on fixed-term and overnight deposits. Now the first German bank pays its customers nationwide 1.5 percent on the overnight money – the Raiffeisenbank im Hochtaunus based in Bad Homburg, also known as “My Bank”.
As stated on the bank’s website, this is a free money market account that customers can also open online. The advantage over the fixed deposit account: you can deposit and withdraw money at any time and thus have access to your deposits at any time. The Raiffeisenbank also does not charge a custody fee.
Customers receive a guaranteed fixed interest rate of 1.5 percent for the first four months, but only up to a savings amount of 100,000 euros. With a savings amount of up to one million euros, there is only a 0.5 percent guaranteed fixed interest rate for the first four months. A variable interest rate applies from the fifth month, currently at 0.5 percent. This is then available up to a savings amount of one million euros.
No bank in Germany currently offers more money on the call money. Renault Bank recently raised its overnight interest rate from 0.75 percent to 1.05 percent. The offer there includes a three-month interest rate guarantee and is valid for savings of up to EUR 250,000.
Also read: Interest rate increases for overnight and time deposits – Renault Bank now pays 1.05 overnight interest on up to 250,000 euros
It is true that savers with a call money account are much more flexible than with a time deposit account. With a fixed deposit account, you agree to park a predetermined amount in an account for a specific period of time. However, interest rates on savings deposits are currently still well below current inflation. According to the Federal Statistical Office, inflation in December was exactly ten percent. The real interest rate is therefore still negative, and significantly so. The top interest rates in the overnight money comparison 2022 from FOCUS online
Click here for the FOCUS Online ETF savings plan comparison
