Call money and time deposits: Where there is the most interest for savers

Savers can look forward to rising interest rates. This applies to daily and fixed-term deposits.

Despite this positive development, investors must be aware that high inflation is destroying assets, even at the currently most lucrative interest rates. This is precisely why it is important to secure the highest possible interest rates. This is the only way to curb the loss of purchasing power.

Top providers pay significantly more than a few months ago

FOCUS online, together with the online comparison portal Verivox, lists the financial institutions that offer comparatively lucrative interest credits. The data is based on the bank offers for interest on call money and fixed-term deposit offers for 24, 12 and 6 months. Status is July 18, 2023.

The interest rate comparison includes two types of money houses:

• domestic institutions with German deposit insurance
• Banks in other countries with the best credit rating (“Triple A”)

Reason for thinking outside the box: Interest rates in other countries can be higher than in Germany. Then there is no exchange rate risk, if the country in question also has the euro as its currency. This applies to the Netherlands and Austria, for example.

The most lucrative providers among around 800 financial institutions

The comparisons are based on current overnight and fixed-term interest rates from around 800 banks and savings banks. The interest shown is evaluated for an investment sum of 10,000 euros.

Important: All offers in the evaluation can be completed from Germany – in some cases via special deposit brokers such as the large providers Weltsparen or Zinspilot.

The best interest rates in the EU

Investors can find an overview of the best interest rate offers in the EU here. Deposits are always in EU countries up to 100,000 euros per bank and customer secured by the deposit guarantee system of the respective country.

In addition, the Verivox experts have put together an overview of providers from countries with very good credit ratings. In addition, the interest professionals name the best offers from Germany.

The best overnight money offers

Best interest rates in the overall market:

• Merkur Privatbank (Germany, for account holders)*: 3.50 percent
• J&T Direct Bank (Czech Republic): 3.30 percent
• BMW Bank (Germany): 3.00 percent

*Cash money investors without a securities account at the bank receive 2.50 percent interest.

Best interest rates from top-rated countries:

• Merkur Privatbank (Germany, for account holders)*: 3.50 percent
• J&T Direct Bank (Czech Republic): 3.30 percent
• BMW Bank (Germany): 3.00 percent

*Cash money investors without a securities account at the bank receive 2.50 percent interest.

Best interest rates with German deposit insurance:

• Merkur Privatbank (Germany, for account holders)*: 3.50 percent
• BMW Bank (Germany): 3.00 percent
• Varengold Bank (Hamburg): 2.50 percent

*Cash money investors without a securities account at the bank receive 2.50 percent interest.

Tipp: In the FOCUS online daily allowance comparison, you get even more:

• Openbank – part of the Spanish Santander Group – pays 3.70 percent. With a six-month interest rate guarantee for new customers.
• The Spanish Suresse Direct Bank also offers 3.70 percent: New customers receive the promotional interest for six months.
• TF Bank: The Swedish online bank offers 3.60 percent. With four months interest rate guarantee.
• 1822directly based in Frankfurt/Main: The money house pays 3.60 percent. With four months interest rate guarantee.

Open an overnight money account at Suresse Direct Bank

The best fixed deposit offers

24-month fixed-term deposits bring higher interest rates than overnight money that is available at any time. This is the reward for the long commitment.

Here you can compare all fixed deposit offers:

Fixed deposit with a term of 24 months

Best interest rates in the overall market:

• Cherry Bank (Italy): 4.30 percent
• Rietumu Banka (Latvia): 4.20 percent
• Haitong Bank (Portugal): 4.16 percent

Best interest rates from top-rated countries:

• Crédit Agricole Consumer Finance (France): 4.10 percent
• Klarna Fixed Deposit+* (Sweden): 4.01 percent
• SWK Bank (Germany): 4.00 percent

*The “Fixed Deposit+” offer is only available to customers with a current account at Klarna. The bank pays all other customers the following fixed deposit interest: 3.93% for a term of 24 months, 4.03% for a term of 12 months, 3.53% for a term of 6 months.

In Sweden, deposits are protected up to SEK 1,050,000 per bank per customer. At the current exchange rate, that’s the equivalent of around 90,000 euros.

Best interest rates with German deposit insurance:

• SWK Bank (Germany): 4.00 percent
• Aareal (Wiesbaden): 3.85 percent
• Signal Iduna (Hamburg): 3.80 percent

Fixed deposit with a term of 12 months

Best interest rates in the overall market:

• PayRay (Lithuania): 4.25 Percent
• Itaú BBA (Portugal): 4.20 Prozent
• Rietumu Bank (Latvia): 4.20 percent

Best interest rates from top-rated countries:

• Klarna Fixed Deposit+* (Sweden): 4.11 percent
• Crédit Agricole Consumer Finance (France): 4.05 percent
• Nordax Bank (Sweden): 4.00 percent

*The “Fixed Deposit+” offer is only available to customers with a current account at Klarna. The bank pays all other customers the following fixed deposit interest: 3.93% for a term of 24 months, 4.03% for a term of 12 months, 3.53% for a term of 6 months.

In Sweden, deposits are protected up to SEK 1,050,000 per bank per customer. At the current exchange rate, that’s the equivalent of around 90,000 euros.

Best interest rates with German deposit insurance:

• Akbank (Eschborn): 3.60 percent

Fixed deposit with a term of 6 months

Best interest rates in the overall market:

• Fimbank (Malta): 3.85 percent
• Aegean Baltic Bank (Greece): 3.80 percent
• BAI Europa Bank (Portugal): 3.75 Prozent
• CA Auto Bank (Italy): 3.75 percent
• Crédit Agricole Consumer Finance (France): 3.75 percent
• PayRay (Lithuania): 3.75 Percent
• Rietumu Banka (Latvia): 3.75 percent

Best interest rates from top-rated countries:

• Crédit Agricole Consumer Finance (France): 3.75 percent
• My Money Bank (France): 3.65 percent
• Klarna Fixed Deposit+* (Sweden*): 3.61 percent

*The “Fixed Deposit+” offer is only available to customers with a current account at Klarna. The bank pays all other customers the following fixed deposit interest: 3.93% for a term of 24 months, 4.03% for a term of 12 months, 3.53% for a term of 6 months.

In Sweden, deposits are protected up to SEK 1,050,000 per bank per customer. At the current exchange rate, that’s the equivalent of around 90,000 euros.

Best interest rates with German deposit insurance:

• PSA direct bank (Neu-Isenburg): 3.10 percent
• OLB Bank (Oldenburg): 3.00 percent
• Münchener Hypothekenbank (Munich): 2.90 percent

Be careful when saving in foreign currencies

Of course, savers can also put their money in an interest account at a bank outside the euro zone – for example in Great Britain or Sweden.

In doing so, however, they must keep several risks in mind: the liability guarantee in the event of a bank failure in another country may be below the regulations in Germany. In this country, deposits are up to 100,000 euros per account secured by law.

A second major danger is possible exchange rate risks. If the saver invests his money in dollars, for example, his income depends on the exchange rate between the euro and the dollar. If the value of the dollar falls during the investment period, the saver ends up getting back less euros than they initially invested. And that despite the accrued interest.

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The depot comparison of FOCUS online (display)