Up to 1.25 percent interest on one-year fixed-term deposits: what seemed unthinkable a short time ago is now reality. Overnight interest rates are also picking up again. But which banks offer customers the best conditions for both long-term and short-term investments?
Penalty interest on overnight money, interest on fixed deposits just above zero: Those days are over. For the first time in three years, customers who invest their money for twelve months will again receive up to 1.25 percent interest. If you commit to three years, you can even get 1.8 percent from a very good provider.
Most customers, however, want their banking to be under one roof. On behalf of ntv, FMH-Finanzberatung has therefore determined which bank offers the best range of call money and fixed-term interest rates. In addition to overnight money, the Frankfurt experts also examined time deposit investment periods of 12, 24 and 36 months and an investment amount of EUR 10,000 each.
In order to make the results comparable and understandable, the FMH first created a ranking of the individual products and then made this the benchmark for the evaluation. That's more meaningful than just interest rates alone. And it enables customers to find the best bank for their individual needs. Depending on how willing you are to take risks and your schedule, the wishes of savers can vary greatly.
While one investor might want to park his money in a call money account with a good interest rate and wait and see how far fixed-term deposit interest rates will rise, another would like to invest a large part of his savings in a good one-year fixed-term deposit and later make a long-term investment decision. Still others may have no problem tying down an investment for three years today.
Depending on their personal need for security, some customers will also prefer the comprehensive German deposit insurance to the European one. Because the interest rates are slightly lower for the former, the FMH has divided the evaluation accordingly.
At the top of the first group (extended deposit insurance) are PBB direct, Bank11, Ford Bank and IKB Deutsche Industriekreditbank. There are good offers from GEFA BANK, ABCBank and Merkur Privatbank, among others.
In the group with statutory deposit insurance, Bigbank from Estonia and Renault Bank are right at the top. In the second row follow Vakifbank, Varengold Bank before Garantibank and NIBC Direct.
What is interesting about this result is that above all those banks that also offer good installment loans or are active in investment financing score points. Apparently, refinancing with attractive fixed-term deposit rates is currently more lucrative than refinancing with the European Central Bank.
If you want to search for the best interest rate offers yourself, you will find the right comparison calculator at ntv.de:
Overnight Allowance Comparison
Fixed deposit comparison
(This article was first published on Monday 05 September 2022.)
