Day and fixed-term deposit accounts, which have long been largely unattractive for investing, are gaining in popularity again. The reason: The conditions are significantly better. At least on paper.
The European Central Bank (ECB) recently reacted to the high inflation rates in the euro area and increased the so-called main refinancing rate by three quarters of a percentage point to 1.25 percent. That sounds good at first, after all savers have grumbled for many years about too low, no or even negative interest rates.
If you now want to invest your money in a call or fixed-term deposit account, you will get increasingly attractive interest rates. The magazine "Finanztest" (10/2022) found this out in its current interest rate comparison.
According to a comparison, the best interest rate for an overnight investment of 5,000 euros is 0.5 percent annually at the end of August (Norwegian Bank). The Austrian branch of Banco do Brasil (0.4 percent) as well as the Dutch Leaseplan Bank and the Swedish TF Bank (each 0.35 percent) follow in second and third place. At the beginning of August, the best offer was only 0.35 percent interest.
Daily money accounts in comparison
Interest rates also continue to rise on fixed-term deposit accounts. The best one-year time deposit currently offers the French BGFIBank Europe with 1.70 percent (without minimum deposit). With a three-year investment, the French bank Younited Credit scores with 2.06 percent annual interest on an investment amount of at least 2000 euros. Anyone who can spare the money for even five years gets an interest rate of 2.20 percent from the same bank. At the beginning of August there were still no offers above the two percent mark.
Fixed deposit accounts in comparison
And without those who welcome the ECB's move to spoil the mood, it should also be mentioned that the inflation rate in Germany was 7.9 percent in August. As a result, interest rates are still very negative in real terms.
In its interest rate comparison, "Finanztest" only includes banks from EU countries, the European Economic Area and Great Britain that have received top ratings for their economic strength from the three largest rating agencies. Because only here do the testers consider the deposit insurance to be so stable that investors could be compensated promptly in the event of a major bank failure.
