Imagine that interest rates are turning and your bank is not going along with it. Inconceivably? Not at all. Because more than half of the financial institutions still pay 0.00 percent interest for the credit on the call money account.
The fact that the European Central Bank (ECB) is increasing the so-called main refinancing rate to 3.0 percent is improving the prospects for savers. However, only if they park their savings on the right call money account. Because far from all savers have benefited from the turnaround in interest rates.
According to a recent analysis by the comparison portal Verivox, the majority of banks still do not offer any interest on the money market account. Especially with the local savings banks and the Volksbanks and Raiffeisenbanks, investors usually go away empty-handed. However, the number of banks with zero interest rates has also recently fallen among the regional banks, as the analysis shows.
But of the 644 banks evaluated, 353 still do not offer interest on the call money account. This means that savers still get nothing from 55 percent of all banks. However, the Verivox data also show that something is happening at the banks: in an evaluation around four weeks ago, the comparison portal had researched 397 banks with zero interest on the call money account.
Of a total of 259 local savings banks in the Verivox evaluation, 160 pay no interest. This corresponds to a share of 62 percent. Just four weeks ago, savers received no interest on their overnight deposits at three out of four savings banks (74 percent). At the regional cooperative banks, i.e. the local Volksbanks and Raiffeisenbanks as well as the PSD and Sparda banks, the proportion of banks with zero interest is slightly lower at 58 percent than at the savings banks. In the last evaluation, the zero interest rate was still 65 percent. Currently, 185 of the 318 regional cooperative banks evaluated have an overnight interest rate of 0.00 percent.
If interest is paid at all, it is rather modest at savings banks and regional cooperative banks, averaging 0.09 percent. Call money offers nationwide have an average interest rate of 0.66 percent, which is significantly higher. Only at 8 out of 67 evaluated banks do savers receive no overnight interest at all.
Akbank currently offers the highest interest rate, which applies equally to new and existing customers, among the German institutes. It pays savers 1.60 percent. In addition, some banks advertise with even higher interest rates and grant their new customers special conditions for a certain period of time. Bank11 currently offers the highest promotional interest rate. It pays new customers 2.30 percent and guarantees this interest rate for 6 months. After that, interest continues to be paid on the balance at regular existing customer conditions (currently: 0.5 percent).
Daily money accounts in comparison
