Encouraging, but not enough to compensate for the loss of purchasing power: interest on overnight and time deposits is gradually increasing again. From a term of three years, there is up to 3.0 percent interest, as determined by the financial test.
Savings products that are popular in this country are gradually becoming attractive again. Ever since the European Central Bank announced the end of its loose monetary policy for the time being in order to curb high inflation in the euro zone, interest rates on overnight and fixed-term deposits have been rising bit by bit. The magazine "Finanztest" has examined where the best conditions are currently available (Issue 12/2022).
A call money account can be interesting for savers who want to have access to their savings at any time. At the end of October, the French My Money Bank had 1.25 percent interest per year, followed by the Swedish Qliro (1.20 percent) and the Austrian branch of Banco do Brasil (1.0 percent). For comparison: At the end of August, interest rates were at most 0.5 percent.
If you can spare your money for a certain period of time, fixed-term deposits are an option. According to a comparison, one-year fixed-term deposits yielded up to 2.7 percent interest per year at the end of October (Banco do Brasil).
From a term of three years, there is an interest rate of up to 3.0 percent. However, Pax-Bank requires an investment of at least EUR 500, while Aareal Bank and Crédit Agricole Consumer Finance require EUR 1,000 and EUR 5,000 respectively.
More than 3.1 percent interest is not possible even with a five-year term (Crédit Agricole Consumer Finance, minimum investment 1000 euros). At the end of August, the best conditions for one-year (1.7 percent), three-year (2.06 percent) and five-year (2.2 percent) time deposits were significantly worse.
However, the positive development should not hide one thing: With an inflation rate of 10.4 percent, which the Federal Statistical Office provisionally calculated for October, the real interest rate remains clearly negative.
The magazine "Finanztest" only compared nationally active credit institutions in Germany and abroad without account management fees. The magazine did not take into account offers that are linked to certain conditions, such as a monthly minimum payment. In addition, only those institutes were taken into account whose state deposit insurance the testers currently consider to be stable.
Daily money accounts in comparison
Fixed deposit accounts in comparison
