With inflation falling this month, many banks are reducing their interest rates on current and fixed-term deposit accounts.
But some banks still pay relatively high interest rates, as an analysis by Verivox shows.
The highest interest rates for fixed-term deposit accounts in Europe, for example, are with the German Cronbank (3.8 percent for 24 months) and the Bank of Scotland (3.8 percent for 6 months).
The wave of falling interest rates at banks continued in March. In view of this, it is even more important for savers to compare the varying conditions for current and fixed-term deposit accounts. But which financial institutions are currently offering the most attractive interest rates? An evaluation of the comparison portal Verivox provides insights into the currently most advantageous interest rate offers.
“The ECB deposit interest rate has been at an all-time high of four percent for almost six months,” says Oliver Maier, Managing Director of Verivox. “That’s how much the credit institutions themselves make when they park their customers’ savings at the European Central Bank.”
But many overnight investors still receive little or nothing from this. As the current Verivox evaluation shows, a fifth of all banks and savings banks still pay either no interest at all or at best low interest rates of a maximum of a quarter of a percent on their daily money. “If you compare offers, you can secure significantly higher interest rates,” says Maier.
In this comparison from Verivox for Business Insider you can see which banks are currently paying the highest interest rates (excluding promotional interest rates) for fixed-term deposits with different terms and for daily money.
Fixed-term deposit offers with the best interest rates
Anyone who wants to park their money abroad will have to expect lower interest payments than in the previous month. With a term of six months you get the top rate of 4.15 percent at Alpha Bank Romania.
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With a twelve-month term you get the top rate of 3.75 percent at the Bigbank in Estonia. So if you invest 10,000 euros there, you will receive 375 euros in interest income after one year.
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Interestingly, a German bank is considered the front runner of European fixed-term deposit accounts with a 24-month term. The top rate here is 3.8 percent, which is offered by Cronbank from Dreieich (Hesse).
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Only two attractive fixed-term deposit offers in Germany
Let’s now take a closer look at the fixed-term deposit offers in Germany. Even if the name gives a different impression, the Bank of Scotland – with deposit protection in Berlin – comes in first place among fixed-term deposit accounts with a six-month term. You get this at an interest rate of 3.8 percent.
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The top rate of the top account with a twelve-month term is slightly lower. You can get this from the Frankfurt Ziraat Bank at 3.65 percent.
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As already mentioned, you get the highest interest rate for a 24-month account with Cronbank at 3.8 percent. With a theoretical investment of 10,000 euros, you would receive a total of 760 euros in interest income after two years.
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Daily money offers of up to four percent
Let’s look at daily money. Here you get relatively good interest rate offers – as the interest rates are usually significantly lower than with fixed-term deposits.
In a European comparison, the top rate for overnight money is at the neobank Trade Republic. You get a full four percent per year on your system.
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If we take a closer look at the German banks, you get the highest interest rates at Akbank from Eschborn (Hesse). Here the top rate is 3.05 percent.
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