sky-high interest rates reaching 3.25 percent revealed
In the current financial landscape, there are several banking options that offer attractive interest rates, particularly for new customers. Here's a breakdown of some of the best deals available:
Currently, four banks are offering instant access interest rates of 3 percent or more, but these special conditions are only available for a limited time and to new customers. For instance, FNZ Bank offers an action rate of 3.25 percent for new customers for one month after account opening, followed by regular interest rates of 0.75 percent for existing customers.
For those seeking a more long-term investment, fixed-term deposits can be a viable option. For instance, a two-year fixed-term deposit with a starting amount of 10,000 euros could earn up to 570 euros in interest over the entire term. Currently, the highest fixed-term deposit interest rates for a two-year term in the German market are around 2.20% to 2.40% per annum, offered by banks like Opel Bank (2.20%), Bigbank (2.40%), and Grenke Bank (up to 2.40% for longer terms).
However, some foreign banks on platforms like Raisin offer up to 3.00%, but typically for longer terms such as 10 years. For those who prefer to keep their funds within the German market, providers with German deposit protection are currently offering up to 2.5 percent for two-year fixed-term deposits and up to 2.4 percent for one-year terms.
Notably, some banks are still offering top interest rates, especially for new customers. For example, Ferratum, a brand of Multitude Bank, offers the highest unlimited interest rate of 2.8 percent, but funds are protected by Maltese deposit protection. Varengold Bank currently offers the highest interest rate for existing customers among German institutions at 2.3 percent.
It's important to note that many promotional offers require the opening of a current account with the respective bank to benefit from the high interest rates. Offers with limited promotional interest rates are particularly interesting for flexible savers who are willing to move their money around occasionally and switch to another bank after the new customer conditions have expired.
Careful comparison now can secure attractive interest rates, as shown in the new interest report by the comparison portal Verivox. So, if you're looking to maximise your savings, it's worth taking the time to explore these options and find the best fit for your financial needs.
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