Germany’s savers are experiencing tough times: inflation is currently jumping to ten percent. That’s why the savings are melting away at record speed. If you want to at least mitigate the depreciation in value, you should look around for lucrative fixed-term deposit offers. Currently three percent interest and more are possible.

For the first time in years, a bank is again offering more than three percent interest on a fixed-term deposit with a term of three years. This is indicated by the interest platform WeltSparen.

It concerns the offer of the SME Bank. With a 36-month investment, savers get 3.20 interest per year.

Open a time deposit account at SME Bank here

Just a few months ago, savers could only expect interest rates of 0.5 to 1 percent.

The value of two percent for one-year time deposits was recently cracked. But since then it has been shown that banks are constantly outdoing each other with new interest rate offers. Good for consumers in times of high energy costs, rising consumer prices and unleashed inflation.

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However, savers should not tie up every available euro in a fixed-term deposit account. Because: If they need money in the short term, the savings amounts invested are blocked and are not available.

Experts therefore urgently advise observing the following rules when investing savings:

In order for customers to find lucrative offers, they should use online comparison calculators to view the offers. In addition to the interest rate, the amount of the deposit guarantee is also important. All European deposit products are insured up to EUR 100,000. However, some banks in Germany still offer significantly higher deposit insurance.

If you invest your money in foreign currencies such as dollars or British pounds, you can sometimes collect higher interest rates than for investments in Germany or in the euro area. However, there is an exchange rate risk: if the euro falls by the end of the fixed-term deposit contract, savers may receive less money back than they had invested.