Interest rates on savings accounts keep rising. Nevertheless, many savers are still waiting in the hope of even better offers – especially when it comes to overnight money. Now there is a new, highly attractive offer.

The race for the highest overnight interest rate has reached a new level: ING, Germany’s largest direct bank, is raising the overnight interest rate for new customers to 2.0 percent with immediate effect, breaking through this interest rate barrier for the first time in years.

The interest is also guaranteed by ING for four months – that’s almost as good as a fixed deposit. With this, the ING refers the Consorsbank, which only last week took over the top position in the overnight money comparison from FOCUS online, back to second place. Consors offers 1.65 percent, guaranteed for six months.

Open an overnight deposit account with ING here

Open an overnight money account at the Consorsbank here

Important difference: The ING limits the top interest rate to deposits of up to 50,000 euros, while the Consorsbank applies the promotional interest rate to unlimited credit balances.

Both banks are not only covered by the German state deposit insurance up to EUR 100,000, but also by a guarantee from the Association of German Banks. This means that even higher credit balances of one million euros and more are theoretically secured.

The only drop of bitterness: Existing customers have not (yet) benefited from the new top conditions. Since December 6, ING has given you 0.3 percent on the call money, and Consors will only increase the call money rate for its existing customers to 0.3 percent in January.

Even higher interest rates, with a comparatively short term, can be obtained by customers with fixed-term deposit offers from banks in other European countries. The Coop Bank from Estonia even offers 2.55 percent with a term of only six months. In Germany, Bank11 offers 1.75 percent for the same term. This interest rate applies to credit balances from new customers of up to EUR 250,000.

To the Bank11 offer

Here you will find more offers in the time deposit account comparison from FOCUS online