There is a new top duo in the overnight money comparison by FOCUS online: Bank11 has been offering new customers 2.3 percent since February 1, and IKB is now only just behind with 2.25 percent. Opel Bank and Consorsbank are still in the running with 2.1 percent each.

2.3 percent interest with a six-month interest rate guarantee on credit balances of up to 250,000 euros – who can complain? Bank11’s new offer has thrown the FOCUS online overnight money comparison upside down. Because the institute comes from Germany and can therefore come up with an additional deposit guarantee beyond the EU-wide prescribed 100,000 euros. Your savings are definitely safe there. The only small minus point: Bank11 only credits you with interest annually.

To the Bank11 offer

IKB advanced to second place on Thursday. Their offer: 2.25 percent per annum, three-month interest guarantee and quarterly interest credit. However, IKB only pays interest at this rate on balances of up to EUR 50,000, while Bank11 accepts up to EUR 250,000.

Third place is now taken by the recently crowned leader, Opel Bank. Like the Consorsbank, Opel offers 2.1 percent per annum – with monthly interest credit. Consors, on the other hand, pays interest quarterly. That’s why the yield at Opel Bank is a bit higher than at Consorsbank: Anyone who invests 10,000 euros for three months at Opel receives 52.60 euros in interest compared to 52.50 euros at Consors. For comparison: At Bank11 it is 57.50 euros for three months.

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Open an overnight money account at the Consorsbank here

However, investors who already know that they want to deposit their money in the call money account for longer than three months are better off with Bank11 and Consors. Because there the interest rate guarantee is valid for at least six months. Within this period, there is around 115 euros in interest for 10,000 euros at Bank11. At Consors it is 105.28 euros.

At Consorsbank, the interest rate guarantee is even extended by a further six months if customers conclude an ETF savings plan via the securities account that Consors gives free of charge for six months or buy securities on the stock exchange for at least 1000 euros.

The TF Bank from Sweden also offers 2.1 percent with a monthly credit, but without an interest rate guarantee. Here the Swedish deposit insurance applies up to 1,050,000 crowns, which is the equivalent of almost 93,000 euros.

There are now five banks with an interest rate of 2.0 percent each. New to this round is Barclays with a four month interest rate guarantee and annual credit. Deposits up to EUR 250,000 are accepted, the comprehensive German deposit insurance applies with the backing of the supplementary fund of the Association of German Banks. ING, Advanzia from Luxembourg and the car banks Volkswagen Financial Services and Renault Bank offer the same interest rate.

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See the Barclays offer

Open an overnight deposit account with Renault Bank here

In a field that is so close together, it is worth taking a look at the exact conditions: Bank11, Consorsbank and Volkswagen each guarantee their promotional interest for six months. This is the longest guarantee period in the entire call money comparison. Advanzia, IKB, ING, Opel and Renault offer a three-month guarantee. At Barclays, it’s four months.

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Advanzia, Opel and Renault Bank as well as Volkswagen Financial Services credit their customers with the interest on a pro rata basis every month. This creates a small compound interest effect over the year, which slightly increases the yield compared to the competition.

Consors pays interest quarterly, while Bank11, Barclays, IKB and ING only pay interest once a year.

One thing is clear: your money is safe with all seven top banks in the overnight money comparison by FOCUS online.

In the case of Advanzia and Renault, the states of Luxembourg and France are liable for credits of up to EUR 100,000 in accordance with EU guidelines. Both countries have very good credit ratings, so investors could definitely pay out in the event of insolvency. Attention: The Opel Bank is also subject to French deposit insurance, because Opel has belonged to the French PSA group (Citroën, Peugeot) since 2017.

On the other hand, Bank11, Barclays, Consorsbank, ING and Volkswagen score points with the German deposit insurance. It is not only limited to the EU-wide prescribed 100,000 euros, but is supplemented by the deposit protection fund of the Association of German Banks (BdB), which theoretically protects millions of dollars in deposits.

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Open an overnight deposit account with ING here

However, new customers can only exhaust these limits to a limited extent. Consors accepts up to one million euros from new customers at top interest, IKB, ING and Volkswagen limit the credit balance to just 50,000 euros at the promotional interest rate. Opel and Advanzia also accept customer deposits of up to one million euros at the special interest rate, although these sums are higher than the deposit insurance that applies there. Bank11, Barclays and Renault Bank accept up to 250,000 euros from new customers.

Higher balances that exceed these sums are subject to lower interest rates at all banks.

You can find all the details about the daily money market leaders in the money market comparison from FOCUS online.

Direct brokers such as Scalable and Trade Republic are now offering a completely new alternative to call money. Since the beginning of January, the smartphone broker Trade Republic has been paying interest on credit balances in its clearing accounts at two percent up to a credit balance of 50,000 euros. Of course, Trade Republic relies on customers only depositing their money there for a short time before they buy securities. All the terms of the Trade Republic offer can be found here.

Open your free depot at Trade Republic now!

Scalable even pays 2.3 percent interest on up to 100,000 euros. Originally started as a robo-advisor, Scalable now also offers stock trading on favorable terms. Now comes the attack on the money market account. However, the interest rate of 2.3 percent is linked to a PRIME account that costs EUR 4.99 a month. PRIME includes an unlimited trading flat rate for stocks, ETFs, funds and derivatives, including ETF savings plans and additional features such as setting price alerts free of charge.

However, if you only want to deposit savings and are not interested in trading shares or funds, you should calculate the offer carefully. Investors who only deposit 20,000 euros and do not trade shares receive 460 euros in interest on Scalable minus 59.88 for PRIME (12 times 4.99 euros). This results in an effective interest rate of 2.0 percent, which other banks also offer in overnight money comparisons. For all investment sums below that, the scalable overnight money is not recommended under these conditions.

The calculation is different for investors who pay in the maximum accepted investment amount of 100,000 euros. Then Scalable pays 2300 euros interest minus 59.88 euros for PRIME in the year. In this case, this results in a relatively attractive effective interest rate of at least 2.24 percent.

Scalable is particularly recommended for customers who are planning to do this anyway; conclude at least one ETF savings plan.

Existing customers currently have the best cards with Renault Bank. The French raised the overnight interest rate on existing accounts again in January 2023: to 1.4 percent. Ford Bank pays new and existing customers the same interest rate: 1.25 percent. Advanzia credits its existing customers with 0.8 percent. DKB has been paying its existing customers 0.4 percent since December 1, 2022, and 0.3 percent has applied to existing customers at ING since December 2022. Existing customers of Consorsbank have also received 0.3 percent on overnight money since January 1, 2023.

Are these call money rates still too low for you? Then take a look at our fixed deposit comparison. There, European banks are tempting with interest rates of up to 3.05 percent for a term of only one year. With two years, even 3.35 percent per year is possible. The best time deposit offer from a bank with German deposit insurance for a term of twelve months comes from Aareal Bank with 2.5 percent, followed by Bank11 and PEAC with 2.3 percent.

Aareal Bank even pays 3.15 percent per annum over two years, Ford MONEY Bank 3.05 percent and pbb directly 3.0 percent.