Punctually on February 1, there is a new leader in the overnight money comparison from FOCUS online: Bank11 is offering new customers 2.3 percent from today. And the other conditions of the offer are also highly attractive.

2.3 percent interest with a six-month interest rate guarantee on credit balances of up to 250,000 euros – who has anything to complain about? The new offer from Bank11 has it all and whirls the overnight money comparison from FOCUS online 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.

To the Bank11 offer

Although Bank11 only credits its interest annually, the institute, with its 2.3 percent, relegates the Opel Bank, which was only recently voted the front runner. Like the Consorsbank, Opel offers 2.1 percent per annum – with a monthly interest credit. Consors pays interest quarterly That’s why the yield at Opel Bank is a bit higher than at Consorsbank: Whoever invests 10,000 euros for three months at Opel receives 52.60 interest compared to 52.50 euros at Consors. For comparison: Bank11 already costs 57.50 euros for three months.

Open an overnight deposit account at the Opel Bank here (advertisement)

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 interest for 10,000 euros at Bank 11 of around 115 euros. 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.

Behind OPEL and Consors are still four banks with an interest rate of 2.0 percent each. In addition to ING and Advanzia from Luxembourg, there are two other automotive banks: Volkswagen Financial Services and Renault Bank.

Open an overnight deposit account with Volkswagen Financial Services here (advertisement)

Take out an overnight deposit account at 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, ING, Opel and Renault offer a three-month guarantee.

Open an overnight deposit account with Advanzia here (advertisement)

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

Open an overnight deposit account with Advanzia here (advertisement)

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, 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 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 follows 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.