The overnight money comparison from FOCUS online has been firmly in German hands for weeks. Now the automotive banks are getting involved too. After Ford scored particularly well with time deposits, the bank subsidiaries of VW and Renault (France) are now competing for the top interest rate for call money.
There is movement again at the top in the overnight money comparison from FOCUS online. The Consorsbank continues to offer the highest interest rate at 2.1 percent.
Open an overnight money account at the Consorsbank here
But they are now followed by four banks with an interest rate of 2.0 percent. Two automotive banks joined ING and Advanzia from Luxembourg in mid-January. These are Volkswagen Financial Services and Renault Bank.
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Open an overnight deposit account with ING here
It is therefore worth taking a look at the other conditions: The 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 and Renault offer three months warranty,
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Take out an overnight deposit account at Renault Bank here
In addition, ING and Volkswagen score points, as does Consorsbank, 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 Federal Association of German Banks (BdB), which theoretically protects millions of dollars in deposits.
However, new customers can only exhaust these limits to a limited extent. Consors alone 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.
On the other hand, Advanzia also accepts up to one million euros at the promotional interest rate, while Renault Bank accepts up to 250,000 euros from new customers. Higher balances that exceed these sums are subject to lower interest rates at all banks.
In terms of deposit protection, Advanzia and Renault Bank are offering the 100,000 euros that are common in the EU. However, their home countries of Luxembourg and France also have very good credit ratings and should be solvent enough to pay out larger sums quickly in the event of damage.
It should also be mentioned that Advanzia, Renault Bank and Volkswagen Financial Services credit customers with their interest on a monthly basis, which gives them a small benefit from the compound interest effect. Consors pays its interest quarterly, ING only once a year.
Mymoneybank (France) now occupies sixth place in the overnight money comparison by FOCUS online with 1.85 percent, ahead of Deutsche Bank 11 with 1.85 percent.
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You can find all the details about the daily money market leaders in the money market comparison from FOCUS online.
Since January, investors who are not averse to the stock market have also been able to find an alternative to overnight money with the smartphone broker Trade Republic. There, credit balances on clearing accounts have recently also been paying interest at two percent. Of course, Trade Republic relies on customers only depositing their money there for a short time before they buy securities. All conditions of the Trade Republic offer can be found here.
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. 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 3.40 percent per year are 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.