Large and well-known banks from Germany and France are now also offering fixed-term interest rates close to the three percent mark – for terms of two years. What is new is that the interest on one-year time deposits is also approaching this mark.

More and more banks are now getting involved in the race for the highest interest rates on fixed deposits. At the top of the FOCUS online fixed-term deposit comparison this week, another institute from Malta ranks: The BNF Bank offers 2.82 percent for a term of just twelve months. APS Bank is a second Maltese bank in the top group. They are closely followed by banks from France, Lithuania and Estonia. Institutes based in Austria are also included. But German banks are within striking distance.

Another interesting player is CE Consumer Finance, a subsidiary of the French Crédit Agricole group. Since mid-November, the CE has been at the fore when it comes to periods of 12 and 24 months. The French offer 2.7 percent interest for a one-year fixed-term deposit and even 3.0 percent per annum for two years. In addition, these interest rates apply to deposits of up to EUR 500,000, while the competitors usually only accept EUR 100,000 at their top interest rates.

PayRay from Lithuania, with an interest rate of 3.10 percent, leads the FOCUS online fixed-term deposit comparison over a period of two years, ahead of InBank from Estonia with 3.07 percent and Addiko from Austria with 3.05 percent. It is followed by CE Consumer Finance and Italy’s Cherry Bank, each with 3.0 percent.

From a German point of view, the offer of the Ford MONEY Bank is very attractive in this term segment, which offers 2.8 percent per annum for a period of two years – with German deposit insurance. and for cash deposits up to one million euros. For comparison: PayRay limits the investment sum to 95,000 euros.

Open a fixed deposit account at Ford Money Bank here

BNF Bank from Malta took the lead this week over the term of twelve months. She offers 2.82 percent. They are followed by Siauliu Bankas from Lithuania, APS Bank from Malta and Banco do Brasil, which offer 2.8 percent for a one-year term.

Incidentally, Austria is responsible for deposits at the Banco do Brasil, because this is the Viennese branch of the South Americans.

For all banks mentioned, the European deposit insurance applies to balances of up to 100,000 euros.

What is new is that a competition is now also breaking out for the fixed-term deposit period over three years. PayRay leads here with 3.3 percent ahead of InBank with 3.27 percent and Addiko Bank (Austria) with 3.25 percent. This interest rate is also available from the Italian Cherry Bank.

In Germany, Bank11 offers the highest interest rate of 2.05 percent over a period of twelve months. It was followed by SWK Bank with 1.95 percent and GEFA Bank with 1.90 percent. Important difference: The SWK’s offer is valid for up to 250,000 euros, while GEFA, according to its own statements, even pays interest of up to 10 million euros with its high interest rate. However, the people of Wuppertal also expect a minimum deposit of 10,000 euros. GEFA Bank belongs to the Société Générale Group, but, like SWK, can still offer German deposit insurance including additional protection from the deposit protection fund of the Association of German Banks (BdB).

On the other hand, over the short term of six months, GEFA and SWK are tied at 1.5 percent each.

As described above, over 24 months or two years, Ford MONEY Bank leads with 2.8 percent. That is significantly more interest than at Bank11 (2.6 percent), SWK (2.55 percent) and GEFA (2.53 percent).

To the offer of the SWK Bank

To the offer of GEFA Bank

There are also changes again in interest rates for an investment period of six months: adjustments. There, the Resurs Bank from Sweden has now raised its interest rate to 2.45 percent. Second place is now taken by the BNF Bank from Malta with 2.25 percent together with Banka Kovanica, which also has 2.25 percent. Important for this term: The interest is extrapolated to one year. Customers who invest with BNF Bank for about six months effectively receive 1.125 percent on their balances for this period, provided they are not able to invest again at that rate. At all of the banks mentioned in this category, the European deposit guarantee applies to deposits of up to EUR 100,000.

Would you rather remain flexible? Then you will find the current top offers for call money here. There, too, there are already interest rates of up to 1.65 percent.

Do you still have credit lying around in your savings book or even in your checking account with almost no interest? Then now is the time to switch. Start with a portion, then you can add more later if interest rates continue to rise.

Of course, the higher interest rates are still not enough to offset the rising inflation rate. But doing nothing is even more expensive: With a currently interest-free credit balance of 20,000 euros, you are giving away 560 euros in interest per year, which Ford Money Bank, for example, would pay you on it.

Would you like to keep an eye on interest rates for a while longer? Then you should regularly follow the current conditions in the FOCUS fixed-term deposit comparison online.

Important: With fixed-term deposits, you determine at the beginning how long you will deposit the money. A premature disposal is usually not possible.

Tip: Since further interest rate increases are to be expected in the current competition, you should proceed in stages. With the so-called staircase strategy, you divide your savings into different pots. You put your buffer for emergencies on the call money account, the other parts on fixed deposit accounts for six months, twelve months and 24 months, for example. In this way, you always remain flexible, even if interest rates continue to rise, and you can already use the next higher offer after 6 months.