Fixed-term deposit interest for an investment period of two years has already clearly exceeded the three percent mark. Several banks are now breaking through this sound barrier with a term of just one year. And German banks also offer attractive conditions.

Shortly before the turn of the year, another sound barrier was broken in the competition for the highest fixed-term deposit interest rate: three banks from other European countries are now offering 3.0 percent for a term of only one year. However, the BAI from Portugal and the Banca Progetto from Italy require a comparatively high minimum deposit of 10,000 euros. The Banca Sistema, which is also based in Italy, already pays interest on their 3.0 percent from a deposit of 5,000 euros.

At all three banks, deposits of up to EUR 100,000 are guaranteed by the state deposit insurance system prescribed in the EU.

The fourth place in the FOCUS online fixed deposit comparison with a term of 12 months (one year) is just 0.02 percentage points behind. It is the previous leader PayRay from Lithuania with 2.98 percent, followed by sme Bank with 2.97 percent and Siauliu Bankas with 2.95 percent. All three banks are from Lithuania and accept up to 95,000 euros (PayRay) or 100,000 euros (sme and Siauliu as well as BAI) at their promotional rate. This also corresponds to the deposit guarantee according to EU requirements. PayRay and Siauliu also expect a minimum deposit of 5000 euros, sme Bank does not require a minimum deposit.

In the fixed deposit comparison by FOCUS online over two years, Banca Progetto has now also pushed itself to the top with an interest rate of 3.40 percent per annum. PayRay ranks just behind with currently 3.36 percent per year. The distance to third-placed sme Bank, which attracts with 3.14 percent per annum, and Inbank from Estonia with 3.12 percent is clearer.

For comparison: Bank11 offers the best one-year fixed deposit of a German bank with an interest rate of 2.3 percent. With a term of more than two years, the highest offer came from pbb direct at 3.0 percent, followed by Bank11 at 2.85 percent.

Even longer maturities, on the other hand, are hardly worthwhile: frontrunner Banca Progetto offers 3.5 percent per annum for a three-year fixed-term deposit, which is only 0.1 percentage points more than the two-year variant. Among the German banks, pbb directly has 3.15 percent for this term, and Bank11 offers 3.10 percent here.

On the other hand, if you only want to park your money for six months, you will also find a good interest rate of 2.5 percent at Banca Progetto, while the Portuguese institutes BAI and BNI offer 2.3 percent each. However, these interest rates apply per annum, as is customary in the industry, so with a term of six months, half of them are credited.

Would you rather remain flexible? Then you will find the current top offers for call money here. There, too, the current leader from Germany has interest rates of up to 2.1 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 600 euros in interest per year, which Banca Progetto, for example, would pay you on it.

Would you like to keep an eye on interest rates for a while longer? Then you should follow the current conditions regularly 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 invest your buffer for emergencies in the call money account, the other parts in fixed-term accounts for, for example, six months, twelve months and 24 months. 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.