The three percent mark has been cracked: After Cherry Bank from Italy, PayRay from Lithuania has now also raised the conditions for a 24-month term – and is now ahead with 3.05 percent per annum. Twelve-month time deposits are already available for 2.7 percent.

It wasn’t just the clocks that changed over the weekend: the banks also tightened interest rates. As a result, the leader in the fixed-term deposit comparison from FOCUS online has changed again.

The hitherto completely unknown Cherry Bank from Italy presented on Monday and was the first provider to break the three percent mark for fixed-term deposits. But just two days later, PayRay follows suit: The Lithuanians are now offering 3.05 percent per year with a two-year term.

Over the term of twelve months, Banco do Brasil is still ahead with 2.7 percent. This is the Vienna branch, which is why the Austrian deposit insurance is responsible for deposits. It is followed by Banco Itaú with 2.60 percent. This is the branch in Portugal.

For all banks mentioned, the European deposit insurance applies to balances of up to 100,000 euros, with Austria having the best country rating with AA, which means that it would be the most solvent in the event of insolvency.

In Germany, GEFA Bank has replaced the previous national leader, swk Bank. The Wuppertal-based company offers 2.53 percent per annum for a term of two years and is also ahead by a nose when it comes to terms of more than six (1.5 percent) and twelve months (1.90 percent). GEFA Bank is part of the Société Générale Group, but can still boast German deposit insurance.

Interest rates for an investment period of just six months are now also attractive. Five different banks offer the current top interest rate of 1.80 percent – extrapolated to one year. Unfortunately, none are yet. These are Banca Progetto (Italy), mymoneybank (France), Collector Bank , Resurs (both Sweden) and Banca Itaú (Portugal) . At all banks, the European deposit insurance 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 up to 1.6 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 Cherry 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 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 deposit account, the other parts in fixed-term deposit 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.