The three percent mark has been cracked: The hitherto completely unknown Cherry Bank from Italy has thus taken the lead in the fixed-term deposit ranking over 24 months. Across all maturities, the banks raised the conditions at the end of the month.

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 has taken it upon itself to crack the three percent mark for fixed-term deposits, which the competition has so far shied away from. With an interest rate of 3.00 percent per year and a term of two years, the Italians are now ahead of PayRay and sme – both from Lithuania.

Over the term of twelve months, Banco do Brasil is now 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 two-year term and is also ahead by a nose when it comes to terms of over six and twelve months. 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. Banca Progetto (Italy), mymoneybank (France), Collector Bank (Sweden) and Banca Itaú all offer 1.80 percent – extrapolated to the year. The European deposit guarantee applies to all banks for deposits of up to EUR 100,000.

Would you rather remain flexible? Then you will find the current top offers for overnight 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.