Many savers have not even noticed that the banks are currently engaged in an interest rate race on fixed-term deposit accounts. With interest rates of up to 2.4 percent for a 12-month term, the conditions have already reached attractive levels.

Interest rates on fixed deposit accounts are increasing. Within a week, the leader in the fixed-term deposit comparison from FOCUS online has changed three times. Because it has become more expensive for banks to refinance mortgages and loans on the capital market, they are now trying to collect more savings from customers. And for that they have to offer higher interest rates than the competition.

BNF Bank, based in Malta, already offers 1.7 percent interest for an investment period of just six months. This applies to the year. Anyone who withdraws their money after the 6 months is de facto credited with 0.85 percent. The offer of the Portuguese Banco Itaú BBA is hardly inferior: 1.65 percent are there. At both banks, the European deposit guarantee applies to deposits of up to EUR 100,000. Nevertheless, the states must be accountable for this. There, Malta has a credit rating of A- from the rating agency Standard

The best 6-month fixed-term deposits from a German bank are offered by GEFA Bank and swk Bank, each with 0.8 percent per year. With longer maturities of more than 12 months, Bank 11 and pbb are directly ahead among the German institutions. Both offer 1.75 percent for a one-year term. The best German time deposit offer over 24 months offers the Ford Bank with 2.3 percent.

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

If that’s not enough for you, you should invest your money in other EU countries – at least part of it. Since Friday, illimity Bank from Italy and sme Bank from Lithuania have each offered 2.40 percent for a term of 12 months. This put the Portuguese Banco Itaú BBA, which offers interest rates of 2.35 percent, in first place for just 48 hours. In all three cases, the European deposit guarantee applies to deposits of up to 100,000 euros.

If you can deposit your money for 24 months, Banca Progetto rewards you with 2.7 percent interest per year. Banca CF from Italy offers 2.60 percent, illimity offers 2.55 percent. These are values ​​that savers could only dream of just a few months ago. All three institutes come from Italy, the European deposit insurance applies up to 100,000 euros.

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 480 euros in interest per year, which illimity 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 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.