A few months ago, banks began raising interest rates to attract new savings. Now a sound barrier has been broken: ING has increased the call money rate for new customers to 1.0 percent. The competition must now follow suit.
ING is offering new customers who open their first money market account with the bank from October 6, 2022 (product name “Extra Account”) a bonus interest rate of one percent per year. This is also guaranteed for four months. For existing extra accounts, on the other hand, a variable interest rate of a miserable 0.001 percent per annum will apply until December 5, 2022. This rate also applies to balances over 50,000. The good news for existing customers: ING wants to increase its overnight interest rate to 0.3 percent per year on December 6, 2022.
Open an overnight deposit account with ING here
Breaking through the one percent mark puts the competition under pressure. Frequent changes at the top of the FOCUS online overnight money comparison have been the norm so far. But the jump in interest rates at ING is unusually large, the gap to the runner-up is already 0.2 percentage points. Just last week, the BNF Bank from Malta took the lead with 0.8 percent. The best interest rates with German deposit insurance have so far been offered by pbb direct at 0.75 percent. It is now a quarter of a percentage point behind ING. And one looks in vain for an interest rate guarantee from the immediate pursuers.
Consorsbank currently offers guaranteed interest for even six months. 0.6 percent per year can be obtained here. The highlight: If the Consorsbank increases the call money interest again, they will also automatically increase with contracts that have already been concluded. This case could soon occur after the interest rate announcement by ING.
If the call money interest is not enough for you, far more attractive conditions lure you with a fixed-term deposit. In Europe there are currently up to 2.25 percent interest on fixed deposits for only 12 months. With a two-year term, even 2.55 percent per year are possible. These offers can also be found in the FOCUS-Online fixed-term deposit comparison. The best-interest fixed-term deposit offer from a German bank currently comes directly from pbb at 1.75 percent for one year. PEAC Bank offers 2.15 percent per year for a two-year term with German deposit insurance.
Even if the rising interest rates offer many savers a welcome change, interest rate investors still have to reckon with real losses in the foreseeable future in view of the high inflation. If you want to counteract this, you should not only rely on overnight and fixed-term deposits, but also ideally conclude an ETF savings plan. You can find the best providers for this in the link below
Click here for the FOCUS Online ETF savings plan comparison
