Since the European Central Bank has been raising the key interest rate step by step, more and more banks are following suit. Credit institutions are outdoing each other with ever higher interest rates on savings deposits. Now the first German bank offers 1.5 percent call money interest – nationwide.

For a long time there was no interest on the savings for savers. Savers with six-figure deposits even had to pay penalty interest. Those days are over. After the ECB raised the key interest rate, which is now two percent, more and more banks are offering their customers interest on fixed-term and overnight deposits. Now the first German bank pays its customers nationwide 1.5 percent on the overnight money: It is the Raiffeisenbank Hochtaunus based in Bad Homburg, also known as “My Bank”.

As stated on the bank’s website, it is a free money market account that customers can also open online. The advantage over the fixed-term deposit account: You can deposit and withdraw money at any time and thus have access to your deposits at any time. The Raiffeisenbank also does not charge a custody fee.

Customers receive a guaranteed fixed interest rate of 1.5 percent for the first four months, but only up to a savings amount of 100,000 euros. With a savings amount of up to one million euros, there is only 0.5 percent guaranteed interest for the first four months. A variable interest rate applies from the fifth month, which is currently 0.5 percent. These conditions then apply up to a savings amount of one million euros.

No bank in Germany currently offers more money on the call money. Bank11 is currently in first place with an interest rate of 1.11 percent and an interest rate guarantee of four months. The offer applies to new customer deposits of up to EUR 100,000, above which the interest rate drops sharply to just 0.05 percent.

Open an overnight deposit account at Bank11 here (advertisement)

The FOCUS Online Guide shows you how to invest your money profitably and avoid expensive traps.

Advanzia from Luxembourg currently offers the highest call money offer on the market at 1.6 percent. There is also an interest rate guarantee of three months. Open an overnight deposit account with Advanzia here (advertisement)

For investors who want to deposit up to 250,000 euros with good interest, the Renault Bank Direct offer is suitable. She pays 1.05 percent.

Also read: Call money interest ticker – 1.6 percent interest on call money! Luxembourg bank distances itself from the competition

It is true that savers with a call money account are much more flexible than with a time deposit account. With a fixed deposit account, you agree to park a predetermined amount in an account for a specific period of time. However, interest rates on savings deposits are currently still well below current inflation. According to the Federal Statistical Office, inflation in September was exactly ten percent. The real interest rate is therefore still negative, and significantly so. The top interest rates in the overnight money comparison 2022 from FOCUS online

Click here for the FOCUS Online ETF savings plan comparison

Hasan Alkas is a professor of microeconomics with a focus on international markets, he was an advisor to the Minister of Transport and Communications in Turkey for several years and worked at the European Commission in industrial policy. He loves Germany, but he ruthlessly exposes Germany’s weaknesses.

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