The ECB turned the interest rate screw twice – but that was enough to triple many interest rates for overnight and fixed-term deposits within a few months. An exclusive evaluation now shows where savers tap the highest interest rates.
The turnaround in interest rates is finally here! What annoys borrowers, such as prospective homebuyers, pleases all savers. Although real interest rates remain negative due to high inflation, saving is at least worthwhile again and helps to mitigate the loss of purchasing power.
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In the evaluation, Verivox assumed an investment sum of 10,000 euros and compared all available overnight and fixed-term deposit offers in the in-house database. All offers can be made from Germany, in some cases via special deposit brokers.
Only banks that belong to the deposit insurance of a state with top credit ratings (“Triple AAA”) fall under “top rating” – i.e. only Belgium, Germany, Finland, France, Luxembourg, the Netherlands, Austria, Sweden as well as Switzerland, Norway and Great Britain.
In some countries, withholding taxes apply, which can reduce the actual net yield of the investment. The Verivox evaluation did not take these aspects into account.
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Interest rates are also rising steadily on call money. In the spring, most offers were between 0.00 and 0.30 percent – now savers are getting more than 0.70 percent even from banks within the German deposit insurance system. “In the course of the turnaround in interest rates, the call money account is also experiencing a comeback. This is where the part of the savings ends up that has to be available at all times for unexpected expenses such as a car repair,” says Maier. Unlike fixed-term deposits, there is no minimum term here.
For a long time, the yields were meager,” notes Verivox Managing Director Maier. Many banks even demanded negative interest rates. “But in the meantime, savers can get up to 0.75 percent on the overnight allowance again.”
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With an investment sum of 10,000 euros, the best overnight money offers would still bring in 75 euros in interest per year. The alternative, says Maier clearly, is far less attractive: “If you simply park your money in your current account, you will get nothing.”
