Fixed-term deposit time for savers: Banks are in a hot race for new customers with fixed-term and call money, outbidding each other with good offers. Now there are up to 2.0 percent interest – a sound barrier was broken, but not everyone heard the bang. Here you get an overview.

Again and again, banks outbid each other with even better offers. The reason for this continues to be the need for new capital for the ongoing lending business of the banks. They sometimes outdo each other weekly with higher interest rates.

This has already led to an exciting race for call money in August: 0.5 percent are already included for new customers – available daily and guaranteed for up to twelve months. At Renault Bank Direct, there has recently even been a 0.55 percent rate with a three-month interest rate guarantee.

Savers get even higher interest rates on fixed deposits: EU banks outside Germany offer up to 2.0 percent for a term of just twelve months.

The best time deposit offer from a German bank with German deposit insurance is currently still from PAEC Bank. It offers 1.3 percent for twelve months and 1.5 percent with an investment period of two years. Accounts with PAEC can only be opened through the agent Weltsparen, which belongs to the Raisin Group.

If you want to entrust your money to a bank in another EU country, you can also do this via an account with Weltsparen. The time deposit can be transferred to illimity Bank or BANCA PROGETTO, which offer 2.0 percent for a term of only twelve months and are based in Italy. Deposits are protected by the European deposit insurance up to 100,000 euros. The coop Pank from Estonia also offers 1.7 percent. The European deposit insurance also applies here. PayRay, an institute from Lithuania, ranks third. It offers 1.60 percent.

Over a term of two years, illimity and BANCA PROGETTO even pay 2.3 percent interest per annum, PayRay offers 2.2 percent.

Since interest rates change every week – often on Fridays – it is worthwhile to regularly monitor interest rate developments in the FOCUS fixed-term deposit comparison online. It is true that none of the offers mentioned is sufficient to offset the current inflation rate. Nevertheless, it is always better than leaving your money in your checking account without interest.

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 put 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.