Banks typically offer minimal interest on daily deposits, resulting in savings rates as high as 4%.
In the ever-changing landscape of German finance, finding high-interest savings accounts that outperform the national average of 1.75% can be a challenging task. Here's a guide to help you navigate through the maze of options:
Current High-Interest Savings Accounts in Germany
- Consorsbank: While Consorsbank offers a typical interest rate of around 2.8% for new customers, with ongoing rates at 1%, it's worth checking for any special promotions or conditions that might offer higher rates [1][2].
- Comdirect: Comdirect, a subsidiary of Commerzbank, offers a savings interest rate of 1.5% for new customers for a limited period. As always, verify current offers [2].
- Trade Republic: Trade Republic offers a competitive 4% interest on uninvested money, which is more suitable for investing accounts rather than traditional savings accounts [3].
How to Find More High-Interest Accounts
- Online Banking Platforms: Consider online banks like TF Bank, which offers a 2.55% interest rate for new customers for the first three months, dropping to 1.45% afterward [1].
- Digital Banking Apps: Apps like Trade Republic, while more focused on investing, can offer high interest rates on cash held in the account, especially if you're using their services for investments [3].
- Comparison Websites: Utilize comparison websites and financial blogs that list high-yield savings accounts in Germany. These platforms often highlight banks and fintech companies offering competitive rates.
- Financial News and Forums: Stay updated with financial news and forums where users share their experiences with different banks and financial products.
Additional Options to Consider
- Scalable Capital: While not a traditional savings account, Scalable Capital offers high interest rates for larger sums, making it suitable for those with substantial balances [4].
- Fintechs and Brokers: Companies like Trading 212 offer high-yield interest rates, though they might not be traditional savings accounts [4].
When exploring these options, ensure you understand any conditions or limitations, such as deposit limits, variable interest rates, and potential fees. Additionally, verify the deposit protection (e.g., EU Deposit Insurance) to ensure your funds are secure.
- Interest at Consorsbank is credited quarterly, and your money is protected by German deposit insurance up to 100,000 euros.
- Germans currently receive an average of 1.75% interest on their savings accounts.
- There is no end date for the 4.00 percent interest rate at Trade Republic.
- The interest at Trade Republic is credited monthly.
[1] https://www.tfbank.de/en/savings-account/ [2] https://www.consorsbank.de/de/privatkunden/konto-und-geldanlagen/sparkonto/ [3] https://www.traderepublic.de/de/konto/ [4] https://www.scalable.capital/en/savings/
- To obtain higher returns on personal-finance, investigate high-interest savings accounts offered by online banking platforms, such as TF Bank, with rates as high as 2.55%.
- For those interested in business-finance, consider fintechs and brokers like Trading 212, though they may not offer traditional savings accounts, but they provide attractive interest rates instead.
