Daily money and fixed deposits: Savers use this trick to charge almost five percent interest

“2023 was a good year for most German savers,” says Oliver Maier of the comparison portal “Verivox”, but banks apparently announce a change in interest rate trends. “Many banks have already reduced their fixed deposit terms in recent weeks and things are likely to drop further in the near future.”

There are two ways to invest your money lucratively through a daily or fixed deposit account.

• Trick 1: Transfer money from a checking account to a fixed deposit account. This can ensure high interest rates for a longer period of time and households do not have to worry about falling interest rates just yet.
• Trick 2: With new customer offers for checking accounts, savers can receive up to five percent short-term interest, for example over three months. This can be especially useful for larger amounts, such as several tens of thousands of euros. Small disadvantage: Customers often have to take out additional banking services, such as opening a checking account.

“If you want to keep high daily interest rates fixed for at least a few months, you can opt for an offer for new customers with an interest rate guarantee,” emphasizes Maier.

These are the best daily money offers

Savers who want to get their money back quickly, for example to invest in a new car, a new heating system, a holiday or even a house, will be better off with checking accounts. The advantage? Investors can withdraw their money at any time. The disadvantage? Interest rates of up to four percent are only guaranteed for a few months, after which things usually worsen dramatically. This makes a long-term investment unattractive.

According to an exclusive evaluation by Verivox, the best daily cash offers with temporary special conditions are currently:

• Oldenburg Regional Bank: Offers the highest promotional interest rate of five percent, which applies to new customers for three months as long as they open a paid checking account within 14 days. After the first three months, the interest rate adjusts to the regular nominal interest rate of one percent. Deposit insurance is the most valued in Germany.
• DHB Bank: With deposit insurance in the Netherlands (also top-notch), DHB Bank offers a promotional interest rate of 3.95 percent for the first three months. The interest rate then falls to the regular nominal interest rate of 2.9 percent.
• Advanzia Bank: Offers new customers a 3.9 percent interest rate for the first three months. After this period, a variable interest rate of 2.1 percent is offered. The bank has top-level deposit insurance in Luxembourg.
• open bench: This Spanish bank also offers a promotional interest rate of 3.90 percent, but for six months, as long as you have a current account at the bank. The interest rate will then be adjusted to 2.8 percent.
• Suresse Direct Bank: Offers the same promotional interest rate of 3.9 percent for six months as Openbank, after which the interest rate drops to 2.8 percent. This bank also has its headquarters in Spain.

By the way, price comparisons are particularly important because a current evaluation shows, for example, that many savings banks do not pay interest on current accounts.

These are the best fixed-term deposit offers

Fixed deposits offer investors a secure opportunity to invest their money for a specified period of time and earn a predetermined interest return.

Current market developments show that fixed-term deposits with a term of two years are particularly attractive, offering maximum interest rates of up to 4.0 percent. These conditions are particularly interesting for conservative investors who value security and predictability.

• Case study: With an investment amount of 10,000 euros and a maximum interest rate of 4.0 percent for a period of two years, a total interest of 800 euros is obtained for the entire term. This means that at the end of the two years the investor recovers the capital invested plus the accrued interest, in this example an approximate total of 10,800 euros.

The best fixed-term deposit offers in the general market with a two-year fixed interest rate are:

• cron bank: Offers Germany's highest interest rate of 3.80 percent with deposit protection.
• PBB direct – Deutsche Pfandbriefbank: The interest rate here is slightly lower at 3.75 percent, also with German deposit protection.
• big bench: Estonia's Bigbank offers an interest rate of 3.70 percent, with guaranteed deposits in Estonia.

Good to know: Savers who invest their money for a year can earn interest rates of up to 3.8 percent. Credit institutions with German deposit protection offer interest of 3.75 percent on two-year fixed-term deposits and 3.65 percent on one-year fixed-term deposits. The best fixed-term deposit offers on the market in general with a one-year fixed interest rate are:

• big bench: With an interest rate of 3.75 percent, this Estonian bank offers the highest interest rate of the options listed. Deposits are guaranteed in Estonia.
• Ziraat Bank: This bank with deposit insurance in Germany offers an interest rate of 3.65 percent, slightly lower than what the big bank offers, but with the security of German deposit insurance.
• Klarna+1 Fixed Deposit: Swedish bank Klarna offers a comparatively lower interest rate at 3.63 percent. Deposit protection is done here in Sweden.