Current Interest Rate Situation and ECB Influence
The European Central Bank (ECB) lowered the deposit rate to 2.0% in June 2025. This measure was originally intended to lead to a decrease in savings rates. Nevertheless, many banks remain competitive and continue to offer attractive rates by aligning themselves with the base rate and sometimes providing interest guarantees.
Money Market Offers
Despite the general decrease in interest rates, savers can currently achieve rates of up to 3% per annum with some providers like Open Bank. These are often offered with a three-month interest guarantee on deposits up to 1 million euros. Direct banks prove to be more attractive compared to traditional savings banks or cooperative banks, whose money market rates frequently lie at just 0.25% or less. Some examples of current interest rates are Distingo Bank with about 2.21%, Novo Banco with about 2.06%, and Creditplus with 1.25%.
Fixed-Term Offers
Fixed-term accounts offer the opportunity to achieve rates of up to around 3.15% or even up to about 3.40% per annum currently. These conditions vary depending on the term and provider within Europe. Fixed-term deposits protect savers against future interest rate fluctuations, as the rates are fixed for the entire term.
Conclusion
Even though the ECB has lowered its base rates and is thus exerting pressure on savings rates, there are still attractive offers available. Money market accounts are suitable for savers who need quick access to their funds, while fixed-term accounts provide higher returns for those willing to commit to fixed terms. Comparing different banks, especially direct banks, is worthwhile to secure the best savings rates.