Attractive Savings Rates Despite ECB Rate Cuts
Although the European Central Bank (ECB) has lowered its rates, leading to generally lower savings rates, there are still attractive offers for overnight and term deposits if investors compare carefully.
Overnight Deposit Offers Despite ECB Rate Cuts
Currently, some banks are offering overnight deposit rates of up to 3%. For example:
- Openbank offers new customers a promotional rate of 2.75% for three months.
- Banca Progetto and Varengold Bank are around 2.30–2.40% interest.
- Consorsbank pays up to 2.80% p.a. on overnight deposits with high deposit protection.
- ING offers 2.50% interest on the overnight deposit account for four months.
Many of these offers come with attractive conditions such as free account management and high deposit protection (sometimes exceeding the legal limit).
Fixed Deposit Offers with Good Returns
Fixed deposits are currently also interestingly priced:
- Up to 2.8% interest for one to two years is offered by banks like Haitong Bank (Portugal), Illimity Bank (Italy), or Banca Progetto (Italy).
- Klarna Fixed Deposit+ is around 2.74%, and HoistSparen is also close to just under 3%.
Fixed deposits typically offer higher interest rates than overnight deposits with manageable terms between six months and two years.
Important: Comparison is Worthwhile
According to Finanztest, it is crucial for investors to carefully compare the various offers – especially regarding the interest rate, deposit protection, and flexibility of access to the money. The best conditions are often found with banks from countries with good credit ratings or specific promotional offers.
Conclusion: Despite the ECB rate cuts, there are still good saving opportunities available. Those who compare deliberately and are also willing to accept some binding duration with fixed deposits can achieve attractive returns of around 2–3%.