highest daily interest rates in Germany soar at a well-known bank currently
In the competitive world of banking, the race for offering the highest interest rates on savings accounts continues. This article provides a comparative analysis of instant access savings rates across several European countries, with a focus on Germany, Spain, and the EU.
In Germany, the current highest instant access savings interest rates, guaranteed under the German deposit guarantee scheme, are around 2.00% to 2.20% per annum. N26, a popular German digital bank, offers up to 2.00% interest on Instant Savings accounts with full protection up to €100,000 under the German scheme, particularly on their Metal plan. Scalable Capital and Commerzbank also offer competitive rates, but they may not be strictly instant access as they are either variable or tied to fixed terms [1][4].
On the other hand, in Spain, typical instant access savings rates are significantly lower, with the highest quoted around 0.50% to 0.40% for short terms (1-6 months) and longer-term time deposits up to 2.20% annually, but these are generally tied to fixed-term deposits, not instant access [2].
International banks under the German or Spanish schemes also offer competitive instant access rates. Fintechs such as Trading 212, Revolut, and Bunq provide flexible euro savings rates up to 2.20%, 1.39%, and around 2.00% respectively, with deposit guarantee protection up to €100k per partner bank [1].
In the Spanish deposit guarantee scheme, Spanish banks offer lower rates for instant access but up to 2.20% for fixed deposits with limited or no immediate liquidity [1][2][3][4].
Meanwhile, Consorsbank, a subsidiary of Santander, is offering a guaranteed 3.6% interest rate for six months after account opening, making it the highest rate among German providers currently [5]. However, it's important to note that this offer is only available for three months after account opening for new customers, down from the previous five months [5]. Other German providers offer lower interest rates for instant access savings due to the falling rates in the Eurozone [5].
In summary, Germany and EU fintech banks are currently offering the highest instant access savings interest rates around 2.00-2.20% under the respective deposit guarantee schemes, while Spanish banks offer lower rates for instant access but up to 2.20% for fixed deposits with limited or no immediate liquidity [1][2][3][4].
Here's a summary table for easy comparison:
| Bank/Provider | Country | Instant Access Rate (EUR) | Deposit Guarantee | Notes | |---------------------|------------------|---------------------------|---------------------------------|-------------------------------------------------| | N26 (Metal plan) | Germany | ~2.00% | €100,000 German Deposit Guarantee | Flexible, full coverage | | Scalable Capital | Germany | 2.00% (free tariff) | €100,000 per bank partner | Some funds in money market instruments | | Trading 212 | EU/Fintech | 2.20% | €100,000 per partner bank | One of highest flexible rates | | Commerzbank | Germany | ~2.00% variable | €100,000 German Deposit Guarantee | Possibly limited to fixed or variable term | | Bunq | Netherlands (EU) | ~2.00% | €100,000 Dutch Deposit Guarantee | Available free plan | | Revolut Instant Savings | EU/Fintech | 1.39% | €100,000 per partner bank | Instant access, fintech | | Spanish banks | Spain | ~0.40-0.50% (instant access common low range) | €100,000 Spanish Deposit Guarantee | Fixed deposits up to 2.20%, but not instant access |
As always, it's essential to research and compare different offers to find the best fit for your financial needs and goals.
References: [1] Bankrate. (2022). Best instant access savings accounts in Europe. Retrieved from https://www.bankrate.com/uk/savings/best-instant-access-savings-accounts/ [2] Moneywise. (2022). Best instant access savings accounts. Retrieved from https://www.moneywise.co.uk/best-buy/savings/instant-access/ [3] Which? (2022). Best instant access savings accounts. Retrieved from https://www.which.co.uk/money/savings/best-buy-savings-rates/instant-access-savings-accounts/ [4] N26. (2022). Interest rates for N26 accounts. Retrieved from https://www.n26.com/en-en/legal/interest-rates [5] Openbank. (2022). Opening a savings account with Openbank. Retrieved from https://www.openbank.com/en/personal/savings/savings-accounts/
- In the realm of personal-finance, German digital bank N26 offers up to 2.00% interest on Instant Savings accounts under their Metal plan, making it one of the highest with full protection up to €100,000 under the German deposit guarantee scheme.
- Trading 212, a fintech bank operating internationally, provides flexible euro savings rates up to 2.20%, offering a competitive option for those seeking high returns in their business-related personal-finance.
