The first German bank donated two percent interest on call money - where there is now the most

Created: 2022-12-15, 2:01 p.m

By: Patricia Huber

With the interest rate hike by the ECB, the German banks are becoming more generous again.

Many are now tempting with high interest rates – but not for everyone.

Frankfurt – The European Central Bank (ECB) has declared war on inflation in recent months.

The ECB has recently raised key interest rates in the euro area three times in a row – the next increase is probably already in the starting blocks.

This also has an impact on consumers' money market accounts.

Interest on call money: Banks lure new customers with offers

Especially when changing banks, new customers can now expect generous interest rates at the beginning.

Now the ING direct bank has even broken through a new interest rate limit.

Since December 15, 2022, there has been a full two percent bonus interest for the first call money account.

The rate is then valid for four months from the opening and up to a credit of 50,000 euros, according to the ING website.

After the four months, the variable interest rate of 0.3 percent then applies.

Many other banks are already trying to attract new customers with attractive interest rate offers.

The comparison portal Verivox has summarized the special offers in the following table:

High interest rates for new customers: Who is it worth it for?

But why are the banks suddenly so generous when it comes to interest rates?

Oliver Maier, Managing Director at Verivox, has a simple explanation for this: "Just a few months ago, deposits for banks were primarily a cost factor.

Numerous institutes even demanded penalty interest in order to protect themselves against savings.

But when interest rates rise, money can be made again with the deposit business.”

The offers sound good at first glance.

However, customers should also pay attention to what the interest rates look like after the promotional period.

There are big differences depending on the bank.

The special conditions for "agile investors" are particularly exciting," explains Maier.

"After the interest rate guarantee has expired, they simply switch to the next provider with a special offer for new customers."