As of: January 29, 2024, 5:12 a.m
By: Lisa Mayerhofer
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Fixed-term deposits and daily money offers bring savers interest and therefore cash.
However, if you want a return of 500 euros in just one year, you first have to invest a considerable sum.
An overview.
Berlin – After years of dry spells, millions of savers have benefited from increased interest rates on a larger scale for the first time since last year.
“2023 was a good year for most German savers,” says Oliver Maier from the comparison portal Verivox.
However, it seems questionable whether interest rates will continue to rise.
Anyone who invests money now - for example with a fixed-term deposit offer - can still benefit from interest rates of up to four percent.
Fixed deposit interest rates falling slightly again
In 2023, savers benefited from the unprecedented series of interest rate increases by the European Central Bank (ECB) in the fight against high inflation.
The interest of credit institutions in savers' deposits grew again.
The financial institutions make money by collecting more interest on loans than they pay savers.
However, inflation has now eased again.
This has consequences for daily money and fixed-term deposits.
“The falling inflation rate and the weakening economy are increasing pressure on the monetary authorities to lower key interest rates for the first time in the first half of 2024.
The banks already factor this into their fixed-term deposit conditions,” explains Maier.
After rising until November, fixed deposit interest rates have now fallen slightly again.
Fixed deposit interest rates have now fallen slightly again.
(Symbolic image) © Christin Klose/dpa-tmn
Fixed-term deposit account: What is the difference to daily money?
So it makes sense to grab it soon if you are interested in a fixed-term deposit offer.
Savings are invested in a fixed-term deposit account for a specific period of time.
Savers cannot access the money during this time, which is why the interest rates are usually higher than with overnight money.
At the end of the term, the money invested flows back with interest.
The fixed-term deposit offers differ depending on the bank and change continuously.
So it's worth checking out a comparison and consumer portal first.
Then it's also a question of how much money you actually want to or can invest, since you shouldn't have access to your fixed-term deposit for a certain period of time.
500 euros interest: How much you have to invest for it
You can also receive a whopping 500 euros in interest with a one-year fixed-term deposit offer - but you have to invest at least 13,000 euros if the deposit protection is to take place in Germany.
According to the comparison portal Verivox, you can get 3.85 percent interest and a return of over 500 euros with the one-year fixed-term deposit offer from Creditplus.
Ziraat Bank also offers 3.85 percent.
(As of January 19th! Offers can change quickly)
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When it comes to two-year fixed-term deposits, Oyak Anker Bank (only offers with deposit protection in Germany, as of January 19th) is ahead with its offer: Anyone who parks 6,200 euros there over two years will receive interest of 4.10 percent and over 508 euros in interest .
If you can invest less than 5,000 euros, you have to make do with the three-year fixed-term deposit: with 4,400 euros over three years, Cronbank offers 3.85 percent interest and a return of more than 508 euros.
With material from dpa