Surprising Boost in Daily Income: Savings account holders at this bank can now look forward to elevated interest rates
In the competitive German banking landscape, several institutions offer attractive savings account deals for new customers. Here's a rundown of the current best offers, excluding Ikano Bank, for instant access savings accounts (Tagesgeldkonto).
Consorsbank and TF Bank Lead the Pack
Consorsbank and TF Bank stand out with their competitive interest rates. Consorsbank offers a fixed annual interest rate of 2.8% for new customers for 3 months on up to €1 million, followed by 0.8% for existing customers. TF Bank, a Swedish bank, provides a fixed annual interest rate of 2.55% for new customers for 3 months on up to €100,000, then 1.45% for existing customers. Both banks pay interest quarterly and do not charge fees or require a minimum deposit.
Commerzbank and Comdirect Follow Close Behind
Commerzbank and Comdirect offer variable interest rates for new customers. Commerzbank provides a rate of 2.0% for 12 months for new customers on up to €1 million, followed by 0.75% for existing customers. Comdirect offers 1.5% fixed interest for 6 months on up to €5 million, then 0.75% for existing customers. Both banks pay interest quarterly, do not charge fees, and do not require a minimum deposit. Commerzbank also includes English banking app and website support.
N26 and Traditional German Banks for Broader Banking Needs
For those seeking combined checking and savings ease with English support, N26 remains a strong contender. While it does not primarily focus on high interest savings, N26 offers smooth mobile banking and Wise integration for cheap international transfers. Traditional German banks such as Deutsche Bank, Commerzbank, and Postbank also provide more traditional banking with physical branches.
Important Notes
- German deposit insurance protects up to €100,000 per bank, so it's advisable to stay within this insured limit.
- Interest rates for new customers can be promotional and valid for a limited time.
When considering alternative savings accounts, the BÖRSE ONLINE Instant Access Savings Comparison can be a valuable tool. This platform provides the latest and best savings account offers on the market, helping savers make informed decisions.
Ikano Bank's "Flex Save Instant Access" Account: A Mixed Bag
The "Flex Save Instant Access" account from Ikano Bank may not be suitable for all savers due to its drawbacks. While it offers an attractive interest rate of 3.41% per year, deposits up to €100,000 are protected by Swedish deposit insurance, not German. Additionally, the account does not offer an interest guarantee, and interest is credited on December 31st or upon termination of the product.
In conclusion, for purely instant-access savings with the best interest rates excluding Ikano Bank in Germany, Consorsbank and TF Bank currently lead, followed by Commerzbank and Comdirect. For combined checking and savings ease with English support, N26 remains a strong contender, though not focused on high interest savings. When selecting a savings account, it's crucial to consider the terms, interest rates, and deposit insurance protection offered by each institution.
In the realm of personal-finance and banking-and-insurance, several German institutions such as Consorsbank and TF Bank stand out due to their competitive interest rates, making them attractive choices for new customers. Commerzbank and Comdirect follow closely, offering variable interest rates for new customers.
For those seeking combined checking and savings ease with English support, N26 and traditional German banks like Deutsche Bank, Commerzbank, and Postbank may cater better to broader banking needs. When making decisions about savings accounts, it's essential to consider factors such as interest rates, terms, and deposit insurance protection.
