16.8.2024
August 2024 Overview: Germany Deposit Market
4 min read
This overview of PickTheBank explores the key developments in the deposit market in Germany, providing insights into the current state of deposits, interest rates, and broader economic implications.
In August 2024, deposit rates in Germany are experiencing moderate fluctuations. Following the European Central Bank's (ECB) recent policy adjustments, interest rates on savings accounts and term deposits have seen incremental changes. The ECB's ongoing approach to managing inflation and economic growth continues to impact deposit rates across the Eurozone, including Germany.
Inflation remains a critical factor influencing the deposit market. Although deposit rates have increased, they often lag behind inflation (Germany's inflation rate hovering around 2.3%), which can erode purchasing power over time.
The German financial regulatory environment is also undergoing changes. The Federal Financial Supervisory Authority (BaFin) has introduced new regulations aimed at enhancing transparency and protecting depositors. These changes include stricter requirements for banks regarding deposit insurance and more detailed disclosures on deposit terms and conditions.
As a result, depositors are seeking more short-term and reliable investment options for their assets.
Savings accounts continue to be favored for their liquidity and flexibility. Depositors can access their funds at any time without penalties, making these accounts ideal for emergency funds or short-term savings goals. Interest rates on savings accounts range from 0.10% to 3.70%.
Term deposits, also known as fixed deposits, are experiencing a more significant rise in interest rates compared to savings accounts. Interest rates on term deposits in euros vary widely based on the duration and amount deposited, ranging from 0.50% to 3.75%.
Here are the tables showing the most attractive interest rates as of August 2024:
🔥Top EUR deposit rates – any term
The following banks offer the maximum EUR interest rates for ordinary deposits available in Germany:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.75% | DHB bank | EUR | 3 mths | More -> |
| 3.75% | Sparkasse Leverkusen | EUR | 6 mths | More -> |
| 3.75% | TF Bank AB | EUR | 6 mths | More -> |
| 3.75% | Stadtsparkasse Bad Pyrmont | EUR | 12 mths | More -> |
| 3.75% | Sparkasse Jena-Saale-Holzland | EUR | 120 mths | More -> |
| 3.70% | PSA Bank Deutschland GmbH | EUR | 3 mths | More -> |
The following banks offer the maximum EUR interest rates on subordinated deposits available in Germany:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 5.00% | Bausparkasse Mainz Aktiengesellschaft (BKM Deine Bausparkasse) | EUR | 240 mths | More -> |
| 4.75% | Bausparkasse Mainz Aktiengesellschaft (BKM Deine Bausparkasse) | EUR | 180 mths | More -> |
| 4.50% | Bausparkasse Mainz Aktiengesellschaft (BKM Deine Bausparkasse) | EUR | 144 mths | More -> |
| 4.50% | Volksbank Mittweida eG | EUR | 120 mths | More -> |
| 4.25% | Volksbank Mittweida eG | EUR | 84 mths | More -> |
| 4.25% | Raiffeisenbank im Hochtaunus eG MeineBank | EUR | 120 mths | More -> |
| 4.25% | Bausparkasse Mainz Aktiengesellschaft (BKM Deine Bausparkasse) | EUR | 120 mths | More -> |
🔥Top US dollar and GBP deposit rates – any term:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 5.10% | KT Bank AG | USD | 6 mths | More -> |
| 5.00% | KT Bank AG | USD | 3 mths | More -> |
| 5.00% | pbb direkt | USD | 12 mths | More -> |
| 5.00% | pbb direkt | USD | 120 mths | More -> |
| 4.90% | KT Bank AG | USD | 12 mths | More -> |
| 4.50% | COMMERZBANK Aktiengesellschaft | GBP | 12 mths | More -> |
Our analysis is grounded in detailed research of 550 leading German banks, resulting in a curated selection of over 11,000 deposit options tailored to meet a range of financial requirements. The interest rates provided are pre-tax and do not account for differences in interest payment frequencies, offering a general reference for potential returns. Depositors are advised to confirm the most current rates and specific terms directly with the respective banks, as conditions can vary depending on the deposit amount, term length, and other factors.
At PickTheBank, we provide access to fixed-term deposit options from over 5,000 banks across 27 European countries. Our platform empowers you to make sound financial choices and improve your savings approach. For the most up-to-date information and expert guidance on fixed-term deposits and other financial products, please visit PickTheBank.eu.
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