Best Fixed Deposit Rates in Europe (July 2026)

Key facts — July 2026

• 2.33% — the highest fixed deposit rate tracked in Europe this month, available in Spain and Germany
• 2.25% — the ECB deposit facility rate, in effect since 17 June 2026 after a 25 bp hike announced on 11 June
• 23 countries ranked in our live rate table, drawn from a database of 1,000+ banks in 25 European countries
• 1.48% — the lowest national maximum, in Luxembourg
• €100,000 — the deposit guarantee per depositor, per bank, harmonized across the EU under Directive 2014/49/EU
• 14 countries currently top out at 2.30% or better (12 at 2.30%, plus Spain and Germany at 2.33%)

Fixed deposit rates in Europe are climbing again. After the European Central Bank raised its deposit facility rate to 2.25% in June 2026, banks across the euro area began repricing their term deposits — and the gap between the best and worst national markets is now almost a full percentage point. This monthly roundup compares the maximum rates in every country we track, explains what non-residents can realistically access, and walks through opening a deposit across borders.

All figures come from the PickTheBank database as of 21 July 2026. Rates change frequently — sometimes within days of an ECB decision — so check the live country statistics before committing money. We refresh this roundup every month.

Country-by-country: maximum fixed deposit rates in July 2026

The table below shows the highest fixed-term deposit rate we track in each country, across all terms and all banks in our database.

Rank	Country	Max fixed deposit rate
1	Spain	2.33%
1	Germany	2.33%
3	Bulgaria	2.30%
3	Slovakia	2.30%
3	Portugal	2.30%
3	Estonia	2.30%
3	Finland	2.30%
3	France	2.30%
3	Netherlands	2.30%
3	Malta	2.30%
3	Italy	2.30%
3	Lithuania	2.30%
3	Latvia	2.30%
3	Belgium	2.30%
15	Ireland	2.25%
16	Croatia	2.20%
17	Austria	2.15%
17	Romania	2.15%
19	Slovenia	2.10%
20	Greece	1.80%
21	Czech Republic	1.60%
22	Cyprus	1.50%
23	Luxembourg	1.48%

Source: PickTheBank statistics — maximum interest rates by country, 21 July 2026. Euro-denominated retail fixed deposits unless noted; individual offers may carry minimum amounts or other conditions.

Three things stand out this month:

The top of the market is remarkably flat. Fourteen countries sit within 3 basis points of each other (2.30–2.33%) — a direct consequence of the ECB hike, as competitive banks price headline deposits just above the 2.25% deposit facility rate and cross-border platforms make them compete for the same savers.

The bottom of the table is where residency matters most. Savers in Luxembourg (1.48%), Cyprus (1.50%) or the Czech Republic (1.60%) face local maximums 70–85 bp below what a Spanish or German bank pays. On a €50,000 deposit over 12 months, the gap between 1.48% and 2.33% is roughly €425 in gross interest — for the same asset class and the same €100,000 EU protection.

Ireland sits exactly at the policy rate. At 2.25%, the best Irish offer matches the ECB deposit facility — in less competitive national markets, banks feel little pressure to pass hikes through quickly.

For detail on any single market, see our country pages, for example fixed deposits in Germany, fixed deposits in Spain and fixed deposits in the Netherlands.

The ECB backdrop: why rates moved in June

On 11 June 2026 the ECB announced a 25 basis point increase in its key rates, and the deposit facility rate — the benchmark that matters most for savings pricing — rose to 2.25% effective 17 June 2026. Term deposit rates follow the policy rate with a lag of a few weeks: banks that fund themselves through retail deposits move first, while incumbents with large cheap deposit bases move slowly or not at all.

That lag is visible in this month's table. The most competitive markets have already repriced above the new policy rate; the least competitive have barely moved. If the ECB's tightening bias holds, expect more banks to cross 2.30% in the coming weeks — another reason to compare live offers rather than last month's screenshots.

6, 12 or 24 months: how terms compare right now

The rates in the table are maximums across all terms. How the curve behaves underneath them depends on what banks expect the ECB to do next:

• 6-month deposits track the current policy rate most closely. After a hike, short terms are usually the first to reprice, and they let you roll into better rates if the ECB keeps tightening. The trade-off: you face reinvestment risk twice a year.
• 12-month deposits are the workhorse of the European market and usually carry the headline rates banks advertise — including most of the national maximums above.
• 24-month deposits lock today's conditions in for longer. When markets expect further hikes, banks are often reluctant to pay a premium for two-year money, so the curve can be flat or even slightly inverted at the long end. A 24-month lock makes most sense if you believe rates are at or near their peak.

If you want exposure to more than one point on the curve — for instance, catching future hikes with short money while securing today's rates with longer terms — the classic answer is splitting a lump sum across maturities. We cover the mechanics in our guide to deposit laddering.

One structural note: under most European deposit contracts, early withdrawal either forfeits accrued interest or is not permitted at all. Only commit money you will not need before maturity, whatever the term.

What non-residents can actually access

The single biggest misconception about "best rate in Europe" tables is that you must live in a country to use its banks. In practice, access falls into three tiers:

1. Deposit platforms. The simplest route for most savers. Platforms — including the PickTheBank savings platform operated with our partner Lidion Bank (Malta) — let you open deposits with multiple European banks through a single onboarding. You pass KYC once, and the platform handles the account opening with each partner bank. Platform partner offers currently reach up to 2.55% on EUR deposits — above most national maximums for standard direct retail deposits — and up to 3.80% on USD and 3.35% on GBP deposits for savers comfortable holding other currencies.
2. Banks with pan-European digital onboarding. A growing number of banks, particularly in Germany, Spain, the Baltics, Malta and the Netherlands, accept online applications from residents of other EU/EEA countries. You typically need an EU/EEA residence, a passport or national ID, and a SEPA account in your name for funding.
3. Local-only banks. Many institutions — often those paying mid-table rates — still require local residency, a local tax number, or even a branch visit. These offers appear in national rankings but are effectively closed to cross-border savers.

Our comparison lets you filter by your country of residence, so you only see offers you can actually open. As a rule of thumb, the 2.30–2.33% cluster at the top of the market is largely reachable for EU residents through platforms and digital banks.

How to open a cross-border deposit: a five-step checklist

1. Compare live rates for your residence country. Start from the current maximum-rate table and filter offers open to your country.
2. Check the protection scheme. Confirm which national deposit guarantee scheme covers the bank and that your total with that bank (not per deposit) stays at or under €100,000. Couples can hold joint or separate accounts to double effective coverage.
3. Complete identification (KYC). Expect a video or photo identification with a passport/ID card and proof of address; some banks also ask for a tax identification number under EU reporting rules.
4. Fund by SEPA transfer. Euro deposits are funded by ordinary SEPA credit transfers from an account in your name — the SEPA area spans 36 countries, so this works from any EU/EEA bank account, usually within one business day.
5. Diarize the maturity. Note whether the deposit auto-renews at the then-current rate. Auto-renewal at a worse rate is the most common way savers lose the advantage they signed up for.

Tax is the step people forget: interest earned abroad is generally taxable in your country of residence, and some source countries apply withholding tax reclaimable under double-tax treaties. Check your local rules before you commit.

Is your money safe? The €100,000 rule

Every deposit in the table above is covered by an EU deposit guarantee scheme. Under Directive 2014/49/EU, all EU member states protect €100,000 per depositor, per bank (with temporary higher coverage for certain life-event balances, such as proceeds from a house sale, at national discretion). The rules are harmonized: whether your deposit sits in Spain, Bulgaria or Malta, the coverage level and the repayment deadline of within seven working days are set by the same EU directive, administered by each country's national scheme.

The practical consequence: chasing an extra 0.80% in another EU country does not mean accepting weaker protection — provided you stay within the €100,000 limit per bank and verify the bank's scheme membership before funding.

FAQ

Which European country has the best fixed deposit rates in July 2026? Spain and Germany currently share the top spot at 2.33%, with twelve more countries — including Bulgaria, Portugal, the Netherlands, France and the Baltics — close behind at 2.30%. Platform-exclusive partner offers can pay more than the standard national maximums.

Can I open a fixed deposit in another EU country as a non-resident? Often, yes. Deposit platforms and digitally onboarded banks accept EU/EEA residents with a passport or ID and a SEPA account for funding. Some banks remain local-only, so filter offers by your residence country before comparing rates.

Is a foreign EU deposit as safe as one at home? Coverage is the same: €100,000 per depositor per bank under Directive 2014/49/EU, in every EU member state. The guarantee is provided by the national scheme of the country where the bank is licensed.

Should I fix for 6, 12 or 24 months right now? With the ECB having just hiked to 2.25% and further moves uncertain, shorter terms let you reprice upward if hikes continue, while 24-month terms lock in today's rates in case the cycle peaks. Splitting across maturities — deposit laddering — avoids betting everything on one scenario.

How often is this comparison updated? The rate table on our statistics page is updated continuously; this roundup article is refreshed monthly. Always confirm a rate on the live comparison before opening an account.

Sources

• PickTheBank — Maximum interest rates in different countries (rate data, 21 July 2026)
• Directive 2014/49/EU on deposit guarantee schemes — EUR-Lex
• European Commission — Deposit guarantee schemes
• European Central Bank — Single Euro Payments Area (SEPA)