EU Fixed Deposit Rate Index — July 2026

Key facts

• The highest fixed deposit rates in the EU in July 2026 are 2.33%, available in Spain and Germany (PickTheBank data, 23 countries tracked).
• Twelve more countries — including Bulgaria, Slovakia, Portugal, France, the Netherlands and Malta — top out at 2.30%.
• Luxembourg has the lowest maximum rate in the index at 1.48%, followed by Cyprus (1.50%) and the Czech Republic (1.60%).
• The ECB raised all three key rates by 25 basis points on 11 June 2026 (effective 17 June): deposit facility 2.25%, main refinancing 2.40%, marginal lending 2.65%.
• Euro area annual inflation cooled to 2.8% in June 2026, down from 3.2% in May (Eurostat) — so even the best deposit rates remain below inflation.
• Deposits at EU banks are protected up to €100,000 per depositor per bank under national Deposit Guarantee Schemes.

The EU Fixed Deposit Rate Index is PickTheBank's monthly digest of the best available fixed-term deposit rates across Europe, compiled from our database of 1,000+ banks in 25 European countries. It is published every month at a stable URL, and the underlying live figures are always available on our maximum interest rates by country statistics page. Journalists and researchers are welcome to cite the index with attribution.

The July 2026 snapshot: maximum rates by country

The table below shows the highest fixed deposit rate our database records in each country as of 21 July 2026. These are the best rates offered by any tracked bank in each market — averages paid by typical high-street banks are lower.

Rank	Country	Maximum 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 in different countries, retrieved 21 July 2026. Rates change frequently; check the live page for the current figures.

Two things stand out. First, the top of the table is remarkably flat: 14 of the 23 tracked countries offer a best rate within 3 basis points of each other (2.30–2.33%). Second, the gap between the best and worst markets remains wide — a saver in Spain can earn 0.85 percentage points more per year than one restricted to Luxembourg's domestic offers.

The ECB's June hike is the story behind the numbers

On 11 June 2026 the European Central Bank raised all three key interest rates by 25 basis points, effective 17 June. The deposit facility rate — the benchmark that matters most for what banks pay savers — now stands at 2.25%, with the main refinancing rate at 2.40% and the marginal lending rate at 2.65%. The Governing Council has kept its guidance deliberately open, describing its stance as data-dependent and taken meeting by meeting.

That 2.25% deposit facility rate is the anchor for the whole index. It is what banks earn on money parked overnight at the central bank, so it effectively sets a floor-and-ceiling band for retail deposit pricing in the euro area. The current cluster of best offers at 2.30–2.33% — a few basis points above the ECB rate — is what healthy pass-through looks like: banks competing for retail funding are paying savers slightly more than they could earn risk-free at the central bank.

Pass-through is not instant, however. Fixed-term deposit rates typically adjust over several weeks as banks reprice their product shelves, so offers launched since mid-June are still filtering into the market. If the ECB holds or hikes again in the second half of the year, the top of this table has room to drift higher.

Where savers win — and where they don't

The leaders. Spain and Germany share first place at 2.33%. Both are large, competitive deposit markets where domestic banks and cross-border online banks fight for retail funding. Germany's position is notable because German high-street banks have historically been slow to pass rate rises on to savers — the best offers there tend to come from smaller and online-focused institutions rather than the major branch networks.

The broad middle. The twelve countries at 2.30% — from Bulgaria and the Baltics to France, the Netherlands and Malta — illustrate how European deposit pricing has converged. Cross-border deposit platforms and EU passporting rules mean a competitive offer in one market quickly pressures neighbours. For savers in these countries, the practical question is less "which country pays most" and more "which specific bank and term pays most", since national maximums are nearly identical.

The laggards. Luxembourg (1.48%), Cyprus (1.50%) and the Czech Republic (1.60%) close the table. Luxembourg's banking sector is oriented toward private banking and institutional business rather than competing for mass-market retail deposits, which keeps headline retail offers low. It is worth noting that the Czech figure reflects koruna-market dynamics and Czech National Bank policy rather than the ECB, since the country is outside the euro area — comparing it directly with eurozone rates mixes two different monetary regimes.

For savers in low-rate countries, the gap is actionable rather than just unfortunate. EU rules let residents open deposits with banks in other member states, and the €100,000 deposit guarantee applies in every EU country. A Luxembourg resident willing to use a bank in Spain, Germany or France can roughly go from 1.48% to 2.30%+ without taking on more protection risk — the guarantee is simply provided by another national scheme.

Rates vs inflation: the real-return check

A deposit rate only tells half the story. Euro area annual inflation came in at 2.8% in June 2026 according to Eurostat, down from 3.2% in May — a meaningful cooling, and part of the backdrop to the ECB's cautious, meeting-by-meeting stance.

But 2.8% inflation still exceeds the best deposit rate in the index (2.33%). In real terms, even the sharpest EU saver is currently losing roughly half a percentage point of purchasing power per year. That is a far better position than savers were in during the high-inflation years, and the gap is narrowing: if inflation continues to ease while deposit rates hold near current levels, real returns could turn positive in the coming months. For now, the honest framing is that fixed deposits limit the erosion of purchasing power rather than grow it — and choosing a top-of-table rate instead of a high-street default rate is the single easiest way to close the gap.

What to watch before the August index

• ECB meetings. The Governing Council's next monetary policy meeting is on 22–23 July 2026, with the following one on 9–10 September. With the ECB explicitly data-dependent, each meeting is live. Another 25bp hike would likely pull the top of this table toward the 2.5–2.6% area over the following weeks; a hold would cement the current 2.30–2.33% plateau.
• Pass-through from the June hike. Some banks have not yet fully repriced. Watch for new offers above 2.33%, particularly in Germany, Spain and the Netherlands.
• Inflation prints. The July flash estimate (due early August) will show whether the June cooling to 2.8% was the start of a trend. Continued disinflation improves real returns on today's fixed rates.
• Term structure. When markets expect rates to have peaked, banks often pay less for longer terms than shorter ones. Savers locking in for 2–3 years should compare the term premium carefully rather than assuming longer always pays more.

How this index works

The EU Fixed Deposit Rate Index is compiled from PickTheBank's continuously updated database covering more than 1,000 banks across 25 European countries. For each country we record the highest fixed-term deposit rate available from a tracked bank; the live version of the table, currently covering 23 countries, is maintained on our statistics page. The index is published monthly at a stable URL so that month-to-month editions can be compared and cited. Rates shown are nominal annual rates before tax; availability may depend on residency, deposit amount and term. This article is informational and is not investment advice.

FAQ

What is the highest fixed deposit rate in the EU in July 2026? The highest rates in PickTheBank's index are 2.33%, available in Spain and Germany. Fourteen of the 23 tracked countries offer a best rate of 2.30% or more.

Are fixed deposits in EU banks safe? Deposits at banks authorised in the EU are protected up to €100,000 per depositor per bank by national Deposit Guarantee Schemes. The limit applies per bank, so savers with more than €100,000 can split funds across several institutions to keep everything covered.

Can I open a fixed deposit in another EU country? Yes. EU residents can generally place deposits with banks in other member states, either directly or via deposit platforms, and the €100,000 guarantee applies through the host country's scheme. This matters most for savers in low-rate markets such as Luxembourg or Cyprus.

Why are rates so similar across many EU countries? Most tracked countries share the euro and therefore the same ECB policy rates — the deposit facility rate is 2.25% since 17 June 2026. Cross-border competition then compresses the remaining differences, which is why 14 countries cluster at 2.30–2.33%.

Will deposit rates rise further in 2026? That depends on the ECB, which has raised rates once this year (25bp on 11 June) and describes its stance as data-dependent, decided meeting by meeting. The next scheduled monetary policy meetings are 22–23 July and 9–10 September 2026. Banks typically adjust deposit offers in the weeks after a policy change.

Sources

• PickTheBank — Maximum fixed deposit interest rates in different countries (live data, retrieved 21 July 2026)
• Eurostat — Euro area annual inflation down to 2.8% (June 2026 flash estimate)
• Eurostat — Annual inflation down to 2.8% in the euro area (June 2026, final)
• European Central Bank — Monetary policy decisions and key interest rates
• European Central Bank — Governing Council meeting calendar
• European Commission — Deposit Guarantee Schemes (€100,000 protection)