Top interest rates in the fixed-term deposit comparison 01/2025: Best savings accounts to secure your savings!
The most profitable bank offers on term deposits for EU citizens, updated in real-time
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About term deposits
What are term deposits?
A fixed-term deposit is a banking product that allows an investor to place funds for a specific period at a fixed interest rate. Upon the end of this term, the investor receives their money back along with accrued interest.
In the EU, there is a vast market for fixed-term deposits. A wide variety of deposit terms, currency choices, conditions, and other aspects allow investors to select the offer that suits them best.
At PickTheBank we analyze data from 25 EU countries, over 1,000 banks, and over 11,000 offers every day to provide the most up-to-date information for our users who are interested in opening a term deposit.
Furthermore, citizens of EU countries have the option to open fixed-term deposits online with banks from other EU countries, increasing the interest rates even higher over the domestic market.
How do term deposits work?
The way term deposits work is quite simple.
You choose a bank and an offer, then decide how much money you want to invest and for how long. The bank will pay you a fixed rate of interest for the whole term of the deposit.
This interest can be paid monthly, quarterly, or at the end of the term together with the principal. The exact terms depend on the bank and the type of term deposit you choose.
This means that you know in advance how much money you will receive at the end of the term, making term deposits a predictable and safe investment.
For example, you want to invest €100,000 in term deposits
To do this:
- Go to the PickTheBank website and choose the most profitable and suitable term deposit.
- Choose a term deposit with a rate of 4.33% for 12 months and open it
- After one year, you will get back your €100,000 + a return of €4330.
Why choose to invest in fixed deposits?
According to Eurostat, the annual inflation rate in the euro area was 5.3% in August 2023. This means that the prices of goods and services in the eurozone are rising much faster than people's incomes.
To combat inflation, the European Central Bank (ECB) raised its deposit rate to a record high of 4% on 20 September 2023.
The increase in the ECB rate will lead to higher yields on bank deposits in the EU. This will make them more attractive to investors looking for safe, high-yielding investments.
Right now, you can find term deposits for German residents with rates as high as 4.33% at PickTheBank!
The benefits of investing in term deposits for German residents
Guaranteed Income
Fixed-term deposits offer a guaranteed income, paid to the investor according to the terms of the agreement. Investors know in advance what interest they will earn on their deposit, ensuring a stable income throughout the deposit period.
Reliability and Safety
Deposits in EU banks are protected by the Deposit Guarantee Scheme (DGS), which guarantees the reimbursement of funds in case of bank bankruptcy or other extraordinary circumstances. The amount of coverage can be up to €100,000 per depositor in one bank. That’s the biggest difference between fixed deposits and various types of investment products that are more ore less subject to market and credit risks.
The simplicity of Opening and Accessibility
Opening a fixed-term deposit requires no special knowledge or skills. Simply select a fixed-term deposit based on your criteria and complete a straightforward process to open it. Most EU banks offer the option to open a deposit online or through a mobile application.
Ease of Fixed-Term Deposit Selection
Analyzing offerings from over 1,000 banks across EU countries is no easy task, especially with frequent interest rate updates.
Tax Benefits
In some EU countries, such as Belgium, Italy, Portugal, and others, there are tax benefits for income from fixed-term deposits, which can reduce or exempt individuals from paying income tax. For the most up-to-date information on this matter, it is best to inquire at the bank where you decide to open a term deposit.
How to find and open the best term deposit for German residents?
PickTheBank makes this task simple with an array of tools and resources. These resources help you locate the most advantageous deal that aligns with your financial aims.
How to compare term deposits and choose the best offer
Our service allows you to choose the best fixed-term deposits for your needs from the comfort of your own home:
Country of residence
We analyze and present bank offers from 25 EU countries
Currency
You can explore bank offers in all major currencies, including EUR, USD, GBP.
Deposit term
We present bank offers with terms ranging from 1 month to 6 years. Find here short term fixed deposits:
Deposit type
Ordinary Deposit, Subordinated Deposit, Investment Deposit, Deposit With Additional Conditions, Deposit Offered By The Branch Of A Bank From Outside The EU, Credit Note
How to open a term deposit online through PickTheBank
Wondering how to open a fixed-term deposit with PickTheBank if you're a eurozone resident? It's as easy as 1, 2, 3:
Visit our website PickTheBank.eu
Select your desired search criteria and click on «Find Deposit»
Compare fixed deposit offers and click «Open Online»
You'll be forwarded to the bank's website to complete the deposit process
We don't collect any user data; we are an information resource to help you make an informed choice about fixed-term deposits.
Safety of opening term deposits
Is it safe and legitimate to open a term deposit online?
The demand for remote onboarding and online banking product origination has grown rapidly during the COVID outbreak. Now the process of opening term deposits online is straightforward and legitimate. It’s regulated with EBA guidelines EBA/GL/2022/15 imposing safety measures and requirements to banks implementing online onboarding business process. Online onboarding is usually performed with help of video identification/selfies confirming identity of the customer during the identification process.
Simplicity and Convenience
Opening term deposits online allows you to select the best bank and the most competitive interest rates on deposits from a multitude of offerings across the European market. Without the need to leave your home, you can compare terms, rates, and other parameters of various banks in Eurozone countries using just a smartphone or any internet-connected device. This saves you time and effort while giving you control over your finances in a convenient and accessible manner.
Stringent Regulations and Oversight
The EU's financial sector is subject to rigorous regulation. It is overseen and regulated by national financial authorities and the European Central Bank (ECB). This ensures a high level of protection for clients and their deposits. Standards and regulations are in place to guarantee that banks adhere to strict rules and manage clients' funds with the utmost care.
Modern Data Protection Technologies
Modern data protection technologies provide a high level of security. Banks and banking services employ modern encryption, authentication, and verification methods, ensuring that your data and finances are protected from third-party access or fraud. It's essential to note that European countries strictly regulate the collection, storage, and use of personal data in accordance with the law, including compliance with the General Data Protection Regulation (GDPR), which offers an additional layer of protection.
Trustworthiness
Most banks and banking services in the EU have a long history of operation and enjoy a high level of trust from clients. By choosing a bank with a good reputation, you enhance your trust in the services provided by that bank or banking service when opening a term deposit online.
Deposit Guarantee Scheme (DGS)
The Deposit Guarantee Scheme (DGS) is a system designed to safeguard depositors and provide insurance for their funds held in banks or financial institutions. It acts as a safety net, ensuring a certain level of protection for individuals and businesses in the event of bank failures or insolvency. In the European Union (EU), each member state has its own DGS, typically established and regulated by national authorities in line with EU directives. This setup ensures the safety of you, your data, and your funds.
This ensures that you, your data, and your funds remain secure. Additionally, the option to open term deposits online streamlines the process, making it faster and more cost-efficient. It allows you to open term deposits more advantageously by selecting the most profitable and suitable offerings.