Compare best demand & savings accounts in Germany in October 2024
Best interest rates, lowest maintainance fees, cashbacks
Mintos Smart Cash
Latvia
3.50%
0.19%
No
Annual fee
0.19%
Cashback
No
High interest rate up to 3,5% - calculated daily
Flexibility: withdraw your money anytime, on the same day with no fees or penalties
Low risk: a fund with the highest rating (AAA) managed by BlackRock
No maximum: invest any amount you want and enjoy a high interest rate
Low minimum: get started already from €50
Best offers from our partners
Consorsbank
Germany
3.50%
Free
No
Annual fee
Free
Cashback
No
Interest rate guaranteed for 6 months.
Possibility to extend to 12 months.
Convenient and flexible money placement.
Free securities depot provided by the top online broker included.
Ginmon
Germany
3.48%
Free
No
Annual fee
Free
Cashback
No
Daily interest payouts.
No maximum deposit limit.
No fixed term.
Anytime deposits and withdrawals.
No additional conditions.
Anadi Bank AG
Austria
3.40%
Free
No
Annual fee
Free
Cashback
No
Flexible deposit.
No fixed term.
Available at any time.
Account management, internet banking and apps, electronic account statements (PDF) free of charge.
Up to a maximum of 500,000 euros.
3.36%
Free
No
Annual fee
Free
Cashback
No
No fees associated.
Weekly interest payouts.
Free and straightforward account setup. It can be done within 5 minutes via mobile phone.
For EEA residents who joined bunq on or after July 1, 2024: Since you had no savings balance from January 1 to June 30, 2024, your threshold is set to €0. You’ll earn a variable bonus interest rate (currently 3.36%*) on all savings up to €100,000 until December 31, 2024.
For German Residents:
New users who signed up between June 24 and July 18, 2024: 3.76% during the first 4 months. An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*.
New users who signed up between May 7 and June 23, 2024: 4.01% during the first 4 months. An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*.
New users who signed up between March 12 and May 6, 2024: 3.50% during the first 4 months. An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*.
For 🇺🇸 USD and 🇬🇧 GBP savings accounts: Earn a 3.71% annual variable interest rate.
TARGOBANK AG
Germany
3.10%
Free
No
Annual fee
Free
Cashback
No
Interest rate guaranteed for 6 months.
Subsequent variable interest rate.
Available for amounts up to 1 million euros.
Flexibly accessible.
2.77%
Free
No
Annual fee
Free
Cashback
No
No minimum deposit.
Free account management.
Annual interest credit.
J&T Direktbank
Germany
2.60%
Free
No
Annual fee
Free
Cashback
No
Interest rate for both new and existing customers.
Available daily with no associated fees.
Monthly interest payments (compound interest).
Safe and Easy Banking with the J&T Online-Banking App.
Bank of Scotland
Germany
2.50%
Free
No
Annual fee
Free
Cashback
No
Deposit with flexible interest rate.
No commission charged.
No minimum amount required to start investing.
Interest is paid annually.
C24 bank
Germany
2.05%
Free
No
Annual fee
Free
Cashback
No
The maximum amount is 100,000 euros.
Quarterly interest payouts.
Cashback with every card use.
Wise Europe SA
Belgium
2.00%
Free
Yes, see details
Annual fee
Free
Cashback
Yes, see details
The account is opened by the Payment Institution Wise Europe SA, Belgium.
Not covered by the deposit insurance system.
Electronic money institutions are obliged to secure their customers' funds with licensed banks.
Wise pays balance cashback each month based on the EUR, GBP and USD you hold in your Wise account.
You agree that the cashback rate is variable and that we may change the rate and/or stop paying cashback at any time.
Other products available in Germany
4.00%
-
No
TF Bank AB
Germany
3.65%
-
No
3.60%
-
No
3.60%
-
No
Suresse Direkt Bank
Germany
3.60%
-
No
Stellantis Bank SA
Germany
3.55%
-
No
SPARDA-BANK HAMBURG eG
Germany
3.50%
-
No
Annual fee
-
Cashback
No
As a member of the Sparda-Bank Hamburg, you can purchase shares in the cooperative. Each €52 share earns you an annual dividend on paid-in capital.
About savings accounts
What is a savings account?
A savings account is a type of interest-bearing account where you can earn interest while keeping your funds accessible for use. It operates similarly to a checking account, allowing investors to access their funds at any time without fixed terms or notice periods. However, the terms and conditions for savings accounts vary significantly depending on the bank. Many banks offer the option to open a savings account directly online.
Since savings accounts are not designed for day-to-day transactions, you'll need a separate transactional account for deposits and withdrawals. Typically, your existing checking account at your primary bank suffices for this purpose. To utilize the balance in your savings account, you'll need to transfer funds to the reference account.
Who should consider opening a savings account?
A savings account is primarily suitable for individuals looking to set aside funds for short-term expenses while also earning interest. It provides a safety net for emergencies where a larger sum of money is unexpectedly needed, such as for an unplanned move, car repairs, or loss of employment. Additionally, a savings account is beneficial if you're planning a major purchase in the near future, like buying a car.
Savings accounts versus other investment options
While a savings account is ideal for keeping readily available funds, it's not advisable to leave too much money permanently in the account due to the continuous loss of value caused by high inflation rates. As a general guideline, it's recommended to maintain approximately three net monthly salaries as a liquid reserve in your savings account. For further information, you can refer to the provided link. The remainder of your savings should be invested in options offering higher return prospects, such as a combination of fixed deposits and ETFs.
Fixed deposits typically offer higher interest rates but entail less flexibility in managing liquidity. Unlike savings accounts where interest rates can fluctuate daily, fixed deposits lock in the interest rate for a specific term. During this period, access to your funds is limited, but in exchange, banks usually offer significantly higher interest rates, especially for longer terms. Savings accounts are particularly suitable for short-term investments. For instance, if you're planning a major purchase in six months, you can open a savings account for that duration and earn interest on your money. However, if you can afford to do without your savings for two or three years, a fixed deposit investment may be a viable option. You can explore various offers using a fixed deposit calculator.
Savings accounts and fixed deposits interest rates in 10/2024 in Germany
What to consider when comparing Savings account accounts
Deposit insurance
For banks in Germany and all across EEA, there's a minimum statutory deposit insurance of 100,000 euros per customer per bank (or equivalent in local currency). Savings accounts are covered by deposit guarantee protection schemes.
What type of saver are you?
When comparing Savings account accounts, savers should consider whether they are looking for a permanent Savings account interest rate or if they want to regularly open a new account to take advantage of limited-time offers.
Shopping around for interest rates brings higher returns
Often, opening a particularly high-interest Savings account account pays off doubly. Many banks sweeten the deal for switching by offering a bonus. Others grant new customers particularly attractive interest rates for a few months. Agile investors can take advantage of such special conditions and regularly switch their Savings account provider whenever a promotional interest rate ends (interest rate shopping). If you prefer not to switch Savings account accounts too often, you should look for a bank with a consistently high or stable interest rate for existing customers after the promotional period expires.
Shifting your money to the current top offer can increase your returns. However, this interest rate shopping requires some effort. Regular comparison and switching are more worthwhile for investors who can invest some time in managing their Savings account accounts.
There are many banking products comparison resources in various european countries, for instance Verivox and Finanztip in Germany, Seguggio and Sostariffe in Italy, elEconomista in Spain, and Independer in the Netherlands.
However, PickTheBank is the only financial marketplace comparing savings products all across EU.
Regularly compare and switch interest rates
When transferring your Savings account to another bank to benefit again from new customer conditions, make sure to completely close the bank connection with the previous provider. You should not only cancel the investment but also any checking account and other products from the bank. By doing so, you can become a new customer again after one year and enjoy high Savings account interest rates. This way, your money is always invested at the best current conditions. However, you'll need to go through the account opening formalities anew each time.
Investment amount
For some banks, the possible investment amount is unlimited. Others set a maximum and minimum deposit or tier their Savings account interest rates.