Best German Savings Accounts in February 2023

Overview of the best German savings account offers in February 2023

For many years, overnight deposit accounts (in German “Tagesgeldkonto”) have led a niche existence due to generally low interest rates. However, due to rising interest rates, overnight deposit accounts have recently become more and more attractive. Interest rates for this kind of account are currently above 2% and rising. In this article we will give you brief summary of the best savings account offers this month. So let’s get started!

Trade Republic

Trade Republic is well known for its revolutionary brokerage account (check out our online broker comparison). However they have recently expanded their product portfolio and are now also offering a savings account with 2% per year interest on your cash. Strictly speaking, this is not a separate deposit account, but rather the clearing account of your brokerage account, i.e. the money you have in your Trade Republic brokerage account, that is not invested. You get the 2% interest on cash balances up to 50,000 EUR, the interest is paid out on a monthly basis and there is a deposit protection up to 100,000 EUR. Sounds good?

Open your Trade Republic account

Scalable Capital

Scalable Capital is also a provider coming originally from the trading/brokerage and robo-advisor space. They offer a whopping 2.3% p.a. interest on your cash for deposits of up to 100,000 EUR (interest is paid on a quarterly basis). The only “snag” is that you have to go with the PRIME+ plan which costs 4.99 EUR/month. Like Trade Republic, this is also not a classical savings account, but the clearing account of your brokerage account. Your cash is protected by the statutory deposit protection of the EdB (=Deposit guarantee scheme of German banks) up to a deposit amount of 100,000 EUR and beyond that by the Deposit Protection Fund of private banks (BdB).

Open your Scalable Capital account

Opel Bank

Opel Bank is the banking subsidiary of the German carmaker Opel. Currently they are offering 2.1% p.a. interest on savings for new customers (i.e. you haven’t had a savings account with Opel Bank within the last 24 months). The interest rate is valid for three months upon account opening (interest rate after that: 0.75% p.a.) and paid out on a monthly basis. Your money is protected by the French statutory deposit guarantee in an amount of up to 100,000.00 EUR.

Open your Opel Bank account

IKB

IKB Deutsche Industriebank is a German bank that specializes in providing financing and advisory services to small and medium-sized enterprises. But they are also serving private customers and currently they are offering an overnight deposit account with an interest rate of  2.25% p.a. for deposits of up to 50,000 EUR. The interest rate is valid for three months upon account opening and decreases to 0.75% p.a. after that. Interest is paid out on a quarterly basis and your money is protected by the statutory deposit protection of the EdB (=Deposit guarantee scheme of German banks) up to a deposit amount of 100,000 EUR and beyond that by the Deposit Protection Fund of private banks (BdB).

Open your IKB account

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