After cutting rates in 2024 and 2025, the European Central Bank (ECB) started raising them again in 2026: the deposit rate went up to 2.25% in June and to 2.50% with effect from 16 September 2026. Savings accounts in Germany are becoming more attractive again, and several providers have already moved their rates up.
German banks and brokers offer both fixed-term accounts with a guaranteed rate (Festgeld) and flexible savings accounts (Tagesgeld) with variable rates. In this article, we highlight the best options for both, covering interest rates, fees, deposit protection, how the interest is taxed and how to open an account.
Best flexible (call) savings accounts in Germany
A flexible savings account lets you withdraw your money at any time, without penalties and usually without notice. It offers a high degree of liquidity.
The interest rate is variable and depends on market conditions, and many banks offer a higher promotional rate for new customers for the first few months. In Germany, flexible savings accounts are called Tagesgeldkonto. Brokers such as Trading 212 and Trade Republic also pay interest on uninvested cash, which works in a similar way.
Below is a comparison of the best flexible savings accounts in Germany:
| Bank/Provider | Interest rate | Interest payments | Amount | Promotional period | Rate after promotional period | Access | Account fees | Deposit protection |
| Trading 212* | 4.20% for new clients | Daily | No limit | 4 months from activation (campaign runs 16 September to 2 November 2026) | 2.50% standard variable rate | Anytime | Free | Partly (bank deposits up to EUR 100,000, money market fund part not covered) |
| Consorsbank | 3.60% for new customers | Quarterly | Up to EUR 1,000,000 | 5 months | 1.00% | Anytime | Free | Yes (French statutory scheme up to EUR 100,000, plus the German private banks’ fund) |
| ING | 3.20% for new customers (3.75% if you open a current account at the same time) | Annually | Up to EUR 250,000 | 4 months | 0.75% | Anytime | Free | Yes (German statutory scheme up to EUR 100,000, plus the German private banks’ fund) |
| Trade Republic | 2.50% (follows the ECB deposit rate) | Monthly | No limit (with the Trade Republic current account) | N/A | N/A | Anytime | Free | Yes, up to EUR 100,000 per partner bank (money market fund part not covered) |
| Lightyear | 2.42% APY (Savings, invested in a money market fund) | Monthly | No limit | N/A | N/A | Anytime | Fund fees included in the rate | No (investment product, capital at risk) |
| Wise | 2.02% (Wise Assets, invested in a money market fund) | Monthly | No limit | N/A | N/A | Anytime | Fees when transferring or converting money | No (invested in a money market fund) |
| Comdirect | 1.50% variable | Quarterly | Up to EUR 5,000,000 at 1.50% | N/A | 0.75% above EUR 5,000,000 | Anytime | Free | Yes (German statutory scheme up to EUR 100,000, plus the German private banks’ fund) |
Rates checked on 25 September 2026, after the ECB increase took effect on 16 September. Rates are variable and promotional offers have end dates, so confirm the current terms on the provider’s page before applying.
Best fixed-term savings accounts in Germany
A fixed-term savings account locks your money for a set period, from a few months to several years, and you can’t withdraw it before maturity. In return, the interest rate is fixed for the whole term. In Germany, fixed-term deposits are called Festgeld, and the conditions vary between banks. Many of the best offers come from other EU banks and are available to German residents through deposit platforms such as Raisin, which lists more than 150 European banks.
Rates moved up after the September increase, and the curve now rewards longer commitments: the top rate on Raisin Germany reaches 4.25% on a 10-year term, against around 2.81% at 3 months. Below is a comparison of two fixed-term accounts available to German savers through the platform:
| Bank | Holm Bank | Collector Bank |
| Interest rate for 6 months | 2.00% | N/A |
| Interest rate for 12 months | 2.60% | 2.95% |
| Interest rate for 24 months | 3.16% | N/A |
| Longer terms | 3.21% for 3 years, 3.25% for 5 years | N/A |
| Minimum amount | EUR 5,000 | EUR 500 |
| Maximum amount | EUR 100,000 | EUR 100,000 |
| Deposit protection | Estonian scheme, up to EUR 100,000 | Swedish scheme, up to SEK 1,150,000 paid in euros |
| Withholding tax | None in Estonia | None in Sweden |
| Account fees | Free | Free |
Rates checked on 25 September 2026. Neither bank withholds tax at source, so the interest has to be declared on your German return. Collector Bank’s cover is denominated in Swedish kronor, so the euro value of the protection moves with the exchange rate.
Flexible savings accounts in Germany reviewed
Trading 212 flexible savings account
Trading 212 is a London-based fintech founded in 2004, which serves German clients through Trading 212 EU GmbH, regulated by BaFin. Since January 2026, it handles German taxes automatically. It pays daily interest on uninvested euro cash. New clients who open an Invest account during the campaign running from 16 September to 2 November 2026 get 4.20% for 4 months from activation, after which the standard variable rate applies, currently 2.50%. To qualify you have to deposit the minimum shown on the Terms and Fees page and opt in to interest within 10 calendar days of opening. You can also invest in stocks and ETFs with no commissions. Other fees may apply.
Interested in knowing more about this broker? Read our Trading 212 review.
Pros
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4.20% for 4 months for new clients during the campaign period
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No minimum or maximum amount
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No account fees
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Interest paid daily
- Automatic German tax handling
Cons
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Rates are variable and the promotional rate is temporary (2.50% afterwards)
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You must opt in to interest within 10 days of opening to qualify
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Part of the cash may be held in money market funds, which are not covered by deposit protection
- No physical branch in Germany
*Trading 212: When investing, your capital is at risk. If you enable interest, Trading 212 will hold your cash in qualifying money market funds and banks. Otherwise, your cash will be held only in banks. Interest applies on cash in an investment account. Terms apply. The rates shown may no longer be current: see the Trading 212 Terms and Fees page for the live rates. Sponsored Code: to get free fractional shares worth up to 100 EUR, you can open an account with Trading 212 using the code IITW. The value of the shares you receive is determined by probability and most shares are at the lower end of the range. Terms apply.
Consorsbank flexible savings account
Consorsbank is the German online brand of the French bank BNP Paribas. Its Tagesgeld account offers new customers 3.60% for the first 5 months on up to €1,000,000, after which the rate drops to 1.00%. It raised the promotional rate from 3.40% in August 2026, which is the highest bank rate in our comparison.
Pros
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3.60% for the first 5 months for new customers
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Promotional rate on up to EUR 1,000,000
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Interest paid quarterly
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Protected by the French statutory scheme up to EUR 100,000, plus the voluntary German private banks' deposit protection fund
- Individual or joint accounts
Cons
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The rate drops to 1.00% after 5 months
- You only qualify as a new customer if you haven't been a Consorsbank client in the last 6 months
ING flexible savings account
ING-DiBa is the German subsidiary of the Dutch ING group and one of Germany’s largest direct banks. Its flexible savings account, the Extra-Konto, offers new customers 3.20% for the first 4 months on up to €250,000. Open a current account at the same time and the promotional rate rises to 3.75% for the same period, which makes it the highest headline rate among the banks here.
Pros
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3.20% for the first 4 months for new customers, or 3.75% with a current account
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Promotional rate on up to EUR 250,000
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No account fees
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Easy account management via website or app
- Protected by the German statutory scheme up to EUR 100,000, plus the voluntary German private banks' deposit protection fund
Cons
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The rate drops to 0.75% after 4 months
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Interest paid once a year, so no compounding during the year
- The higher 3.75% rate requires opening a second product
Trade Republic flexible savings account
Trade Republic is a German broker and bank founded in 2015, with more than 10 million customers in Europe. It passes the full ECB deposit rate to its customers on all uninvested cash, with no upper limit if you also use its current account. Following the ECB increase effective 16 September 2026, the rate moved from 2.25% to 2.50%, as it did after the June increase. As Trade Republic is a broker, you can also invest in stocks, ETFs and other instruments. Want to know more? Read our Trade Republic review.
Pros
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2.50% interest, in line with the ECB deposit rate
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No minimum and no upper limit (with the current account)
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No account fees
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Interest calculated daily and paid monthly
- The rate has tracked both ECB increases in 2026
Cons
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The rate changes whenever the ECB changes its rates
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Cash is spread across partner banks and money market funds, which you can't choose
- No physical branch
Lightyear flexible savings account
Lightyear is a European investment app operated by Lightyear Europe AS, authorised and regulated by the Estonian Financial Supervision Authority (Finantsinspektsioon, licence number 4.1-1/31), with client assets covered up to €20,000 by the Estonian investor protection scheme. Its Savings feature invests your euros in a money market fund managed by BlackRock, the BlackRock ICS Euro Liquidity Fund, which follows the ECB’s rate trends and currently yields 2.42% APY after Lightyear’s 0.10% annual fee, with no minimum or maximum amount. Since it’s an investment product, your capital is at risk and it isn’t covered by deposit protection. Want to know more? Read our Lightyear review.
Pros
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2.42% APY on euros (variable), after the 0.10% fund fee
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No minimum or maximum amount
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Money market fund managed by BlackRock
- Returns paid monthly
Cons
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It's an investment product: capital is at risk and there is no deposit protection
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The return is variable and follows the ECB's rates
- Investor compensation of EUR 20,000 covers the failure of the firm, not losses on the fund
Wise flexible savings account
Wise, formerly TransferWise, is a UK-based fintech known for low-cost international transfers. With Wise, you can hold money as cash, or earn interest by putting it in a money market fund run with BlackRock that invests in government-backed short-term assets, with the return passed on to you after fees.
Pros
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2.02% variable return in EUR, after the 0.26% annual fee
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Returns paid monthly
- No limit on the amount
Cons
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Money in the interest feature is invested in a money market fund and is not covered by a deposit guarantee scheme
- Fees when transferring or converting money
Comdirect flexible savings account
Comdirect, part of Commerzbank, is one of Germany’s best-known online banks. Its main savings account, “comdirect Tagesgeld PLUS”, pays 1.50% variable on balances up to €5,000,000, dropping to 0.75% above that, with daily access to your money. Unlike the other banks here it is not a time-limited promotion, so the rate does not expire, but it is also the lowest in our comparison. Opening a current account at the same time raises it to up to 1.75% and adds a €100 bonus.
Pros
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1.50% with no promotional period to expire
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Rate applies on balances up to EUR 5,000,000
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Interest paid quarterly
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No account fees
- Protected by the German statutory scheme up to EUR 100,000, plus the voluntary German private banks' deposit protection fund
Cons
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The lowest rate in our comparison, well below the ECB deposit rate
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Balances above EUR 5,000,000 earn only 0.75%
- Limited support in English
Fixed-term savings accounts in Germany reviewed
Holm Bank fixed-term savings account
Holm Bank is an Estonian bank founded in 1995, mainly focused on consumer and small business loans. German savers can open its fixed-term deposits through the Raisin platform, with no withholding tax in Estonia. Its rates rose sharply on the longer terms after the September increase, and the curve now rewards a longer commitment.
Pros
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2.60% fixed for 12 months and 3.16% for 24 months
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3.21% for 3 years and 3.25% for 5 years
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No costs or fees
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Protected by the Estonian deposit guarantee scheme up to EUR 100,000
- Easy account opening through Raisin
Cons
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Minimum deposit of EUR 5,000 and maximum of EUR 100,000
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Only 2.00% at 6 months, so the short end is uncompetitive
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No access to your money before maturity
- Interest is paid without German tax withheld, so you have to declare it in your tax return
Collector Bank fixed-term savings account
Collector Bank AB is a Swedish digital bank, a subsidiary of Collector AB, listed on Nasdaq Stockholm. German savers can open its fixed-term deposits through Raisin. It pays the better 12-month rate of the two banks here and has by far the lower entry point, at €500.
Pros
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2.95% fixed rate for 12 months, the higher of the two here
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Minimum amount of only EUR 500
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No costs or fees
- No Swedish withholding tax
Cons
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Only the 12-month term is offered, so there is no choice of maturity
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Cover is denominated in Swedish kronor (SEK 1,150,000, paid in euros), so the euro value moves with the exchange rate
- Interest is paid without German tax withheld, so you have to declare it in your tax return
How savings interest is taxed in Germany
Interest counts as investment income (Kapitalerträge) and is taxed at a flat 25% Kapitalertragsteuer, plus the 5.5% Solidaritätszuschlag on that tax and church tax if you pay it. In practice that works out at about 26.4% before church tax.
Two things reduce or shift the burden.
The Sparerpauschbetrag. The first €1,000 of investment income a year is tax free for an individual, or €2,000 for a married couple filing jointly. To use it at a German bank you have to file a Freistellungsauftrag with that bank, and you can split the allowance across several providers. Without it, the bank withholds tax from the first euro and you reclaim it later.
Where the account sits. German providers, including Trade Republic and Trading 212’s German entity, withhold the tax and pass it to the tax office for you. Foreign banks reached through a deposit platform, including both fixed-term providers on this page, generally do not: Estonia and Sweden apply no withholding tax, so the interest arrives gross and you declare it yourself in Anlage KAP of your tax return. That is not a disadvantage in itself, since the tax is the same either way, but it does mean the work falls to you and the money sits with you until you file.
On a €10,000 balance at 3%, the €300 of annual interest fits inside the Sparerpauschbetrag and is untaxed provided you have not used the allowance elsewhere. Above the allowance, a 3.60% headline rate is worth about 2.65% net.
How to open a savings account in Germany
To open a savings account in Germany, follow these general steps:
1. Compare offers: look at the interest rate, how long a promotional rate lasts and what rate applies afterwards, the maximum amount, fees and deposit protection.
2. Gather the required documents:
- A valid ID document (German ID card or passport).
- Proof of address in Germany, if requested.
- Your German tax identification number (Steuer-ID), so the bank can apply your Freistellungsauftrag.
- A German current account to use as a reference account.
3. Open the account: most banks let you open an account online, verifying your identity by video or with your eID. For fixed-term deposits, the agreement sets out the interest rate, term and amount.
4. File your Freistellungsauftrag: do this when you open the account rather than afterwards, so the allowance applies from the first interest payment.
5. Deposit money: transfer the money from your reference account.
6. Start earning interest: once the account is active, you’ll receive your account details and access to online banking.
Final thoughts
The right savings account depends on your situation, goals and preferences. With the ECB raising rates again in 2026, rates on savings accounts have risen too, and several providers moved within days of the September increase. Many of the highest offers are still temporary promotions for new customers.
Three things are worth checking before you move money. What rate applies after the promotional period, since a 3.60% headline that reverts to 1.00% after five months averages well under 2% across a full year. Whether the product is a bank deposit or a money market fund, because that decides what protection you have. And whether you have used your Sparerpauschbetrag, since the first €1,000 of interest is tax free and the rest is taxed at about 26.4%.
We hope this comparison helps you with your research. Keep an eye on the ECB’s decisions, since they directly affect variable rates on flexible savings accounts.
Disclaimer: this article is for information only and is not investment or tax advice. Rates are variable and promotional conditions change. When investing, your capital is at risk and you may get back less than invested.
