Daily allowance comparison – recommendations & tips
Our recommendation: If you opt for a call money account with a short interest guarantee, then you should be ready to switch providers every few months.
Product recommendation: The highest overnight interest rates is available at the TF Bank and at the Sberbank Direct . But also the Advanzia Bank , the Oyak Anker Bank , the East West Direct and the Akbank offer permanently good overnight money conditions for new and Existing customers.
Important: Watch out on compound interest and prefer a monthly credit to a quarterly or annual credit.
Daily money comparison – the most important points in brief
Im Daily money comparison we have tracked down the highest interest rates for you and clearly listed the test winners.
Call money is particularly suitable as a short-term investment. The best overnight money account offers a high level of security with attractive interest rates, you can dispose of your money at any time.
A call money account is usually free of charge, especially with direct banks you often don’t pay a cent. However, not all overnight money offers are really useful.
Call money comparison: Best call money account
| Bank | Interest rate for existing customers | Comment |
|---|---|---|
| TF Bank | 0.20% pa | No minimum deposit. Interest is credited monthly. Interest applies to amounts up to 100,000 euros. |
| Sberbank Direct | 0.20% pa | No minimum deposit. Interest is credited quarterly. Interest applies to amounts up to 250,000 euros. |
| Advanzia Bank | 0.15% pa | Minimum deposit 5000 euros. Interest applies to amounts up to 1 million euros. |
| Oyak Anker Bank | 0.15% pa | No minimum deposit. |
| East West Direct | 0.15% pa | No minimum deposit. Guaranteed interest rate for three months from the opening of the account. |
| Akbank | 0.15% pa | No minimum deposit. Interest applies to amounts up to 1 million euros. |
Status: 01.10.2021, Source: Provider
Product recommendation: In the race for the highest interest rates when comparing overnight money, two providers are tied. The Swedish TF Bank and the Austrian Sberbank Direct perform above average with 0.20 percent per year. The Luxembourgish Advanzia Bank
, the German Oyak Anker Bank
, the Luxembourgish East West Direkt and the also German Akbank with an only slightly lower interest rate of 0.15 percent per year.
You can find out more about the best call money accounts with the highest interest rates in our detailed overnight money comparison below. There we will introduce you to all of the test winners as well as alternatives in detail. First of all, we will show you the advantages and disadvantages of a call money account: What makes call money interesting as a financial investment for building up assets, what are the differences to the fixed-term deposit account and what you should pay attention to with your savings account.
By the way: For all in our Comparing tested banks, an account opening and a free account management is only possible over the Internet.
Compromise between current account and fixed deposit
The classic savings book has expired nt – savers have long since had to break new ground if they want their money to work for them. If you want an attractive interest rate and still want to have access to your savings at all times, there is no avoiding a call money account. Tagesgeld offers a good compromise Current account and Time deposit : A call money account is just as customizable, (usually) free and secure as a current account, but offers significantly higher interest rates – an ideal parking space for sums of money.
So if you want to save money for the next car, annual vacation or a big party, then you should open a daily money account, it’s worth it: You can You can park the amounts of money that you will need in the foreseeable future with good interest rates. Savers who are preparing for a major purchase such as buying a home should also take advantage of a call money account. The future equity is there securely and is increasing gradually. A call money account is also perfect for an emergency reserve that you want to hold back for unexpected repairs.
In this In a detailed comparison, we show the advantages and disadvantages of overnight money and tell you where you can get the best interest rates and where you can find the best overnight money account.
Daily money or fixed deposit? The differences
Who doesn’t have his money wants to invest in the stock market or is looking for a secure financial investment in addition to his risky stock market investment, you should choose between a call money and a fixed-term deposit account. Both alternatives are very safe, but differ in terms of duration, flexibility and the amount of interest.
Term:
There is no fixed term for overnight money, a call money account is suitable therefore not only suitable for a long-term investment, but also perfect as a short-term investment. If you are planning a purchase in a few months, you can park your money in a call money account with good interest. A fixed deposit account, on the other hand, is intended more for long-term savers, it is much more inflexible than a overnight deposit account: the term is fixed.
Flexibility: While a call money account allows the saver access to his savings at any time , the money is permanently invested in a fixed deposit account, as the name suggests – the saver cannot dispose of his money for the time it is invested. If you opt for a fixed-term deposit, you should be able to do without your savings for several years without any problems.
Interest: Savers receive significantly more interest with a call money account than with a giro account. An even better interest rate is only available on the fixed-term deposit account. This includes interest of approximately 1 percent.
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Daily money – flexible and secure
If you want to invest your money for a short time or ever currently want to have access to your savings, then a call money account is the right choice for you. Call money is a perfect compromise between flexibility and return. But also savers who want to increase their money in the long term and still flexibly are not wrong with an overnight money account.
If you opt for overnight money, then not only can you access your savings at any time, you can also increase or reduce your investment amount as you wish. This allows the saver to dispose of his money flexibly at any time and to react spontaneously to changes in the capital market.
Call money (just like fixed-term deposits) is a very safe investment: Within the European Union, call money deposits up to EUR 100,000 per customer and bank account are legally protected. At German financial institutions there is another protection: For amounts that are above the statutory deposit protection, the German deposit protection applies in most cases. In some cases, even savings in the millions are completely protected.
Banks and savings banks usually charge overnight money no account management fees. A call money account is usually free of charge, especially with direct banks. We will show you which financial institutions have free call money accounts in our call money comparison. There we have examined the best offers for you and tracked down the highest interest rates for you.
Important: Before you invest any money, you should check whether you have debts or whether you still need to pay off any personal loans that are still outstanding. It makes sense to pay off the liabilities first, as the interest for overnight money is almost always below that which you have to pay for existing loans (by the way, we will show you everything you need to consider when it comes to investing in our guide Investment on).
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Crowdinvesting: alternative or supplement?
A call money account is ideal for savers who are looking for a safe and flexible investment. But like our Call money comparison shows you will be savers on your call money accounts rewarded only with low interest rates well below one percent. When looking for high-yield investment routes, some investors are increasingly opting for a stock market investment as an alternative or supplement to safe overnight money. In addition, lesser-known investment opportunities such as crowd investing are also worth a look.
The concept of crowd investing is easy: Many investors (crowd) jointly finance a specific project and are used for your Investment financially involved in the project. This form of investment is particularly popular in the start-up sector, but you can also participate as a private person in real estate or ecological projects and receive high interest on your investment. Such participation is possible, for example, via brokerage platforms such as Zinsland, Zinsbaustein and Exporo. Depending on the provider, the minimum participation amount and the duration of the participation differ, among other things.
Important: In direct comparison with the investment on a Crowdinvesting impresses with its overnight money account, especially with its significantly higher interest rates. However, there are also major differences between the two forms of investment in terms of the security of your capital. Be aware that, similar to many stock market investments, with crowd investing there is always the risk of a total loss. So if you prefer high-interest crowd investing to overnight money, you should be able to deal with losses and spread your assets over different investment options.
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The best tips about overnight money accounts
If you have decided to save on overnight money, there are a few pieces of advice you should take to heart before opening an account: Pay attention when choosing the right overnight money account the so-called interest rate guarantee : It is not only important how high the interest rate is It is much more important how long the bank guarantees this interest rate. In most cases, high interest rates are associated with a short term and should be understood as a bait offered by the banks. New customers often benefit from this, but the attractive interest rate guarantee is rarely valid for more than six months and often only for certain maximum amounts.
Tip: The longer the bank guarantees the agreed conditions, the faster your savings and you are at the same time protected from a fall in interest rates for longer. But: For short-term savers, even “lure offers” can be a perfect capital investment.
Do not forget the Compound interest effect
: Interest that is credited to your account and then compounded maximizes the income by one Many times over – especially if you want to save your money in a call money account over the long term. Therefore, pay attention to the interval in which the interest is paid.
Tip: The shorter the distance, the higher the interest gain in the end. You should always prefer a monthly credit to a quarterly one with the same interest rate.
Do you want your money in a call money account increase, then you should be ready to change your overnight money account every few months – especially if you opt for an offer with a short-term interest guarantee. A change of provider can pay off in the truest sense of the word.
Our recommendation: Compare the best overnight money offers regularly – we will help you!
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Daily money comparison – this is how we tested it
In our overnight money test, we compared the most important offers from banks, savings banks and direct banks. In our overnight money comparison, we rated the level of interest as positive. Our test results also included how easy it is to open an account, for example. Direct banks in particular are a few steps ahead of branch banks in this regard. This also applies to the use of the account: View the account balance, transfer amounts from the reference to the overnight money account and vice versa – generally no problem.
In the hunt for the highest interest rates, accurate comparisons are essential. As already mentioned, a distinction must be made between how high the interest rates are for new and existing customers, how long the interest rate is guaranteed and how often the compound interest effect has an effect, i.e. how often an interest credit is made.
Customers who have been with a bank for a longer period of time do not receive (usually) any promotional interest and are of course excluded from new customer bonuses. You receive the (usually lower) interest rate for existing customers. With some banks, however, the interest rates for existing customers are also worth a look; these providers often offer permanently good interest rates. There is no guarantee for this, however, you should always keep that in mind: The bank can change the interest rate (without an interest guarantee) on a daily basis.
The test conditions
So that you can keep track of the overnight money accounts with the highest interest rates, we have the selected most sustainable offers. This means that we did not include any temptation offers, any new customer offers or any time-limited offers in our test. Daily money offers that have to be concluded via interest portals such as weltsparen.de or zinspilot.de sen, we have excluded from our overnight money comparison. We have marked offers from banks located outside the euro area separately. The reason: Due to the exchange rate from the local currency to the euro, the deposit protection may be below the 100,000 euro guaranteed in the euro zone.
Important: In our overnight money comparison we have only included banks that offer an overnight money account without additional fees.
Some Banks sometimes offer significantly higher overnight interest rates than our test winners – how can that be? In our overnight money comparison we have set strict standards and only allowed “real” overnight money accounts. Call money offers that are tied to conditions or are only valid for a short time cannot therefore appear among the test winners of this comparison. This applies, for example, to DKB, Comdirect, ING and Hamburg Commercial Bank (formerly HSH Nordbank).
That’s why DKB and Comdirect are not included
Neither the offer of DKB can still be found from Comdirect . The reasons: “DKB-Cash” is not a real overnight money account, but a Current account with free credit card , the balance of which earns interest and is available daily like a call money account. And “Tagesgeld PLUS” from Comdirect is linked to the opening of a current account with incoming salary.
Note: Neither “DKB-Cash” nor “Tagesgeld PLUS” from Comdirect can currently offer the best overnight money Competing offers.
ING with high interest – only for new customers
With regard to interest, see the overnight money account of ING , however, looks much better: New customers receive 0.25 percent interest on a maximum of 25,000 euros for four months. However, this offer is only valid in connection with the opening of a salary account, which is why ING cannot come among the test winners in our overnight money comparison.
Tip: If you are willing to change your bank often, then such a new customer offer (for a short time) can be worthwhile for you. The best overnight money accounts in our test, however, offer permanently attractive interest rates.
Account opening at Hamburg Commercial Bank only via interest portal
The Hamburg Commercial Bank does not make it into the best overnight money accounts despite a good interest rate offer, there are two reasons for this: On the one hand, an account at Hamburg Commercial Bank (formerly HSH Nordbank) can only be concluded via an interest portal and on the other hand, the overnight money can only be invested on two fixed dates per month.
In addition, customers can only book twice per Mon nat have the investment amount – that contradicts our view of a flexible overnight money account.
High interest rates – an important benchmark in the overnight money account comparison
The highest interest rates play a major role in our overnight money comparison, but that have you already read that these are not the last word in wisdom. Our test winners offer permanently attractive interest rates without further conditions.
There are also some differentiations regarding interest: Offers one Bank, for example, a variable interest rate, then this is regularly adjusted to the market interest rate – in some cases the provider does this on a daily basis. So it is not only possible that the interest rate falls, it can also be raised by the bank.
A permanently fixed interest rate (interest rate guarantee) usually makes more sense for the customer because he can plan better. However, the offers with variable interest rates are often more attractive, the interest rate is often above the level of a guaranteed interest rate. As a saver, you have to decide what is more important to you: predictability or the chance of (at least temporarily) higher interest rates.
Important: By the way, the deposits of all banks tested are up to an amount of 100,000 euros per customer and bank. The German financial institutions in our overnight money comparison are usually also organized in the deposit protection fund of the Association of German Banks. This gives customers additional security if their bank should become insolvent.
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The winners in the overnight money comparison
The Sberbank Direct is our test winner with 0.20 percent interest per year. The Austrian bank offers consistently good interest rates, does not require a minimum deposit and the deposit protection is 100,000 euros. Interest is credited to Sberbank overnight money every quarter.
The Swedish TF Bank also offers the highest overnight interest rates at 0.20 percent, which are paid monthly. In addition, no minimum deposit is required. However, Sweden is not part of the euro area, so the EUR / SEK exchange rate means there is always the possibility that the deposit protection will fall below 100,000 euros.
The Luxembourg Advanzia Bank and the German Oyak Anker Bank achieve with an annual overnight interest rate of 0, 15 percent the following places. While no minimum deposit is required with Oyak Anker-Tagesgeld, savers have to invest at least 5,000 euros with Advanzia-Tagesgeld. In return, Advanzia Bank customers can look forward to a monthly interest payment East West Direkt and the German Akbank . With an interest rate of 0.15 percent per year, these two call money accounts do not quite come close to the test winners in our call money account comparison. Neither East West Direkt nor Akbank require a minimum deposit. East West Direkt guarantees the interest rate for three months from the opening of the account; at Akbank, interest is only paid on deposits up to an amount of 1 million euros.
The most important terms relating to overnight money and interest
The annual interest , also as interest per annum, is the nominal interest rate. Savers will receive this from their bank within one year.
Attention: If you invest your money for less than a year, you will receive correspondingly lower interest.
If the interest is credited monthly or quarterly to the overnight money account and then reassigned interest, then one speaks of Compound interest effect . This increases the return that savers can achieve with overnight money.
The Yield indicates the percentage by which savers increase their deposits in a certain period of time. In addition to the nominal return, there is also a real return. This already includes inflation.
The best overnight money account: Security
With overnight money, the security of your investment plays an important role in addition to the interest. Basically, a call money account is very safe and much safer than, for example, a stock market investment. This is mainly due to the fact that the European Union’s deposit insurance protects the depositors’ assets in the event of the bank’s insolvency – up to EUR 100,000 per customer and bank. As already mentioned, credit balances in the millions may even be protected in Germany. But you shouldn’t rely on that.
Tip: If you want to park more than 100,000 euros in a call money account, then you should consider opening several accounts at different banks. You should also only invest your money in safe banks in wealthy countries. We use the criteria of rating agencies (credit ratings) to assess the solvency of financial institutions. We in the guidebook editors at finanzen.net therefore recommend a call money account only with banks from countries whose economic strength is rated as good by rating agencies.
Extra tip: For a really high return it is advisable to make safe investments such as overnight money and
Open an overnight deposit account – you should do that
1
To open a call money account, you first need You have to submit the “Open a call money account” application from your bank. You can obtain this from online banks on the homepage or from your bank advisor.
2
In the case of direct banks, please fill out the opening application and the form for the “PostIdent” procedure. The bank uses “PostIdent” to check your identity. Some internet banks now also offer “VideoIdent”.
3
If you open the overnight money account at a bank with which you are already a customer, you no longer have to prove your identity.
4
As a rule, your overnight money account will be opened within a week. You will receive the access data (usually in several shipments) by post.
MARKUS GENTNER – EDITORIAL MANAGER GUIDE
Markus Gentner has been head of the advice area at finanzen.net since 2018. Before that, he worked in the news editorial team for five years. The studied journalist and Germanist built up his stock market knowledge at the German investor television DAF, already during his print internship he specialized in advice topics.
Note: Our advice articles are objectively researched and independently created. So that you can read our information free of charge, clicks on links are sometimes remunerated.
Bi Source: Marian Weyo / Shutterstock.com
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