The philosophers of history like to argue whether history is a rise, a decline or an eternal cycle. For savers, at any rate, there are remarkable signs of a steady return at the moment. It is the turnaround in interest rates that ensures that financial products that seemed almost forgotten in the long years of low interest rates since 2014 come back into the light.

Christian Siedenbiedel

Editor in business.

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For example, if you pass by his savings bank these days to withdraw money, you may come across a hand-painted advertising sign with small columns for a savings product whose name is hardly known to many younger people: the savings bank letter. This "registered or bearer bond with a predetermined term of up to ten years" had been discontinued or no longer advertised by many savings banks during the low interest rate period due to a lack of customer interest. Now the savings bank letter comes back.

Another classic, this time from the world of direct banks, had never completely disappeared, but also had little attention due to a lack of interest in the low interest rate years: the call money account. When there was zero percent interest or even some to pay, few had even transferred their money from the current account there. Now the call money account has become the central competitive instrument for deposits, especially for the part of the banking industry focused on the Internet.

3 percent interest on the call money account

Remarkably, it is precisely the bank that established the call money account in Germany more than 20 years ago that is now largely responsible for its comeback. ING Germany announced on Wednesday that it will pay 3 percent interest on the call money account in the future. And not only new customers, but also existing customers who already have a call money account with the institution, get on newly deposited funds from now on for six months 3 percent interest.

That's quite a lot at the moment. Suresse Direkt Bank, which belongs to the Spanish Santander, was recently the first financial institution to call this brand, as the consumer portal Biallo reports. There, however, the offer only applies to new customers and is limited to four months. From the fifth month on, there is still an above-average 1.75 percent per year. At the Spanish bank, however, the deposits fall under the Spanish deposit insurance.

C24 Bank, the bank of the comparison portal Check 24, has been paying 1 percent interest on balances up to 2023,2 euros on the current account since April 50, 000 until the end of the year, both for new and existing customers. The advantage of this model: money does not have to be transferred to a separate account, but is paid interest directly on the current account, where it is available at any time for possible expenses.

"With the interest rate increase to 3 percent, ING catapults itself to the top of the market," says Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. Savers currently received such high overnight interest rates from no other German bank: "The new offer is likely to further fuel competition for savings, and for many other market participants, ING, as the largest German direct bank, is also an important benchmark on which they orient themselves when setting their own conditions."

In October, ING Germany boss Nick Jue announced the interest rate turnaround for his bank: "We will be the first major bank in Germany to bring back overnight interest rates for everyone." On December 6, the ING started with 0.3 percent interest on the overnight money for existing customers, since March 8 it was 0.6 percent. ING initially lured new customers with one percent for four months, most recently it was 2 percent.