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Sparkonto: Where to find the best high-yield savings accounts in Germany
If you live in Germany and you're looking for a safe, low-risk way to save money, you'll have seen offers for
Sparkonten
(savings accounts). These are staples in German financial planning and offer a reliable alternative to riskier investments.
Depending on your needs, these can be appealing to savers who want steady returns.
What is a Sparkonto?
In Germany, the term
Sparkonto
refers to savings accounts.
These accounts are popular because they offer a safe way to earn interest without exposing your money to the volatility of the stock market. They're also protected by Germany's deposit insurance scheme, which secures deposits of up to €100,000 per bank, per person.
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Savings accounts have several advantages over riskier assets. They are simple to understand and manage, come with a number of tax advantages, and offer steady – if modest – returns.
The two most common types of savings account are:
Tagesgeldkonto
(flexible savings account)
Festgeldkonto
(fixed-term deposit account)
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A
Tagesgeldkonto
offers anytime access to your money at a higher rate than a current account. This feature means these types of accounts are useful for money you could need immediate access to – such as an emergency fund.
By contrast, a
Festgeldkonto
locks your money away for a fixed term, usually between six months and five years, in return for a guaranteed interest rate. Because the bank has access to your money for longer, returns are typically higher than instant-access accounts. In general, the longer the term, the higher the interest.
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Many
Tagesgeldkonten
offer promotional rates that are actually higher than flexible accounts. However, these rates often last for just a few months, so over the long term choosing a
Festgeldkonto
will usually offer better returns.
Capital gains tax of 25 percent is due on investment gains, including interest from savings accounts. However, you can use the so-called saver's allowance (
Spararpauschbetrag
) to exempt some of this income from capital gains tax.
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In 2025, the rate was set at €1,000 for singles and €2,000 for married couples, divided as they wish.
The best flexible savings accounts
Nominally, the highest rate we could find was
Consorsbank
's 2.8 percent for three months with a signup bonus of €40. However, the website makes it very difficult to find the non-promotional rate, making us a little suspicious of this offer.
The next highest is
Norisbank
, with a rate of 2.52 percent for new customers until September. However, the account costs €3.90 a month.
Volkswagen Bank
is currently offering new customers a promotional rate of 2.4 percent for six months. The account has no ongoing costs.
Finally,
PSD Bank
has a non-promotional rate of 1.5 percent on deposits of up to €437,500, without ongoing costs.
The best fixed-term deposit accounts
The Local compared offers from several banks for one-year fixed terms.
The best rate we found was
Crédit Agricole
, which offers 2.4 percent returns for a one-year period on investments from €5,000 to €500,000.
The next best was
GEFA
, at 2.1 percent on investments from €10,000.
PEAC offers 2 percent interest over one year. Investments must be between €5,000 and €437,500. The account has no ongoing costs.
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Rates are usually higher the longer the term, so make sure to pick the longest horizon you can afford to get higher returns. For example, Crédit Agricole's five-year rate is currently 2.65 percent, up from 2.4 percent.
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