Best Savings Rates Today
Highest Flexible Rate
ING
3.75% interest
for 4 months, then 0.75%
Best for short-term savings with flexible access
Highest Ongoing Rate
bunq
3.01% interest
as an uncapped variable rate
Best for easy access without promotional rate chasing
Highest 12-Month Fixed Rate
TBI Bank
3.15% interest
as a guaranteed rate
Best to lock in an interest rate for a year
Highest 2-5 Year Fixed Rate
GEFA Bank
3.3% interest
guaranteed for 60 months
Best for longer-term savings with a predictable return
Tagesgeld vs. Festgeld: Which Savings Account Is Right for You?
The main choice is between a flexible Tagesgeld account and a fixed-term deposit (Festgeld). The better option depends mainly on when you need access to your money.
| Category | Tagesgeld | Festgeld |
|---|---|---|
| Money access | Anytime | Usually locked until maturity |
| Interest rate | Variable | Fixed for the full term |
| Typical term | No set duration | Months to several years |
| Main advantage | Maximum flexibility | Guaranteed rate |
| Main drawback | Rate can decrease | Limited/no early access |
| Best for | Emergency funds and short-term savings | Money you can set aside |
| Find the best account | Compare all Tagesgeld accounts | Compare all fixed deposits |
Why We Compare European Savings Accounts for Germany Residents
Living in Germany does not mean you have to limit your savings to banks headquartered in Germany. Our comparison also includes savings accounts from European banks available to residents of Germany.
This can give savers access to a wider range of interest rates and deposit terms. What matters is not only where the bank is based, but whether you are eligible to open the account from Germany and under which deposit guarantee scheme your money is protected.
For banks covered by EU deposit guarantee rules, eligible deposits are protected up to €100,000 per depositor per bank. The responsible deposit guarantee scheme can depend on the bank and its legal structure, which is why we show the relevant protection country and scheme for each account.
There can also be differences in how interest is paid and how taxes are handled, especially when using a bank outside Germany. We therefore compare the account conditions relevant to Germany residents rather than restricting the comparison to German banks.
Current Savings Account Interest Rates in Germany
Current savings rates for expats and residents in Germany include offers from both German and European banks. Savings rates can differ significantly depending on whether you choose a flexible Tagesgeld account or lock your money into a fixed-term deposit.
Flexible accounts usually offer either a variable ongoing rate or a higher promotional rate for new customers. Fixed deposits, on the other hand, guarantee the agreed interest rate for the entire term.
The highest advertised rate is therefore not always the best option for every saver. When comparing accounts, consider how long the rate applies, what happens after the promotional period ends, and whether you need access to your money before the term ends.
Our rate data is updated daily and includes eligible offers from German and European banks available to residents in Germany:
| Account type | Current best rate |
|---|---|
| Flexible / Tagesgeld | 3.75% p.a. |
| Ongoing flexible rate | 3.01% p.a. |
| 12-month fixed deposit | 3.15% p.a. |
| 2–5 year fixed deposit | 3.3% p.a. |
| 6-10 year fixed deposit | 3.6% p.a. |
Rates last updated: August 21, 2026
Are Savings Accounts in Germany and Europe Safe?
Savings accounts and fixed deposits offered by regulated EU banks are generally covered by a statutory deposit guarantee scheme. Under EU rules, eligible deposits are protected up to €100,000 per depositor and bank.
If you choose a bank outside Germany, your money is usually protected by the deposit guarantee scheme of the country where the bank is licensed. For example, a savings account offered by a Dutch bank may be covered by the Dutch deposit guarantee scheme rather than the German one.
This is why we show the relevant deposit protection country and scheme for each account in our comparison. If you hold more than €100,000 in cash savings, spreading deposits across different banks can also help keep a larger share within the applicable protection limits.
Deposit protection is only one factor to consider. Before opening an account, you should also check which legal entity holds your deposit and which guarantee scheme applies to that specific product.
The €100,000 limit generally applies per depositor and bank, not per savings account.
Taxes on Savings Interest in Germany
If you are a tax resident in Germany, interest earned on savings accounts generally counts as taxable investment income.
Germany currently provides a Sparer-Pauschbetrag of €1,000 per person, or €2,000 for jointly assessed married couples. This amount is exempt from capital gains tax. With a German bank or another institution that performs German tax withholding, you can usually use a Freistellungsauftrag so that no German withholding tax is deducted up to your available allowance.
Above the allowance, investment income is generally subject to a 25% capital gains tax (Kapitalertragsteuer), plus solidarity surcharge and, where applicable, church tax.
The process may differ if your savings account is held directly with a bank outside Germany. A foreign bank may not deduct German tax automatically, which can mean that you need to report the interest in your German tax return. Foreign withholding tax may also apply depending on the bank’s country and can in some cases be credited against German tax.
For this reason, tax handling is one of the account details worth checking when comparing German and European savings accounts.
How to Open a Savings Account in Germany as an Expat
Most savings accounts can be opened online, but the exact requirements depend on the bank and the account.
As an expat living in Germany, you will typically need to provide your personal details, residential address, and a valid identity document. Banks also need to verify your identity, which may be done through methods such as VideoIdent, PostIdent, or another online identification process.
Depending on the provider, you may also be asked for your German tax identification number and a reference account from which deposits and withdrawals are made.
Before applying, check in particular:
- whether the account is available to residents in Germany;
- which passports or identity documents are accepted;
- whether the application and online banking are available in English;
- whether a German IBAN or another SEPA reference account is required;
- how the bank verifies your identity; and
- how interest and taxes are handled.
These requirements can differ significantly between banks, especially when comparing German banks with those elsewhere in Europe that offer savings accounts.
Direct bank vs. savings platform: You can open many savings accounts directly with the bank. Some offers are also available through savings platforms such as Raisin, where you register and verify your identity once, then access savings products from multiple partner banks through a single account. This can make it easier to switch between offers or spread deposits across several banks without having to repeat the full registration process each time.
We therefore show the relevant opening conditions and whether an account is directly with the bank or through a savings platform on the individual account pages where available.
Frequently Asked Questions
What is a high-yield savings account in Germany?
Can expats open a savings account in Germany?
Can I use a European savings account while living in Germany?
Are European savings accounts protected up to €100,000?
Do I need a German bank account to open a savings account?
How often are the savings rates updated?
