What experts advise

Savings interest rates are falling again – especially for fixed-term deposits

If you can, you should tie up your savings for longer.(Bild: Tobif82 - stock.adobe.com)

Yields on fixed-term deposits are already falling. Banks are cutting interest rates, especially for longer terms. Customers should therefore now secure high interest rates for the long term.

Interest rates have not been as high as they are now for a long time, but the joy of savings account investors is unlikely to last much longer. According to the comparison portal Durchblicker, the trend reversal has begun: In the past three months, interest rates with a three-year commitment have fallen by an average of 0.4 percent, with a maximum of 3.4 percent currently possible (see chart below).

ECB interest rate turnaround expected
Yields on overnight money are also falling and are currently as low as three percent. Banking expert Andreas Ederer from Durchblicker: "Most institutions are offering lower interest rates for longer-term investments than for one-year fixed-term deposits." This is in anticipation of interest rate cuts by the European Central Bank (ECB).

(Bild: Krone KREATIV)

After the ECB raised key interest rates a total of ten times in the past two years, which also led to an upward trend in savings rates, a turnaround in interest rates is now expected in the middle of the year.

Expert: Stay longer or opt for a new customer bonus
As a result, it is therefore advisable to tie up your money for longer, as customers can expect poorer conditions in a year's time. A longer term, on the other hand, secures the current interest rate level. For those whose personal financial situation does not allow them to tie up their money in the long term, Andreas Ederer recommends taking advantage of new customer promotions. According to the Durchblicker comparison calculator, six out of twelve banks currently offer new customers bonus interest on call money.