Frankfurt In the wake of rising interest rates, fixed-term deposits, which have been spurned for years, are making a comeback. Since the turnaround in interest rates in the euro zone at the end of July 2022, the fixed-term deposits of German banks have swelled more than ever before in such a period, according to the consulting and auditing company PwC based on Bundesbank data.
Deposits in fixed-term deposits from private customers and companies increased by half to EUR 535 billion by the end of March 2023. “After more than a decade of declining volumes, the fixed-term deposits of German banks have risen again for the first time since the interest rate turnaround in July 2022, by a record amount of 180 billion euros,” said PwC partner Daniel Wildhirt.
The number of fixed-term deposit offers also shot up. The comparison portal Verivox now counts more than 426 banks with offers for two-year time deposits. That is three times as much as a year ago.
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