Cologne Saving wasn’t as interesting as it is today for a long time. Since central banks around the world have been raising interest rates, the rates for private customers for fixed-term and call money accounts are also rising again – and rapidly. This calls completely new providers onto the scene: On Wednesday, Neobroker Trade Republic announced that it would pay two percent interest annually on uninvested credit balances of up to 50,000 euros.
“This is something completely new. As a rule, neo-brokers do not pay any interest on deposits,” says Ania Scholz-Orfanidis, an expert in overnight and fixed-term deposits at the Frankfurt financial consultancy FMH.
Trade Republic received the grade “very good” from the financial advisor for its offer. But that’s not enough for first place in the current FMH ranking, which evaluated 73 call money providers and 90 fixed-term deposit providers. Four providers do better than Neobroker in the category “The best call money rates for new customers”.
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