Since the spring, interest rates have only known one direction: upwards. A classic savings system in particular is becoming more popular with consumers again. Borrowing money, on the other hand, becomes more expensive.
Interest rate developments have been very dynamic for weeks. And with it the interest on overnight and time deposits, which brings back a savings classic. But interest rates on consumer credit are also rising, which is having an impact on investments.
Daily and fixed deposit accounts
According to Check24 spokesman Edgar Kirk, classic investments such as overnight and fixed-term deposit accounts will become more attractive in view of the interest rate trend. The first banks have increased interest rates, especially for short, but also for medium terms. A dynamic that, from the point of view of the comparison portal, could even accelerate over the course of the year. Means: Two percent and more interest for a two-year fixed deposit could be possible.
Consumers could therefore use the so-called staircase strategy, according to the advice of the Check24 spokesman. If you want to save, don’t put all your savings in a single fixed-term deposit account, but split them up into several accounts with different maturities. That creates flexibility.
An overview by Stiftung Warentest makes it tangible. With overnight money, consumers currently get up to 0.25 percent interest per year, with fixed-term deposits it is 1.30 (one-year fixed-term deposit) to 1.70 percent (three-year fixed-term deposit).
The best fixed deposit accounts in comparison.
installment loans
At the same time, interest rates on consumer loans are climbing. According to Kirk, these have risen by 20 percent since then, as almost all banks have adjusted their financing offers in recent months. That means the temporary end of the historically low lending rates, according to the Check24 spokesman.
Here, too, a look at the current figures from Stiftung Warentest helps. Accordingly, for installment loans, the fluctuation range for interest rates is between 1.89 and 6.70 percent. According to Check24, many consumers are already bringing forward their investments. Because for the further course of the year, the comparison portal expects average effective interest rates of up to 5 percent. It could therefore be worth bringing forward important and large purchases.
But not all banks are raising interest rates to the same extent. The interest rate differences could therefore become even larger, which is why a loan comparison can be worthwhile, according to the advice of Stiftung Warentest.
The best installment loans in comparison.
(This article was first published on Friday, July 08, 2022.)
