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Eurozone Deposit Rates Top 2.85% on Two-Year Fixes and 4% for New Savers

Heightened competition has led banks to offer differentiated term rates alongside short-term promotions on savings.

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Overview

  • Average eurozone savings yields have fallen below 1.3% after eight ECB rate cuts since mid-2024, driving passive returns to multi-year lows.
  • Two-year fixed-term deposits now yield as much as 2.85%, while one-year and six-month rates reach up to 2.66% and 2.55% respectively.
  • Promotional offers include BforBank’s 4% interest for new customers on up to €50,000 for four months and perpetual 2.3% Tagesgeld rates at Varengold Bank and Bank Norwegian.
  • Traditional German retail banks pay between 0.1% and 0.75% on daily-access savings, while online and foreign institutions continue to offer variable rates above 2%.
  • Experts warn that banks can adjust rates at any time and advise savers to compare offers regularly and prioritize banks with top EU-EEA deposit insurance.