Commercial Banking Establishes New Daily Exchange Rate
Commerzbank Adjusts Interest Rate for Instant Access Savings Account
Commerzbank has announced a slight adjustment to the interest rate for its "Top Interest Plus" instant access savings account. The new rate stands at 2.75%, slightly below some of the highest interest rates currently offered by German competitors.
Previously, Commerzbank offered a variable interest of 2% on new money, with quarterly payments and no account fees. However, there were some restrictions on qualifying money sources. The recent update reflects a potential increase, but it may not match the absolute highest rates in the market.
For instance, Consorsbank offers a savings account with a currently advertised interest rate of 2.8%, but all communications and account services are in German. Another competitor, TF Bank, provides a notable offer of 2.55% for the first 3 months (with monthly compounded interest), followed by 1.45%, but it is limited to €100,000 deposits and lacks German branches.
Traditional in-branch banks like Commerzbank often provide added convenience, account security, and customer service in English, which may offset slightly lower rates compared to pure online competitors.
In comparison, Openbank offers higher interest rates for instant access savings accounts, but it may not have the same level of branch access as Commerzbank. For those willing to rely on deposit protection from outside Europe, Openbank and Suresse Direct offer higher interest rates.
The BÖRSE ONLINE Instant Access Savings Account Comparison lists more attractive offers, such as Targobank's 3.1% interest and 1822direct's 2.9% interest. It's important to note that the comparison contains affiliate links that may provide compensation when clicked, but the content remains objective and informative.
The terms for the "Top Interest Plus" account remain unchanged. All deposits up to €100,000 are covered by German state deposit protection. There are no account management fees, and the interest is credited quarterly for the "Top Interest Plus" account. Additionally, the interest guarantee for this account lasts for 12 months after opening.
It's possible to earn interest on up to €1,000,000 with the "Top Interest Plus" account, but this is not recommended. The competition for instant access savings accounts has increased due to recent changes in the terms by various banks.
In summary, Commerzbank’s updated 2.75% interest rate is strong compared to typical traditional bank offers and close to the top end of the market but slightly beneath the highest purely online offers such as Consorsbank’s 2.8%. The choice may depend on preferences for branch access, language support, and compound interest payment frequency.
In the realm of personal-finance and business, Commerzbank's recent adjustment of its interest rate for the "Top Interest Plus" instant access savings account can be viewed as a potential increase, reaching 2.75%. Although this rate falls slightly short of some online competitors like Consorsbank's 2.8%, Commerzbank continues to offer added conveniences, such as account security, customer service in English, and the comfort of traditional branch access.
