Tiny increase in overnight interest rates

The interest on call money accounts rose slightly. Nevertheless, the forecasts for overnight money offers from banks this year are not exactly encouraging for savers.

For the first time since October 2015: The interest for overnight money increases minimally.

Dhe Deutsche Bundesbank recorded an increase in average overnight interest rates in Germany for the first time since October 2015. A Bundesbank spokeswoman confirmed a corresponding report by the management consultancy Barkow Consulting on Wednesday. The statistics on this topic will be published with a delay, however, the interest rate increase took place from October to November and amounted to 0.01 percentage points from 0.01 to 0.02 percent – an increase of 100 percent at a tiny level.

The background is probably “a special effect due to a temporarily limited very high interest rate offer by an important player in the German market for overnight money,” writes Barkow. In the period in question, ING (formerly: ING Diba) had temporarily offered existing customers 1 percent on overnight money, guaranteed for four months. The offer was justified with the introduction of the new brand name (only “ING”) and has now expired.

Overall, however, the forecasts for overnight interest rates this year look bleak. The banks are becoming increasingly skeptical that the European Central Bank (ECB) will raise interest rates at all in 2019 .. Many institutes took the view in a FAZ survey that even if the ECB shifted the negative deposit rates for banks towards zero, it would be for savers There will be no higher interest rates in 2019.

However, the FMH-Finanzberatung writes in its “Interest rate forecast 2019”: “An important signal would be the withdrawal of the negative interest rate.” As soon as this was canceled, the first banks would probably be ready to pay more interest on overnight and fixed-term deposits again. “Unfortunately, the ECB has not commented on this so far, so financial experts and investors are eagerly awaiting.” Finally, in mid-December, only 28 of 463 researched overnight money offers offered an interest rate of at least 0.1 percent.

The Internet portal Biallo, meanwhile, names the Luxembourgish Advanzia Bank with 1 percent, guaranteed for three months, the ING Germany with 1 percent, guaranteed for four months, and the French Renault Bank Direkt with 0.7 percent, among the currently most attractive offers for new customers three months guaranteed. All offers are only valid for new customers. Existing customers receive the highest interest with Rabodirect at 0.66 percent – but only for new money.