Legendary ING “Extra Account” makes a comeback!

It has been almost exactly two years since Germany’s largest direct bank canceled overnight money for new customers. Now the ING “Extra Account” is making a brilliant comeback. New customers now receive 1.00 percent per year, guaranteed for four months and up to 50,000 euros. A new customer is anyone who has not had an overnight money account with ING in the past six months.

For existing customers, ING will then pay a variable 0.30 from 6 December instead of the current 0.001 percent per year, the maximum investment is one million euros. “We started early on passing on the positive effects of the interest rate turnaround to customers: we abolished the custody fee and started paying interest on the savings certificate. Now we are also reducing the calling rates for everyone”, says Nick Jue, CEO of ING in Germany. ING also increases the interest rate for savings certificates by 30 to 50 basis points, depending on the term. ING only added the product back to the range in August. The conditions in detail:

  • 1.0% per year for 1 year
  • 1.1% per year for 2 years
  • 1.5% per year for 3 years
  • 1.6% per year for 4 years
  • 1.8% per year for 5 years

Biallo tip

Would you like an unconditionally free checking account in connection with an attractive interest rate product? Then the nationally active Raiba in the Hochtaunus might be worth a look: the comrades want to pay out a stable dividend of 2.5 percent this year. With a maximum investment of 25,000 euros per person, a family of four can expect a dividend of up to 2,500 euros per year – without any price risk.

The best overnight interest rates in October

With the new offer, ING has catapulted itself to second place in the biallo.de overnight money comparison. The first place is taken by Maltese FCM Bank, which offers 1.08 percent for both new and existing customers. Renault Bank direct and Pbb direct follow in the following places, each at 0.75 percent per year.

You can earn even more interest if you invest your savings in a term deposit. Those who opt for a term of one year will receive 1.75 percent of Pbb direct and Yapi Kredi Bank. The Swedish Klarna is just behind with 1.70 percent.

However, in uncertain times like these, many people do not want to opt for longer periods and avoid fixed deposits because they usually do not get their money before the end of the agreed term. What to do if a car repair suddenly has to take place or a high energy bill flutters into your home due to increased energy prices?

A nice compromise between fixed-rate term deposits and liquid overnight money is the new product “Termination Deposit”, also known as “flexible term deposit”. The interest rate is significantly higher than for overnight money, but lower than for term deposits. In return, you can get some of the money in the short term with no loss of interest.

The Italian FCA Bank offers 2.30 percent interest for its “Fixed Deposit Plus” with a term of 48 months and a minimum deposit of 5,000 euros. Anyone can partially or completely cancel their investment. Anyone who meets the 32-day deadline will receive the full amount of interest for the reduced term.

The German Pbb sells its cancellation fee directly under the same name. Here you can choose from three terms. There is 1.00 percent interest for one year, 1.50 percent for two years and 1.60 percent for three years. If you have an urgent financial need, you can withdraw 20 percent of the invested amount. Minimum investment here too: 5,000 euros.

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