That’s how much interest you get with 10,000 euros

There is still no interest on most checking accounts. But with the call money account it looks different after the turnaround in interest rates. We’ll tell you why you shouldn’t leave your savings in your checking account and how much interest you can alternatively look forward to. A calculation example.

With the gradual increase in the key interest rate, the European Central Bank (ECB) has gradually Interest rate turnaround initiated. Since then, there have been lucrative interest rates on many call money accounts. But if you want to benefit from this, you shouldn’t leave your savings in your current account – with the exception of a nest egg.

Call money account: This is how much money you lose on the checking account

Ideally, monthly salary will flow into your checking account. But it’s even better if there’s some left over at the end of the month. A so-called nest egg in the checking account can undoubtedly do no harm. But above a certain amount it is worth rethinking.

Because there is still no interest on almost all current accounts. However, if your savings are in a call money account, things are different. Fixed deposit accounts can also be an additional alternative to gradually build up the savings.

Call money interest: You can get this interest rate – an example

An example: Suppose you have 10,000 euros in savings in your checking account and would like to put this amount aside as a nest egg. Then a money market account is an ideal option. Because even in emergencies, you can access the money within one working day.

At the same time, there is less temptation to spend the money unnecessarily if it is in another account. According to a rule of thumb, you should set aside two to three net salaries as a nest egg. With a money reserve of 10,000 euros in a call money account, you can now also bag lucrative interest again.

Many German banks, for example, offer an overnight interest rate of around 1.6 percent – ​​some European banks even offer up to 2.5 percent. In addition, some neo-brokers have jumped on the interest train.

Trade Republic is currently attracting interest rates of around two percent. At the competitor Scalable Capital it is even 2.3 percent – but only for subscribers of the Plus subscription. Let us therefore assume an overnight interest rate of two percent.

Call money account: This is how high the interest is with 10,000 euros saved

With 10,000 euros, such an overnight money account would jump out at 200 euros in interest per year. A fixed-term deposit account is currently also a worthwhile alternative or supplement. Because German banks now pay up to three percent interest on fixed deposits – the European ones even up to 3.35 percent.

The catch: With a fixed-term deposit account, you entrust your money to the bank for a limited period of time. Only then do you get the interest. During this period, however, you cannot access your money – the interest rates are higher.

Suppose you split your 10,000 euros in order to benefit from higher interest rates on the one hand and to be able to access a nest egg of 5,000 euros on the other. Then the bill looks like this: 100 euros interest for the share in the call money account and 150 euros for the 5,000 euros in the time deposit account. Makes a total of 250 euros, which you will lose with a current account.

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