Interest rates in Germany: 10-year fixed deposits at a 14-year high

What happened. On 29 October the comparison portal Verivox (Heidelberg) published an analysis of the terms at more than 800 German banks and savings banks that publish their rates openly. Data is as of 26 October, for a deposit of 10,000 euros. Since early September the average rate on 10-year deposits rose from 2.97% to 3.22%. That is the highest since June 2012, or 14 years. Two-year deposits gained 0.21 percentage points and average 2.76%.

What it means and what it does not. The high is for the average rate on the longest, 10-year deposits. The sources give no such comparison with 2012 for shorter terms. Money is locked for ten years, and Verivox warns that such deposits are not for everyone.

Why rates are rising. Verivox says the main driver is bond yields. They are high, market funding is expensive for banks, and household deposits become a handy source of money. Competition between banks pushes rates up. Two ECB rate rises this year came on top: the first in June, the second in September. The sources name no other causes.

Instant-access accounts. The average rate for existing customers on accounts with no fixed term rose to 1.52%. That is up 0.12 percentage points since early September, its fastest rise in three years. Banks pay new customers more: temporary rates reach up to 4.5%. In early September two banks offered 4% or more, now eight do. With no extra conditions, the best new-customer rate is 4.1%. Among German banks with German deposit protection, the highest rate with no time limit and open to all customers is 2.75%. The rise does not reach everyone: since June, 283 of the 816 banks and savings banks analysed have raised rates for existing customers.

Why it matters to you. If you hold euros or follow rates in Europe, this is a fresh marker of what banks pay now. Promotional rates usually last a few months, the rate afterwards is often much lower, and some offers also need a current account or a securities account. Germany marks World Savings Day (Weltspartag) on 30 October; it was introduced in 1924. We cover the ECB decision of 29 October in a separate note, linked below.

What we don't know. How long rates will stay at this level. Whether savers in other euro-area countries see the same rise: the sources cover Germany only. How many banks will eventually pass the rise on to existing customers.

Confirmed facts

• The average rate on 10-year fixed-term deposits in Germany is 3.22%, the highest since June 2012.^[1][2]
• Since early September the average 10-year rate rose from 2.97% to 3.22%, and the two-year rate rose by 0.21 percentage points to 2.76%.^[1][2]
• The Verivox analysis covers more than 800 banks and savings banks that publish their terms openly. It uses a deposit of 10,000 euros, with data as of 26 October 2026.^[1]
• Verivox warns that 10-year deposits are not for everyone, because savers cannot touch the money for the whole term.^[1][2]
• Verivox names high bond yields and two ECB rate rises this year as the drivers. Market funding is expensive for banks, so savings deposits look attractive to them, and competition pushes rates up.^[1][2]
• The first ECB rate rise came in June and the second in September.^[1]
• The average instant-access savings rate for existing customers is 1.52%. It rose by 0.12 percentage points since early September, its fastest rise in three years.^[1][2]
• Temporary new-customer rates on such accounts reach up to 4.5%. In early September two banks offered 4% or more, now eight do.^[1][2]
• The highest new-customer rate on a plain instant-access account with no extra conditions is 4.1%.^[1][2]
• Promotional rates usually last only a few months, and the rate afterwards is often much lower. Some offers also require a current account or a securities account.^[1][2]
• Since the first ECB rise in June, 283 of the 816 banks and savings banks analysed have raised their rates for existing customers.^[1]
• Among German banks with German deposit protection, the highest instant-access rate with no time limit and open to all customers is 2.75%.^[1]
• World Savings Day (Weltspartag) falls on 30 October. It was introduced in 1924 to promote saving.^[3]

Implications

• ConfirmedThe average rate on long fixed-term deposits in Germany is at its highest since June 2012.
• ConfirmedBanks are competing for deposits: temporary new-customer rates on instant-access accounts reach up to 4.5%.
• ConfirmedThe rise has not reached everyone: most of the 816 banks and savings banks have not yet raised rates for existing customers.
• Our readingThere is a wide gap between temporary new-customer rates and the average for existing customers (up to 4.5% against 1.52%). That is our reading.

Still unknown

• How long rates will stay at this level
• Whether savers in other euro-area countries see the same rise
• How many banks will pass the rise on to existing customers

Who it affects

Germany, Europe. People who save in euros or follow interest rates in Europe

Sources

1. Verivox: Höchster Stand seit 14 Jahren: Langfristiges Festgeld bringt im Schnitt 3,22 Prozent Zinsen October 29, 2026 · media
2. t-online: Rekord-Zinsen beim Festgeld: Zinsen steigen auf höchsten Stand seit 2012 October 29, 2026 · media
3. n-tv.de: Zum Weltspartag: Überzeugen diese 5 Tagesgeldangebote? October 30, 2026 · media