A call money account is suitable for flexible parking of money. to one checking account you will be rewarded with an attractive interest rate. As a result, the savings multiply without further action. In order for this project to succeed, one thing is essential: the right call money account. You can find this in Overnight Allowance Comparison.
Here you can find a comparison of overnight money from the major providers in Germany and Europe
What you can learn here
- Here you can find a comparison of overnight money from the major providers in Germany and Europe
- A call money account has many advantages - by regularly comparing call money, you can exploit them all
- Call money account – your vehicle for building up a cash buffer
- Tips and tricks or what you should pay attention to when comparing daily money
- Daily allowance comparison - information from the consumer advice center
- Overnight money comparison - test of the consumer center for Banco do Brasil
Despite the better interest rates gained, overnight money does not require any compromises in terms of flexibility. Added to this is the high level of security for the parked money. It is not for nothing that the call money account is one of the most widespread and important investment vehicles in Germany today¹.
- Guaranteed interest and security of deposits
- Secure the top interest rate
A call money account has many advantages - by regularly comparing call money, you can exploit them all
There are no fixed contract terms for a money market account. The money invested can be accessed at all times. A call money account is therefore ideal as a cash buffer, which you can increase or decrease as you wish.
Deposits in money market accounts up to EUR 100,000 are protected by law throughout the EU. The German deposit insurance often also applies to amounts above this. But the EU-wide deposit guarantee also applies to each customer and bank. If a customer has accounts with several banks, he receives 100,000 euros in deposit protection for each bank.
Easy to use
The handling of an overnight money account is very easy online: view the account balance, make transfers, or set up standing orders with just a few mouse clicks.
As a rule, there are no fees for a call money account. Direct banks in particular, which are only available online or by telephone, are more likely to pay interest than charge customers. Since direct banks do not have to maintain an expensive branch network, they can pass on the saved costs to their customers with better conditions.
Lucrative money saver
With a money market account, you get more or less interest, depending on the amount of the ECB key interest rate. Interest income can be significantly increased for savers if they change their call money account regularly. There is a simple reason behind this: Most banks offer new customers a particularly good interest rate for the first few months.
Protection against spontaneous purchases
The money in the money market account must first be transferred to a reference account before it can be spent. This hurdle reduces the risk that you will use your money on the call money account for impulse purchases. The hurdle of the transfer to a reference account is like a protective shield for the money in the call money account.
Call money account – your vehicle for building up a cash buffer
Whether you're an investor waiting for the next big opportunity or an ordinary person who needs a hedge to cover unforeseen expenses: We all need a financial cushion. Konto-Kredit-Vergleich.de recommends setting aside reserves of at least two to three months' net salary. If you prefer to play it safe, you should have six months' net salary available as liquid assets. A Tagesgeldkonto is the best way to build up your cash buffer because of its advantages. After all, you can dispose of your account at any time. In addition, the transfer to a reference account can have a disciplinary effect when it comes to avoiding impulse purchases.
Tips and tricks or what you should pay attention to when comparing daily money
When New customer you often benefit from good interest rates. Make sure that the provider pays a good interest rate.
Many banks also offer a bonus in addition to the interest. in the Daily allowance comparison these offers are highlighted
Attractive interest rates and a bonus alone do not constitute permanently lucrative overnight money. The duration of the interest rate guarantee is just as important. With a long interest rate guarantee, you are protected against falling interest rates
Interest income can be maximized if the money market account is changed regularly. There is a simple reason behind this: Most banks offer new customers a particularly good interest rate for the first few months.
provider like rate pilot* offer the advantage that you can change the money market account without changing the investment bank. This is possible thanks to the special structure at Zinspilot. Zinspilot invests in European high-interest accounts for its customers as a trustee.
Earn compound interest
Interest that is credited to the account and subsequently earns interest maximizes the return. The following applies: the shorter the interval in which the interest is paid, the higher the interest gain at the end. A monthly credit is clearly preferable to a quarterly or annual one with the same interest rate. To the compound interest calculator
Daily allowance comparison - information from the consumer advice center
The consumer advice center points out that banks often lure people with high interest rates on overnight money and then reduce them again some time after the account has been opened. That's right, and what I think helps best and most sustainably is regular comparison and change. We have already discussed this above. You can only get the most out of your money by switching regularly.
Overnight money comparison - test of the consumer center for Banco do Brasil
The consumer advice center has provided a checklist with 10 questions for checking good overnight money accounts. the Banco do Brasil* achieves 7.5 out of 10 possible points.
1: According to one Study by the Association of Private Building Societies, 2019 22% of the Germans owned a call money account.
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Disclaimer: This is well researched but non-binding information.
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