Tie up quickly!

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If you compare the conditions, you will still find good interest offers.

(Bild: mrmohock - stock.adobe.com)

Not good news for savings account savers. On Thursday, the European Central Bank (ECB) cut its key interest rate again by 0.25 percent to 3.25 percent. This means that our banks' savings rates will soon follow suit. Anyone who can should quickly lock in their savings now.

In order to combat inflation, the European Central Bank (ECB) has sharply increased key interest rates in recent years. This has once again ensured reasonable returns on savings accounts. This year, up to 4 percent p.a. was already possible on a three-year capital savings account (chart).

Inflation has now eased considerably and the ECB heralded a turnaround in interest rates in the middle of the year. What is good news for house builders with variable loans is less good news for savings account savers.

As the name suggests, the banks are geared towards the key interest rates (specifically the "Euribor" reference interest rate) and have therefore also adjusted some of their conditions. Fortunately, the situation is not yet completely lost.

"Some banks have not yet fully priced in the ECB cut. This means that good conditions are still available that are above the September inflation rate and approximately cushion the estimated annual inflation rate of 3.4 percent," explains financial expert Andreas Ederer from the comparison portal Durchblicker.

Some banks have not yet fully priced in the ECB cut.

Andreas Ederer vom Vergleichsportal Durchblicker

Bild: Durchblicker/Sebastian Freiler

Savings products with a term of one year are currently the most attractive. Here you can still get up to 3.2 percent. With a two-year fixed rate, you can get up to 3.05 percent, with 36 months still 3 percent (see chart). If you don't want to tie up your money and prefer an account that matures daily, you can even get up to 3.6 percent - but only for four months and only for new customers.

So if you still want to invest some money safely, you should act quickly. Yesterday, the ECB cut the key interest rate again by 0.25 percent to 3.25 percent. As a result, banks' conditions for savers will soon become worse again. It therefore makes sense to "lock in" the still very good conditions now.

Use comparison portals and find the best conditions
To find out where the best offers are available, it is worth taking a look at portals such as durchblicker.at or bankenrechner.at from the AK.

Important: Only tie up money that you don't need. Early withdrawals incur high advance interest rates, which often more than "eat up" the savings income.