In recent months, the inflation rate in the European Union (EU) has significantly decreased and is now at 3.2% (as of 01/2024). The European Central Bank's (ECB) target inflation rate of 2% is thus becoming increasingly attainable. In mid-September 2023, the ECB decided on the latest interest rate hike, which has been effective since September 20, 2023. The key interest rate was raised to 4.5%, and it has remained unchanged since then (as of 01/2024). The regular interest rate hikes have had a positive impact on savings accounts. It may be worthwhile to look beyond Germany's borders: In some EU countries, fixed deposit interest rates can be higher than in United Kingdom. With our partner banks, you can receive attractive interest rates for fixed deposits abroad – even for short terms.