Tagesgeldkonto

Introduction

1822direkt's Tagesgeldkonto suits savers who want to lock in a high interest rate on new capital in the short term, without having to open a checking account with this bank. The offer is particularly interesting for people who have just received a payout from a fixed-term deposit or bonus and want to quickly park free capital while valuing flexibility without notice periods.

Interest Rate

New customers receive a special rate of 3.20% p.a., but only for the first six months and for deposit amounts up to EUR 250,000. After these six months, the rate drops to the base rate of currently 0.60% p.a. The high introductory rate is explicitly a time-limited new-customer promotion, not a permanent yield.

Terms

There is no minimum deposit, so the account can be opened with small amounts as well. The special rate applies up to a deposit amount of EUR 250,000. Account management is completely free, interest is credited annually at year-end, and the balance is available daily, with no notice periods or fixed terms. A checking account with 1822direkt is not required; however, a checking account at any German bank is needed as a reference account for withdrawals. Deposits, on the other hand, can be made from any account.

Pros and Cons

• High new-customer rate of 3.20% p.a. for six months
• No minimum deposit
• Free account management
• Daily availability with no notice periods
• No checking account with this bank required

Verdict

1822direkt's Tagesgeldkonto is attractive mainly for the first six months, when 3.20% p.a. is on offer. After that, the rate drops to just 0.60% p.a., making the account less worthwhile for long-term savings beyond the promotional period. Savers who are disciplined about switching to another provider's new offer once the six months are up can make the most of the high rate; anyone who simply leaves the money in place should realistically expect an effective rate close to 0.60%.