Topzinskonto Plus

Introduction

With the Topzinskonto Plus, Commerzbank offers an instant-access savings account for savers who want to invest fresh capital on attractive terms without giving up daily availability. The account is aimed particularly at new customers, or existing customers transferring additional money into a new savings account.

Interest rate

For newly transferred money, Commerzbank pays a promotional rate of variable 2.25% p.a. This rate applies to deposits of up to EUR 1,000,000 and is limited to a maximum of 12 months from account opening. After the promotional period ends, or for balances already held, the standard rate of currently 0.75% p.a. applies. Since both rates are variable, Commerzbank can adjust them during the term — so there is no guarantee that the promotional rate stays unchanged for the full twelve months, only that it is intended as the preferential rate for that period.

Terms and conditions

Account management is free. The balance is available daily, with no notice period. Interest is credited quarterly at the end of each quarter. Opening the account requires a reference account — typically a checking account — which can be held at Commerzbank or at another bank within the SEPA area in euros. A Commerzbank checking account of your own is therefore not mandatory.

Pros and cons

Pros:

• Promotional rate of 2.25% p.a. for newly transferred money up to EUR 1,000,000
• Free account management
• Daily availability with no notice period
• Reference account can also be held at another bank
• Quarterly interest crediting

Cons:

• Promotional rate intended for a maximum of 12 months only
• Rate then drops to just 0.75% p.a.
• Both rates are variable and can be adjusted
• A reference account is mandatory

Verdict

The Topzinskonto Plus is well suited to savers who want to invest fresh money of up to one million euros for a maximum of one year at a preferential rate of 2.25% p.a. Anyone saving beyond that period should factor in that the rate then drops to the standard 0.75% p.a. As a short- to medium-term solution with free account management and daily availability, the account is attractive, but over the long run the effective rate is significantly lower than the advertised promotional rate.