Festgeld

J&T Direktbank Fixed-Term Deposit at a Glance

The J&T Direktbank Festgeld is a classic fixed-term deposit with a set duration and guaranteed interest rate — suitable for savers who want to lock away their money for a defined period and can do without daily access to it. The product reviewed here is the 12-month term, offering an interest rate of 3.05% p.a.

Interest Rate and Term

For the 12-month term, J&T Direktbank guarantees an interest rate of 3.05% p.a., fixed for the entire duration — no variable rate, no surprises. According to the bank's own website, it also offers other terms at different rates (including 6 months at 2.70% p.a., 18 months at 3.10% p.a., 24 to 84 months at 3.20% p.a., and 120 months at 3.50% p.a.) — however, this review covers exclusively the 12-month product at 3.05% p.a. listed here.

According to the bank, interest is paid out annually on 30 December and again at the end of the term — not into the fixed-term account itself, but into an automatically co-opened J&T call money account.

Deposit Amount

The minimum deposit is €1,000, the maximum is €250,000 per fixed-term contract. Savers wishing to deposit more would need to open multiple contracts — but should keep the deposit guarantee limit in mind when doing so (see below).

Who Is This For?

This fixed-term deposit suits security-focused savers who already have a lump sum between €1,000 and €250,000 to lock away for exactly one year without needing access to it during the term. Since daily availability is explicitly not offered, this product is not suited for an emergency fund or money needed at short notice, but rather for planned savings with a fixed investment horizon. It also requires an existing German bank account, through which the deposit is made.

Account Management and Requirements

Account management is free of charge, and a separate checking account with J&T Direktbank itself is not required. However, the bank does require a German reference account held at another bank — deposits can only be made from your own German reference account or from the automatically co-opened J&T call money account. Savers without a German bank account cannot use this fixed-term deposit.

The deposit can be renewed up to 35 days before maturity. If not renewed, the capital is automatically paid out to the linked call money account.

Deposit Protection

According to the bank, deposit protection covers balances up to €100,000 per person under EU rules. Savers who use the full €250,000 maximum deposit should be aware that the amount exceeding €100,000 is, in effect, no longer covered by deposit protection.

Pros and Cons

Pros

• Fixed interest rate of 3.05% p.a. guaranteed for the entire 12-month term
• Free account management, no separate checking account needed at J&T
• Accessible from a minimum deposit of just €1,000
• Automatic renewal option available up to 35 days before maturity

Cons

• A German reference account at another bank is mandatory
• Capital is tied up for the full term, with no details on early withdrawal
• Maximum deposit capped at €250,000 per contract
• Deposit protection only covers up to €100,000 — amounts above that are uninsured

Verdict

The J&T Direktbank 12-month fixed-term deposit offers a solid interest rate of 3.05% p.a., guaranteed for the entire term, combined with free account management and a low minimum deposit. Savers who already hold a German reference account and want to lock in a one-year return will find this a straightforward option — just keep the €100,000 per-person deposit protection limit in mind, especially for larger deposit amounts.