banks are raising interest rates for World Savings Day, with some long-term products exceeding three percent. According to the platform, individual offers have reached 3.6 percent, while average rates for two and three-year terms sit near 2.2%.
The warns of teaser offers where rates drop after a few months. While the raised rates in response to inflation and Middle East conflict, banks have only partially passed these gains to savers, keeping deposit rates below loan rates.
Competition for deposits is growing as neobanks and the Austrian Bundesschatz offer alternatives. Banks determine rates based on liquidity and risk premiums, but weak economic conditions and high fuel prices continue to influence the broader lending market.