German Savings Rates
This series shows what German banks pay on average for overnight deposits. The interesting part is the gap to the ECB deposit rate — the spread banks keep for themselves. Historically that gap narrows only slowly when the ECB raises rates, and closes quickly when it cuts.
As of August 2026 · series since Jan 1, 2000 (320 observations) · change vs previous +0.01.
History by Year
| Year | Germany savings rates (overnight deposits) | ECB deposit facility rate |
|---|---|---|
| 2026 | 0.51 | 2.50 |
| 2025 | 0.44 | 2.00 |
| 2024 | 0.56 | 3.00 |
| 2023 | 0.60 | 4.00 |
| 2022 | 0.07 | 2.00 |
| 2021 | -0.01 | -0.50 |
| 2020 | 0.00 | -0.50 |
| 2019 | 0.01 | -0.50 |
| 2018 | 0.02 | -0.40 |
| 2017 | 0.03 | -0.40 |
| 2016 | 0.07 | -0.40 |
| 2015 | 0.13 | -0.30 |
| 2014 | 0.22 | -0.20 |
| 2013 | 0.34 | 0.00 |
| 2012 | 0.51 | 0.00 |
| 2011 | 0.85 | 0.25 |
| 2010 | 0.66 | 0.25 |
| 2009 | 0.75 | 0.25 |
| 2008 | 1.85 | 2.00 |
| 2007 | 1.83 | 3.00 |
| 2006 | 1.49 | 2.50 |
| 2005 | 1.20 | 1.25 |
| 2004 | 1.17 | 1.00 |
| 2003 | 1.08 | 1.00 |
| 2002 | 1.27 | 1.75 |
Relationship With Equity Markets
Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.
| Series | Strongest relationships |
|---|---|
| Germany savings rates (overnight deposits) | Bitcoin -0.08 n=108 · Nikkei 225 -0.02 n=199 Based on monthly changes |
Real Interest Rate in the Euro Area
Subtracting the inflation rate from the policy rate leaves the real interest rate: what a deposit earning the policy rate still yields after price increases. In September 2026 the ECB deposit rate stood at 2.50% and the euro area inflation rate (HICP) at 3.80%, putting the real rate at -1.30%. Since January 2015 it was negative in 113 of 141 months. It hit its low of -9.85% in October 2022 and its high of 1.80% in September 2024.
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