Savings accounts that pass on the ECB rate: France and Germany, November 2026

On 4 November 2026 the ECB paid banks 2.50% on overnight deposits, while the latest household overnight-deposit average was 0.30% for September 2026. Accounts that pass most of that rate on do exist. In France and Germany, permanent rates of about 2.5% to 2.6% were available, and short promotions went higher. None of the modelled 12-month examples exceeds the latest trailing inflation rate under the stated tax assumptions. This is a dated, non-exhaustive comparison, not a forecast.

This guide covers the gap between the ECB rate and the average deposit, the three tiers of offers, how to compare a promotion with a permanent rate, deposit protection and tax. Provider tables follow for France and Germany, with rates checked on 4 November 2026. Rates are variable; check the provider's page before opening an account.

Key takeaways

• Most deposits still earn far less than the ECB rate. In September 2026 the average household overnight deposit paid 0.52% in Germany, 0.05% in France and 0.30% in the euro area, against a 2.50% deposit facility rate. MIR
• Compare a 12-month blended rate after tax. A 4.5% promotion for three months that falls to 2.25% earns 2.81% over a year, or 1.93% after France's 31.4% flat tax.
• Check where broker cash sits. Some broker "interest" comes partly from money market funds, which deposit insurance does not cover.

The ECB raised rates again; deposits barely moved

The ECB's deposit facility rate was -0.50% until July 2022, peaked at 4.00% from September 2023 to June 2024, and fell to 2.00% by June 2025. It rose to 2.25% on 17 June 2026 and to 2.50% on 16 September 2026, and was held on 29 October. The euro short-term rate (€STR), the overnight rate between banks, was 2.445% on 3 November 2026. €STR

During the 2022 to 2024 hiking cycle the deposit rate rose 4.5 percentage points. The average rate on German household overnight deposits rose 0.64 points, from -0.02% to 0.62%, about 14% of the increase. Since May 2026 the deposit rate has risen 0.5 points and the German overnight average 0.04 points. Fixed-term deposits track more closely: new German deposits of up to one year paid 2.39% in September 2026.

These averages need careful reading. The ECB series for overnight deposits covers every household balance that can be withdrawn on demand, including current accounts that pay nothing. It measures what households actually earn on their instant-access money, not the typical savings offer. Across 100 German banks, the simple average of advertised instant-access savings rates was 2.13% on 1 November 2026, according to Tagesgeldvergleich.net.

In France, ordinary taxable savings accounts (livrets ordinaires) paid an average of 0.81% in September 2026, according to the Banque de France. BdF New term deposits of up to two years paid 2.53%. BdF The gap is not that good offers are missing. The averages include large balances in low-paying accounts; they do not establish why households keep those balances or how banks set prices.

Three tiers of offers

The offers in November 2026 fall into three groups.

• Standard rates at large banks: often 0.5% to 1.0%. DKB's comparison of 8 September 2026 listed 0.75% at Postbank, ING, comdirect and Commerzbank, and 0.50% at Deutsche Bank, before the September increase.
• Promotions for new customers: 3.5% to 5.5% for three to twelve months, usually capped and conditional, then falling to a standard rate.
• Permanent rates near the ECB rate: about 2.5% to 2.6% at brokers and some banks on deposit platforms, variable and without a promotional end date.

A promotion is worth what it earns over the period you would hold the money. To compare, blend the rates by months: three months at 4.5% and nine months at 2.25% give (3 × 4.5 + 9 × 2.25) ÷ 12 = 2.81% over a year. The standard rate after the promotion is not guaranteed either, so this is an estimate.

Check the conditions as carefully as the rate. Many promotions apply only to the first opening of an account, only up to a cap, or only if you also open a current account. Some require the money to stay until a set date. A one-off promotion also ends; moving money every few months to chase new ones takes time and opens many accounts.

Where broker "interest" comes from

Brokers such as Trade Republic and Scalable Capital pay interest on uninvested cash at rates close to the ECB rate. Part of that money may not sit in bank deposits. Trade Republic's French page says its interest comes from partner banks, liquidity funds and a top-up of its own. Scalable Capital says that without its PRIME+ subscription, cash may be held in money market funds that meet UCITS standards.

The distinction matters for protection. Deposits are covered by a statutory guarantee up to €100,000 per customer per bank. BaFin, the German regulator, states that units of investment funds fall outside the deposit guarantee. A money market fund carries investment and counterparty risk instead; our guide to money market funds explains how they work and when they have lost value.

Deposit protection, bank by bank

Every bank in the EU is covered by a statutory scheme that repays deposits of up to €100,000 per customer per bank if the bank fails. In France the Fonds de Garantie des Dépôts et de Résolution (FGDR) pays within seven working days. The Livret A, LDDS and LEP carry a separate state guarantee of €100,000 on top. Brands sharing one banking licence share one ceiling.

Deposits at a bank based in another EU country are covered by that country's scheme. Klarna's Flexkonto, for example, is covered by the Swedish scheme, and the banks offered on Raisin by their own national schemes. The protection level is harmonised, but a claim would be handled by a foreign scheme. Voluntary schemes run by German banking associations give no legal right to compensation.

Tax: the break-even with the Livret A

In France, interest on taxable savings accounts pays the 31.4% flat tax in 2026: 12.8% income tax and 18.6% social contributions. service-public.fr The Livret A and LDDS pay 1.7% tax-free, and the LEP 2.5% for eligible households. A taxable account needs 2.48% gross to match the Livret A after tax. Households who opt for the progressive scale and pay no income tax face only the 18.6%, so their break-even is 2.09%.

In Germany, interest pays the 25% flat tax plus the solidarity surcharge, 26.375% in total, plus church tax where it applies. The saver's allowance (Sparer-Pauschbetrag) exempts the first €1,000 of investment income a year, or €2,000 for married couples taxed jointly. At 2.6%, €1,000 of interest corresponds to a balance of about €38,500, if no other investment income uses the allowance. Above it, 2.50% gross leaves about 1.84%.

Inflation was higher than any of these net rates in October 2026: 3.4% in France (provisional, INSEE) and 2.8% in Germany (flash estimate, Destatis). INSEE A bank deposit has statutory protection within the scheme’s limits; payout and transfer delays can apply. It did not protect purchasing power at that point, as the longer history of euro deposits also shows.

Checks before you move money

• Write down when you will need the money; compare the withdrawal delay with the date you may need it.
• Compare the blended 12-month rate, after tax, with your current account and with the Livret A.
• Read the promotion conditions: new customers only, cap, current account required, minimum holding date.
• Check which bank holds the deposit and which country's scheme covers it.
• At brokers, check whether cash is held as deposits or partly in money market funds.
• Keep each bank's total under €100,000 per person if you want full statutory cover.

Providers in France

Rates checked on 4 November 2026; they are variable and may have changed. Gross rates; interest pays the 31.4% flat tax.

Over 12 months, with today's standard rates assumed unchanged, the Fortuneo, Distingo and Ramify offers blend to about 2.7% to 3.1% gross, or 1.9% to 2.1% after tax. BforBank's 12-month rate gives about 2.40% after tax. The standard rates alone, 1.50% to 2.25%, give 1.03% to 1.54% after tax, below the Livret A.

Providers in Germany

Raisin lists instant-access accounts at banks from other EU countries. Its top offers on 4 November 2026 included BankB (Belgium) at 2.60%, Moank (Sweden) at 2.59% and Distingo (France) at 2.50%. Each is covered by its home country's scheme. Openbank's 4.00% for four months followed by 2.00% blends to 2.67% over 12 months, or 1.96% after 26.375% tax.

In this series

This guide is one of five on short-term cash. The Livret A analysis covers its real return and outflows. The money market fund guide and the hedged US Treasury bill analysis cover the alternatives. The comparison puts all options side by side after tax.