Check below the highest deposit interest rates in Europe for bank savings account, with all the details to park your money and earn safely doing it
Are you not satisfied with your bank savings account rates? This article will compile a list of the highest deposit interest rates in Europe, pointing the best options to generate interest on your money.
Understanding European Bank Interest Rates
Europe is one of the world regions with the lowest interest rates, but they vary greatly among the different economic regions of the continent. As a rule of thumb for the time being, the safer the country is, the lower is their official interest rate.
That is especially the case for the Eurozone. As of 2019, with an official interest rate of -0.4% (and 0% in some cases), investing in savings accounts in the Eurozone is highly unattractive. However, the possibilities vary in Europe well beyond the Eurozone, but even in the Eurozone you can get better deals.
For those willing to invest outside the Eurozone, there are options with considerably higher yields.
Georgia Bank Deposit Interest Rates
As of 2019, Georgia is probably my favorite country on this list. The country is has a very robust and open economy, growing at a rate of 7% per year. Georgia is also one of the countries ranking the highest at the Ease of Doing Business Rank.
It is very easy to open a bank account in Georgia as a non-resident foreigner. In most cases all you need is to show up with your passport and you will get a bank account in Georgia opened immediately.
The interest rates in Georgia for deposit and savings accounts are high. The deposits in GEL (Georgian Lari, the local currency) are around 10% per annum in most banks. Deposits in USD range around 3.5% per annum.
If you are traveling to Georgia, check our guide on where to stay in Tbilisi.
Armenia Bank Deposit Interest Rates
Since the political shift in Armenia in 2018, the country is following the steps of Georgia to become more opened. That includes a very simple process to open a bank account in the country.
Just like its neighbor Georgia, Armenia also offers some pretty interesting bank deposit rates for the Armenian dram, the local currency. This deposits usually get very interesting for terms of 12 months and above that. The rates are often above 9% for the Armenian dram. It is also possible to earn on foreign currencies, with a much lower rate.
Ukraine Bank Deposit Interest Rates
Ukraine is another European country with a very diversified banking sector. It offers great possibilities to earn on the local currency,the Ukrainian hryvnia (UAH) and also on USD deposits.
The UAH deposits have a much higher interest rate, but the inflation rate in Ukraine is among the highest in this list. Another problem one may face is that a number o banks will not allow you to open a bank account in Ukraine if you are not a resident (but some will).
UAH deposits can go as high as 15% per annum and deposits in USD and EUR hover around 4% per annum for 1 year term deposits. A list of available offers in Ukraine is available here(in Russian).
Some of the main Ukrainian banks: PrivatBank.
If you are traveling to Ukraine, check our guide on where to stay in Kiev.
Belarus Bank Deposit Interest Rates
Belarus is another of the up and coming European markets for high deposit rates. Unlike its bigger partner Russia, Belarus is not subject to as many sanctions. Another positive factor is that it has recently relaxed its visa policy to Western visitors.
To open a bank account in Belarus as a foreigner, you will need your passport and a notarized copy of your passport in Russian according to this source.
The banking sector is Belarus is surprisingly very diverse. Deposit rates in Belarusian rubles have rates of up to 12.75% and deposits in USD are available for up to 3.5% per annum. A list of banking offers for deposit rates in Belarus is available here(in Russian).
If you are traveling to Belarus, check our guide on where to stay in Minsk.
Serbia Bank Deposit Interest Rates
Serbia is the most Western of the European countries on this list, despite its rather sluggish economy. It offers a good option if you want to diversify your portfolio of investments. The only investments that make sense in Serbia are long term deposits (at least 12 months) and in the Serbian dinar, the local currency.
The good news is that inflation in the country is pretty controlled, as is the exchange rate with the EUR and USD. Getting an account in Serbia is also relatively easy for non resident foreigners.
You can get as high as 4% per annum on long term deposits in Serbian dinars in deposit accounts.
If you are traveling to Serbia, check our guide on where to stay in Belgrade.
Highest Deposit Interest Rates in Europe Chart
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If you are interested in diversifying your investments, you might want to check some of these posts. Check out the best peer to peer lending platforms in Europe, and the best property crowd investing websites in Europe.
Considering to open a bank account in one of these countries or already have one? Leave your thoughts and comments on the box below.