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Buffers for emergencies are important, no question. But anyone who hoards large sums of money in their checking account without interest is giving away money. Amounts of 5,000 euros or more should be transferred to a current account, where interest is 3.5 percent per year, for example at Commerzbank or DKB. One-year fixed-term deposits bring on average a good four percent, and at some institutions even 4.4 percent. Anyone who commits to a contract for three years will receive the same interest rate - there is currently no surcharge for a longer-term commitment. Therefore, it is best to take advantage of the high fixed-term deposit interest rates for a year now, before the central banks possibly lower the interest rates. Then the overnight interest rate will drop again. However, investors must be clear that interest rates on demand deposits currently only compensate for inflation. So if you don't need your money urgently, you should invest it in the capital market. Because only with stocks or bonds is a positive real return possible in the long term. With bonds you can secure the current interest rate level for many years. The situation on the markets is still uncertain as the rapid interest rate increases have not yet had their full effect. Investors must therefore demonstrate perseverance. In the long term, however, bond yields - after inflation - were two percent annually, and real stock returns were even six percent. When central bank interest rates and inflation fell in the past, the stock markets always did very well.
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