At an interest rate of 4 % per year, 10,000 euros generate around 133 euros in interest before tax over a period of four months. That is a respectable return for money that remains available at any time. It is not an annual return of 4 %, however, because the interest rate often falls significantly after the promotional period. In addition, a maximum amount often limits the sum that receives the attractive rate.
This is exactly what is happening in Germany. The US major bank J.P. Morgan Chase is luring customers with 4 % p.a. for the first four months as it enters the German market. At the British neobank Revolut* even 4.25 % p.a. for four months and up to 25,000 euros are being promised. Even traditional banks are paying between 3 and 4 % on balances.
| Offer | As of August 22, 2026 | Assessment |
|---|---|---|
| Chase | 4 % p.a. for four months, currently 2 % variable thereafter; up to 1 million euros | Classic instant-access savings |
| Revolut* | 4.25 % p.a. for four months up to 25,000 euros with active use | Only with active use, much less attractive afterwards |
| Sparda-Bank Nürnberg | 4 % p.a. for six months on a new current account, up to 50,000 euros | Current-account promotion, not classic instant-access savings |
| Bigbank | 3.25 % p.a. for four months, currently 2.25 % variable thereafter | No 4 % offer at present |
The first interest-bearing month is not the investment period
The figure “4 % p.a.” looks more generous in advertising than it later does for the customer, because the abbreviation stands for an interest rate calculated for one year. If the money remains in the account for only four months, it earns interest only for that period. At 4 % p.a., 10,000 euros therefore become around 133 euros gross. At 4.25 %, the figure would be just under 142 euros.
The interest rate is then reduced considerably in some cases: At J.P. Morgan Chase, a variable rate of currently 2 % p.a. applies after those four months. Anyone who leaves the money in place for a full year therefore does not automatically receive the full promised interest rate for twelve months. Part of the return is generated only because the bank attracts new customers with a higher rate during the first few months.
Capital gains tax and the solidarity surcharge are also deducted from the gross interest if there is no sufficient tax exemption order or other tax-free allowance. Of 133 euros in interest, only 98 euros remain without taking an unused saver’s allowance into account and excluding church tax. The processing may look different with foreign providers. In some cases, no German withholding tax is deducted. The interest must then be included in the tax return.
J.P. Morgan Chase is the clear reference case
J.P. Morgan Chase provides a comparatively simple way to check the advertising claim. The bank quotes 4 % p.a. for new customers during the first four months and a variable interest rate of 2 % after those four months expire. The account has no minimum deposit, and the maximum investment amount is 1 million euros. Interest is calculated daily and credited monthly. Opening the account and making withdrawals require a German residence or German tax residence, a German mobile phone number and a German reference account.
Statutory deposit protection applies up to 100,000 euros per depositor. Chase also points to voluntary protection of up to 3 million euros. This makes the offer extremely transparent, unlike many other offers whose conditions are partly hidden in the footnotes.
Neobanks offer even more
New customers of the British neobank Revolut* can currently even earn a generous 4.25 % p.a. for four months. The conditions are more complicated here, however. The promotional rate initially applies for only 30 days. If the current account is not actively used after that, the interest rate falls significantly and depends on the respective subscription tier. The free Standard subscription then offers only 1.25 % p.a., while the 65-euro Ultra subscription still offers 2.5 %. To retain active status, the Revolut card must be used at least three times every 30 days, with spending of at least 5 euros per purchase. This allows the promotional rate to be secured for a maximum of four months. It also applies to a maximum deposit of 25,000 euros.
The deposit protection situation at Revolut* has changed. For instant-access savings accounts opened from August 4, 2026 onward, Revolut states that the funds are held in a pooled fiduciary account at Deutsche Bank and covered by the German deposit protection system up to 100,000 euros. Older customers continue to be covered by the Lithuanian deposit protection scheme, although that is irrelevant to this offer anyway.
4 % also exists where the account is not called instant-access savings
Sparda-Bank Nürnberg is also currently advertising 4 % p.a. for six months on the balance of a newly opened SpardaGiroOnline current account, capped at 50,000 euros. There is also a bonus of 100 euros. The interest rate therefore applies to a current account and not to a separate instant-access savings account. This is attractive because a current account is used for payments and enables everyday spending and direct debits, while money in an instant-access savings account is normally just parked and therefore kept separate. Here too, the offer is available only to new customers and is therefore clearly a promotional offer. Bigbank is also a good example of the short half-life of promotional rates. Its current product page quotes 3.25 % p.a. for four months and 2.25 % thereafter.
The follow-on rate matters more than the advertised figure
The ECB deposit facility rate has stood at 2.25 % since the decision of July 23, 2026. An instant-access savings rate of 4 % is therefore well above the general deposit rate in the euro area. The difference points more to time-limited customer acquisition than to a new permanent market standard. Banks can sacrifice part of their margin to attract deposits and new business relationships. They do not have to pay this rate permanently, however.
Money that will be needed for a purchase in three or four months benefits differently from a reserve that remains invested for several years. Over longer periods, a low follow-on rate quickly eats up the initial bonus. According to the Federal Statistical Office, the provisional inflation rate for July was 2.8 %. Under these conditions, a gross interest rate of 4 % only narrowly protects purchasing power once taxes and a later fall in the interest rate are taken into account.
Instant-access savings remains useful for short-term money
Instant-access savings can have a place for reserves that will be needed soon. The products are liquid, do not fluctuate in price and are generally covered by statutory deposit protection at banks up to 100,000 euros per person and institution. A reliable overview must state the period until the follow-on rate, the maximum balance that earns interest, any current-account conditions, tax withholding and the specific deposit protection. Only then is it possible to see whether 4 % actually produces a meaningful additional return or merely a brief advertising moment. Separating these details also makes it easier to recognize when an offer has already expired.
