GEFA review

GEFA pays a variable rate of 2.4%. That sits under the 3% typical of the savings accounts on the site, and well below bunq at 3.01% and Wise at 3.29%. The account works as a place to keep cash reachable, not as a way to earn a top rate.

Yes. Deposits sit in the EU deposit guarantee scheme, and the protection listed for the account is EU DGS up to EUR 100,000. The account is provided by GEFA BANK GmbH, a German bank licensed by the European Central Bank, so the cover comes from a named scheme rather than a private promise.

The minimum deposit is €10,000. That is a high bar for a first pot, since the typical minimum in the site's savings accounts ranking is €0 and plenty of brands open at nothing. GEFA is aimed at savers who already hold a lump sum in euros.

Yes. It is an easy access account: the full balance is available daily, deposits and internal transfers can be made at any time, and there is no fixed term to run. Interest is credited at the year end, so it suits a pot you dip into rather than one you hand over for a fixed spell.

It is variable, so the 2.4% headline can move with the market rather than being locked for a set term. Because the money is easy access, a rise reaches the balance straight away and there is no term to serve before you take it out.

Support runs on email, phone and help centre. A German bank of this kind answers by phone and by email, with a help centre covering the everyday questions on transfers, interest dates and account use. Phone support matters for savers who would rather talk the details through than read a rate table.

In the site's ranking of 488 brands by headline rate, GEFA sits at 305, and the median across the field is 3%. On minimum deposit it ranks 371 of 379, so the entry barrier is high as well as the rate being low.

GEFA BANK GmbH is a German bank running since 1949, and the account is a euro deposit product with a €10,000 minimum. It suits savers who hold and spend in euros, not anyone after a sterling savings account in the UK.