DBX0AN vs. Tagesgeld
The DBX0AN money market ETF is often mentioned as an alternative to a classic Tagesgeld account (a German instant-access savings account). But what exactly are the differences?
How does the interest differ?
The DBX0AN follows the €STR rate of the European Central Bank. This rate reflects the current market level and is recalculated daily.
Tagesgeld accounts often offer attractive interest to new customers only. Once the new-customer promotion ends, the rate drops considerably at many banks. With the DBX0AN there is no such distinction - the interest always follows the current €STR.
Comparison at a glance
| DBX0AN | Tagesgeld | |
|---|---|---|
| Interest | Follows the €STR (market level) | Set by the bank, often new-customer promotions only |
| Deposit insurance | No, but segregated fund assets (more on this) | Yes, up to 100,000€ per bank |
| Availability | Tradable every trading day, payout after selling takes a few days | Available immediately |
| Maximum amount | Practically unlimited | Often capped (e.g. 10,000€) |
| Costs | 0.10% TER + spread + possibly order fees | None |
| Account opening | Brokerage account (Depot) required | Separate account needed at each bank |
| Taxes | Abgeltungssteuer, no partial exemption (more on this) | Abgeltungssteuer on interest income |
When is the DBX0AN the better choice?
- Larger amounts - If you want to park more than 100,000€, you run into the limits of the deposit insurance scheme with Tagesgeld. The DBX0AN is protected as segregated fund assets, with no upper limit.
- No Tagesgeld hopping - If you don't feel like switching Tagesgeld accounts every few months, the DBX0AN gives you market-level interest permanently.
- Existing brokerage account - If you already have a securities account, you can simply buy the DBX0AN without opening a new account at another bank.
When is Tagesgeld the better choice?
- Immediate access - If you need instant access to your money at all times, Tagesgeld serves you better. With the DBX0AN it takes a few days after selling until the money is paid out.
- Deposit insurance - If you don't want to give up the statutory deposit insurance up to 100,000€, stick with Tagesgeld.
- Small amounts, short holding periods - For small amounts and short holding periods, the spread and order fees can reduce the DBX0AN's return.
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