I currently reside in an EU country and earn a salary in EUR, the currency I primarily use for expenses. I have been researching ways to protect my emergency fund from inflation by keeping it in a high-yield savings account. However, I have found that the highest interest rate currently available in Germany is 1,75%. In contrast, I know that I can obtain an interest rate of 3,10% on savings accounts denoted in NOK in my home country of Norway. It should also be noted that I still have some recurring expenses that I need to pay in NOK anyway.
Given this information, is there a method to determine if the higher interest rate yield outweighs the risk of fluctuating exchange rates and foreign exchange fees?
Would appreciate any input people might have on this