For some, even with CGT on European Govt bonds, the bonds with zero coupon can still be a good deal. There's an exemption from CGT for the first €1,270 of gains each year. So, you could buy, say, a German government bond with zero coupon due to mature next year. It should work out better than a 1-year bank deposit as you won't pay any tax on the gain (assuming you don't breach the limit).