rise of Rate of interest has been reactivated fight for deposits After years of almost zero returns. Average wages have doubled since the start of the year (from 0.04% in January to 0.09% in July, according to the latest data available from the Bank of Spain) and, although they are still far from being able to beat inflation, The bank offers almost daily improvements. Some financial institutions already offer more than 2% APR.
European Central Bank (B.C) has kept the official rates at 1.25% and the deposit rate at 0.75%, after raising it twice in less than two months. “The rise in interest rates means that banks find it more expensive for ECBs to lend them money. Therefore, they need to find an alternative that allows them to have the liquidity to continue leaving money to their customers. The solution is cash that individuals and companies invest in fixed-term deposits. So, when interest rates rise, so does the return offered by these conservative savings products,” he tells Calisto.
Thus, there have been several changes in the performance of bank deposits in the recent past. Primarily, it is Neobanks and foreign entities operating in Spain that have responded most quickly and vigorously to the new interest rate environment in the Eurozone. However, banks like ING have also joined the trend of overpaying for savings. According to HelpMyCash, “If the ECB follows in the Fed’s footsteps and raises rates again, the logical course is to substantially improve savings remuneration.” Experts expect the best one-year deposits in the European market to offer returns between 2.50% and 2.75% by the end of 2022.
Here are the best offers at the moment:
ing: Orange Bank raises its remuneration Orange Account 0.30% APR Custody fee of 10 EUR per month ceases to apply for all customers and for customers with balances over 30,000 EUR and no recurring income as of 1 November. In addition, it gives a welcome 120 euros for those who dictate their payroll for the first time before 31 October.
My Investor: Neobank, owned by Andbank Spain, El Corte Inglés Seguros, AXA Spain and several family offices, raises its current account remuneration 1% TAE 20,000. From up to 30,000 euros, From the first year onwards, it increases returns from 0.10% to 0.30% APR without any conditions. Upon completion of the integration, customers will be able to maintain 1% interest in the MyInvestor range (roboadvisor, investment funds and pension plans) and Finanbest products for a minimum monthly investment of 300 Euros.
Finance Bank: The Banco Finantia SA branch in Spain has just increased the interest rates on its fixed deposits. Thus, it offers 1.45% APR at 12 months, 1.60% APR at 18 months, 1.65% APR at 25 months and 1.70% APR at 36 months. Also, as a novelty it launches six months deposits starting today at 1.60% APR. Overall, the minimum investment is 50,000 Euros. It also increases the profitability of its growing financial deposits, which pay out up to 2.20% APR in the fourth year.
Banco Pharmafactoring: The entity gives a strong boost to its deposits and now enjoys 1% APR in three months, 2.27% APR in six months and 12 months and 2.5% APR in 24 months from 5,000 Euros. It does not allow early cancellation and is backed by the Italian Deposit Guarantee Fund (FGD), which covers up to 100,000 Euros per customer and unit.
EBN Banks: pique your interest 2% APR. joint deposit on, The product combines 50% fixed-term deposits (with a minimum investment of €20,000 and a maximum of €800,000) and investment products. On the other hand, it offers 12 months deposits at 1.5% APR, 24 months deposits at 1.70% APR and 36 months deposits at 1.75% APR. The minimum amount to access these deposits is 10,000 EUR and the maximum amount is 400,000 EUR.
Renault Bank: French automobile group finance company RCI Bank and Services Spain’s savings bank has been very active since last May with a steady increase in both its deposits and accounts. Notably, it increased to 1.40% APR. 1.81% Apr 24 Month Tú+ Deposit Remuneration From 500 euros. In addition, it increased by 0.70% 1% APR interest on your Contigo account,
Banco Mediolanum: The unit has launched a 2% APR. on six months deposit For new customers but with connections. The minimum contribution is 2,000 euros and the maximum amount is 50,000 euros. This is for new customers who are part of the Mediolanum program for you, which means various conditions such as being a holder of investment funds or pension plans, loans or credits and directly debiting your payroll, among other things.
Peabank: It offers an account with interest at 1.20% APR for 12 months and 0.60% APR without any limit.
Orange Bank: It re-improves your account status by 0.5% to 0.7% APR up to the limit of 100.00 EUR as of 1 October.
Bank: Give 300 euros in cash Anyone who opens an online payroll account with 100% digital operations without commission. You must meet two requirements: a minimum wage of 1,200 euros per month direct deposit and respect the minimum stay of 24 months.
BBVA: All users who register Va Contigo accounts and direct payroll or pension equal to or more than 800 Euros by 31 October, the unit will pay 150 euro gross.
Sabadell Bank: The institution offers 50 Euro net for opening a paid online account with 1% APR for one year before 30 September for a maximum average monthly balance of 30,000 Euro. In addition, it offers an additional 1% APR if the payroll of 700 euros and three receipts are paid by direct debit.
open bench Offers 2.58% APR for the first year up to a maximum of €5,000. Keeping that balance, the customer can receive 126 euros in 12 months. According to the requirements, a salary or pension of at least 900 Euro must be deposited directly. In addition, it gives 40 euros to all new customers who open a current account and deposit at least 300 euros in it before 15 October.
bankinter For more than a decade, it has offered its payroll account without commission, remunerated with 5% APR in the first year and 2% APR in the second year, with a remuneration limit of 5,000 euros, among other benefits goes.
For its part, it is possible to obtain raisins through the European deposit platform. Up to three years at 2.67% APR at Italian Banca Progto From 10,000 euros. The unit also rents 2.40% APR for two years and 2.20% APR for one year.
J&T Banka (Czech Republic) Paying 2.47% APR for five years also pays from 10,000 Euros, 2.34% APR for three years and 2.18% APR for two years.
Francis United Offers 2.35% for three years and 2% APR for two years, from 2,000 euros.
Bloorbank (Latonia) Pays 2.26% from one euro for three years and from 2.19% APR for two years.
for its part, fintech Swedish karnas In Spain Raisin offers customers a savings account at 0.3% remuneration and various fixed deposits. Specifically, it gives a 2% APR for two years, 2.05% APR for three years, and 2.10% APR for four years, from 500 euros.