rise of Interest rate has been reactivated fight for deposits After years of almost zero returns. Average salaries have doubled since the beginning 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 able to beat inflation, the bank offers almost daily improvements. Some financial institutions already offer more than 2% APR.
European Central Bank (BC) kept official rates at 1.25% and the deposit rate at 0.75%, after raising it twice in less than two months. “Rising interest rates mean banks are finding it more expensive for the ECB to lend them money. Therefore, they need to find an alternative that allows them to have the necessary liquidity to continue leaving money to their customers. The solution is the money individuals and businesses invest in term deposits. So when interest rates rise, the yield offered by these conservative savings products also rises,” he told Calisto.
Thus, there have been several changes in the performance of bank deposits in the recent past. It was mainly neobanks and foreign entities operating in Spain that reacted most quickly and vigorously to the new interest rate environment in the euro zone. However, banks like ING have also joined the trend of overpaying for savings. According to HelpMyCash, “if the ECB follows in the footsteps of the Fed and raises rates again, the logical consequence is to substantially improve the remuneration of savings”. Experts expect the best one-year deposits in the European market to offer yields between 2.50% and 2.75% by the end of 2022.
Here are the best offers of the moment:
engineer: Orange Bank increases its remuneration Orange Account 0.30% APR The custody fee of EUR 10 per month ceases to apply for all customers and for customers with a balance greater than EUR 30,000 and no recurring income from November 1. In addition, it grants a welcome bonus of 120 euros to those who dictate their pay for the first time before October 31.
My investor: Neobank, owned by Andbank Spain, El Corte Inglés Seguros, AXA Spain and several family offices, increases the remuneration of its current account 1% ATE 20,000. From up to 30,000 euros, From the first year, it boosts returns from 0.10% to 0.30% APR with no strings attached. Following the integration, clients will be able to retain a 1% stake in the MyInvestor range (roboadvisor, investment funds and pension plans) and Finanbest products for a minimum monthly investment of 300 euros.
Financing bank: The branch of Banco Finantia SA in Spain has just raised interest rates on its term 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 is launching six-month 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 up to 2.20% APR in the fourth year.
Bank Pharmafactoring: The entity gives a strong boost to its deposits and now benefits from 1% APR in three months, 2.27% APR in 6 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 per unit.
EBN banks: pique your interest 2% APR. joint surety on, The product combines 50% 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 month deposits at 1.5% APR, 24 month deposits at 1.70% APR and 36 month deposits at 1.75% APR. The minimum amount to access these deposits is EUR 10,000 and the maximum amount is EUR 400,000.
Renault Bank: RCI Bank and Services The Spanish savings bank of the French automobile group RCI Bank and Services has been very active since last May with a constant increase in its deposits and accounts. Notably, it rose to 1.40% APR. 1.81% Apr 24 months Tú+ Remuneration of deposits From 500 euro. In addition, it increased by 0.70% 1% APR interest on your Contigo account,
Mediolanum Bank: The unit 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. It is aimed at new customers who are part of the Mediolanum program for you, which means various conditions such as holding investment funds or pension plans, loans or credits and directly debiting your payroll, among others.
Pea bank: It offers an account with interest at 1.20% APR for 12 months and 0.60% APR without any limits.
Orange Bank: It improves your account status by 0.5% to 0.7% APR up to the limit of EUR 100.00 from October 1st.
Bank: Give 300 euros in cash Anyone who opens an online payroll account with 100% digital operations without commission. You must meet two conditions: a minimum salary of 1,200 euros per month in direct deposit and respect the minimum stay of 24 months.
BVA: All users who register Va Contigo accounts and a direct payroll or pension equal to or greater than 800 euros by October 31, the unit will pay 150 euros raw.
Sabadell Bank: The establishment offers 50 euros net for opening an online account paying 1% APR for one year before September 30 for a maximum average monthly balance of 30,000 euros. In addition, it offers an additional APR of 1% 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. By keeping this balance, the customer can receive 126 euros in 12 months. Depending on the requirements, a salary or pension of at least 900 euros must be deposited directly. In addition, it offers 40 euros to any new customer who opens a current account and deposits at least 300 euros before October 15.
banker For more than a decade, it has offered its commission-free payroll account, remunerated with 5% APR in the first year and 2% APR in the second year, with a remuneration cap of 5,000 euros, among other benefits.
For its part, it is possible to obtain raisins via the European deposit platform. Up to three years at 2.67% APR at Italian Banca Progto From 10,000 euros. The unit also leases 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, 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 its customers a savings account with 0.3% interest and various term deposits. Concretely, it gives an APR of 2% for two years, 2.05% APR for three years and 2.10% APR for four years, from 500 euros.