The Spanish invested 9,452 million euros in fixed-term deposits last September, according to the Bank of Spain. Savings that will barely generate interest to their owners. The profitability offered in September was 0.04% on average, that is, the savers will take 40 cents a year for every thousand euros deposited
This is the current scenario facing Spanish savers who continue to entrust their money to deposits: low yields, in some banks even zero percent. Nothing to do with the options that could be found before the European Central Bank lowered its interest rates to a minimum and the Bank of Spain limited the profitability of national deposits.
But nevertheless, Nor should we settle for 0.04% interest. To combat the stunted interests of Spanish fixed terms, many savers have chosen to search outside the country. But there is no need to cross the border, experts from the bank comparator HelpMyCash.com point out. Although the large banks have left their deposits out of play, smaller entities continue to pay liabilities of their clients with higher than average interest rates, they clarify.
In fact, several Spanish entities have improved the profitability of their savings products in recent weeks, so it has expanded the range of profitable fixed terms which consumers can use to save under the umbrella of the Spanish Deposit Guarantee Fund.
The bank improves its types
WiZink has just increased the profitability of the three fixed terms that make up its catalog. He 18-month deposit has risen from 0.50% APR to 0.75%, the fixed term at 25 months, from 0.65% to 0.90% and the deposit at 36 months, from 0.80% to 1.05%. The entity requires a minimum investment of 5,000 euros to contract any of the three deposits, pays interest quarterly and allows to cancel them in advance, although in that case the accrued interest will have to be returned.
Another entity interested in capturing liabilities is EBN, which in the middle of September relaunched its sinycon deposits. The entity markets six different fixed terms with a duration of between nine months and eight years and a return that goes from 0.45% APR for the shortest up to 1.43% APR For the longest. A year pays 0.75% APR and a year and a half, 1% APR. All are available from 10,000 euros. The client can choose if he wants to receive the interest at maturity or every three months, as well as cancel his tax early, in which case he will recover the principal less interest.
The entity intends to repeat the success of its deposits in its first launch in 2018. “Its issuance was completed with the opening of more than 9,000 accounts and a collection of more than 280 million euros in a period of three months,” according to a EBN statement.
Another Spanish bank whose deposits reach 1% APR is BFS; yes, to scratch that profitability you must immobilize the money for five years. For shorter terms (between 12 and 36 months) the profitability is nine between 0.80% and 0.90% APR. BFS is another of the entities that has broken the trend of the Spanish market, since during the past month of October the interest of its fixed terms at 12 and 18 months improved by 0.15 percentage points.
BFS impositions are available only for high savings volumes, since the minimum investment is 50,000 euros. The interest payment is due and, in case of early cancellation, a penalty will be applied that cannot exceed the amount of accrued interest.
Pichincha Bank and its online brand, baptized as Pibankclose the ranking of banks with the most profitable deposits protected by the Spanish guarantee scheme thanks to their one-year deposit that leases at 0.80% APR. Both brands offer the same conditions (quarterly interest payment, with no minimum amount and early cancellation allowed with penalty), with the difference that Pibank allows the hiring of the online deposit and Banco Pichincha requires that the consumer travel to one of its offices , unless you are already a customer.
. (tagsToTranslate) finance