The rate increase of the ECB capable of improving the remuneration of savings is moving away more and more. Mario Draghi announced two weeks ago that this increase will come as soon as the end of the year, instead of spending the summer as he had previously noted. This week, the Federal Reserve, which last year anticipated three increases in 2019, said there will be no changes until 2020.
Faced with this situation, banks will keep the remuneration of their accounts at a minimum. At this moment, the highest is offered by the Bankinter Payroll Account, which pays the client with 5% APR during the first year and 2% the second, as long as the savings do not exceed 5,000 euros. The Bankinter Expansion Plus Account is also one of the best in the market in this sense, since it rents up to 3% (limited to 2.74% during the first year), provided that the balance is less than 10,000 euros.
Account 1,2,3 of Santander, one of the flagship products a few years ago, today offers an interest of 3%, but limits the maximum balance to be paid to 1,000 euros, while at the time of its launch, in May 2015, it raised it up to 15,000 euros. However, the bank maintains other attractions, such as a bonus of up to 3% of the usual receipts. A similar cut has suffered the profitability of the ING Orange Account, which gives a 0.01% APR when it came to offer 5%.
When reducing their remuneration, the entities have incorporated benefits similar to those offered by Santander. For example, the aforementioned Expansion Plus Account returns 1% of the main receipts and purchases with a credit card (up to a maximum of 50 euros per month).
The majority of paid accounts require the client to pay the payroll – even setting a minimum amount -, deposit several receipts and use the linked cards. Others, give the possibility of choosing the client if he wants to domicile or not his income, depending on which he will receive a different remuneration.
The Welcome Savings Account of Openbank, Santander's digital bank, offers a return of 0.74% APR for the first three months. From the fourth month, it becomes the Openbank Savings Account without commissions, which offers an interest of 0.51% during the first year. However, if the client pays a payroll of at least 600 euros per month or three receipts, their savings will reap a 0.74% APR.
However, those who choose to contract 100% online or fully digitized banks are free of these types of conditions. This is the case of the ING or Coinc account (with a return of 0.30%), the WiZink Savings Account (which leases 0.10% APR), the Self Savings Account of Self Bank (which offers a interest of 0.07% APR) or the Online Savings Account of NN Bank (as operated in Spain Nationale-Nederlanden). The latter offers a remuneration of 0.5% and has a promotion for which the client receives 20 euros for each friend that brings the entity (who will also receive this amount), up to a maximum of four people.
The gifts, which have also come to serve as a claim, are now at low hours. The Clear Account of Abanca enters the client 150 euros if he pays his salary, while Coinc gives a 4% in the purchase of Amazon gift vouchers.