August 1, 2021

The best short-term deposits are also from foreign banks | My money

The best short-term deposits are also from foreign banks | My money

The foreign banking has also taken the lead in the Very short term deposits. The impositions below 12 months they have practically disappeared from the catalogs of offers of Spanish banks. Single Ibercaja Y Bankia they are marketed online and with returns of just 0.05% APR and 0.01% APR, respectively, while the Bank Sabadell Y Liberbank Customize the remuneration. There is no more trace of these deposits that in the past the national bank used to use as a hook to attract customers and that flooded the market. It is the foreign entities that operate in Spain and the European ones that can be accessed through the Raisin platform, those that keep the shortest terms and with attractive interests.

The Spanish branch of Italian Banking Farmafactoring has raised its deposit to six months at 1.20% APR in a promotion that lasts until October 30th. The minimum investment is 10,000 euros, so that a saver who hires it for that amount will get 60 euros gross (the real effective rate is 0.6%). On the other hand, Credit Agricole Consumer Finance, a subsidiary of the French banking group Crédit Agricole, leases a 0.70% APR to six months (equivalent to 0.058% per month) from 5,000 euros. Both entities are attached to the Deposit Guarantee Fund of their respective countries, which cover the same as Spanish, up to 100,000 euros per client and entity.

Outside Spain, several European banks far exceed the profitability offered in Spanish territory. The Maltese FimBank pays 0.65% APR for three months and 0.45% for six months from 1,000 euros. Also six months, Euram Bank (Austria) pays 0.30% APR from 5,000 euros, Atlantic Bank (Portugal), 0.20% from 2,000 euros and Alior Bank (Poland), 0.10% per 10,000 euros at least. For its part, the Czech J & TBanka it has a nine-month term at 0.40% APR for investments from 10,000 euros.

In Spain it is possible to obtain higher returns but in combined deposits, which require simultaneously contracting other products managed by the entity. It is the case of Mediolanum Bank, that at six months pays 1.25% APR, 1.75% APR and 4% APR depending on the amount invested (from 2,000 euros to 20,000 euros). For its part, in the Dutch bank ING, which for years used to flag the remunerations in the welcome deposits for new clients, the remuneration of the liability is no longer a priority. You have a term of six months that pays 0.04% APR.

The average interest of the new deposit operations continued to record historical lows in August, according to the latest data from the Bank of Spain. The weighted average rate was 0.05% from 0.06% in July. In terms of up to one year, the remuneration was 0.04% on average.

Italy, at the head

Banking System. The Italian Banking System is the one that offers the highest returns among European banks that collaborate with Raisin. After five years, it rents 1.79%, above the 1.64% paid by the Portuguese Banco Atlántico. Three years pay 1.33% APR, 1.24% APR two years and 1% a year.

The most profitable Banca Sistema markets the most profitable deposit of the moment: it remunerates 2.0.1% APR, although in the very long term, ten years. At nine years, J & TBanka offers 1.33% APR.

Welcome gift. The Raisin platform rewards new customers with a payment of 20 euros if they invest at least 5,000 euros and up to 200 euros if the amount exceeds 75,000 euros.


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