Both in the short and long term, foreign banks pay more for the savings of Spaniards than national entities. Currently, to scratch an attractive interest rate in Spain supposes to sweat the fat drop. The big bank has long relegated the fixed terms to second category products, which has meant that currently the average profitability of Spanish deposits is 0.05%, according to the Bank of Spain. The most striking case is that of CaixaBank, which markets a deposit with a term of up to one year for investments of at least one thousand euros at 0%.
Despite the current scenario, there are Spanish entities that stand out above the rest and that continue to offer attractive interest rates. Finantia Sofinloc Bank (BFS) is an example: your deposits range from 0.70% APR to one year to 1.15% APR to five years, although the investment is high: from 50,000 euros. Banco Pichincha it is another exception: it sells a twelve-month deposit at 0.80% APR with no minimum amount. The Spanish branch of Banking Farmafactoring also seems to stay out of the constant scissors that have suffered the Spanish deposits and offers a return of up to 1.25% APR to five years for amounts from 10,000 euros.
But even they do not manage to beat the interest rates that can be scraped out of Spain, explain the experts of the bank deposit comparison HelpMyCash.com.
Foreign banking, an oasis of profitability
For three-month terms the best destination is Malta. Fimbank markets a three-month deposit at 0.86% APR contract from a thousand euros through the Raisin platform. Precisely, Raisin has become the gateway for Spaniards to a wide variety of fixed European deadlines (it sells more than 60), solving the problems of distance (all procedures are carried out over the Internet, without having to travel to the country in which is located the bank) and language (all procedures are carried out in Spanish).
Easisave, the online brand of Fimbank focused on savings products, is also accessible to Spaniards, in this case directly from their website, although the process is in English. Market a fixed term to three months to 0.95% available from one thousand euros. Easisave also leads the six-month offer, with a fixed term of 0.95%. In fact, Malta is the undisputed queen of short-term deposits. Ferratum Bank, another bank of the island country, commercializes fixed terms to three, six and twelve months at 0.85%, 0.90% and 0.95% respectively. They are available from 50 euros and can be hired from the app of the bank in Spanish. Both Fimbank, Easisave and Ferratum are members of the Malta FGD.
If we stay in Spain, we will have to settle for 0.25% for three months or 0.40% for six months offered by Banca Farmafactoring.
Mid-term wins Portugal and Bulgaria
At one year, the highest returns must be sought in Portugal and Bulgaria. Specifically, the one year deposit from the Haitian Bank luso 1.06% APR (minimum amount of 10,000 euros) and the one-year fixed term of the Bulgarian BACB It has a return of 1.05% (from 5,000 euros). You do not need to speak Portuguese or Bulgarian to hire them, since both products are available through Raisin and covered by their respective guarantee funds.
Their Spanish counterparts, the twelve-month deposits of Banca Farmafactoring and Banco Pichincha rented at 0.75 and 0.80% respectively.
Italy leads the long-term offer
Those who prefer a long-term deposit, for three years for example, and who do not want to leave Spain can contract the fixed term Soffinloc Bank to 1.1%, one of the most profitable options at the moment, although it will be necessary to invest at least 50,000 euros. But if we go to Italy, Banking System remunerates savings at 1.33% for the same term (from 5,000 euros) with the Italian FGD coverage. The Slovak Privatbanka it offers the same return also for three years with the same minimum amount and coverage of the FGD of Slovakia (both banks collaborate with Raisin).
The scenario improves if the term is extended to five years. In this case you can get up to 1.79% in Banking System or a 1.64% in the Portuguese bank Atlântico (from 2,000 euros and guarantee of the Portuguese FGD). But, once again, you have to cross the border. In Spain BFS pays for that duration 1.15% and Fact, 1.25%.
But are these exceptional cases or does foreign banking pay more, on average, than Spanish banking? Well the statistics say that they are not exceptions. While the average rate for fixed terms in Spain over a year was 0.08% in July, according to the European Central Bank, in all the eurozone countries mentioned above, more was paid. In Malta at that time the average rate was 1.71%, in Slovakia, 1.11% in Italy, 0.86% and in Portugal, 0.22%.
Profitability is not incompatible with safety
All member countries of the European Union have a guarantee fund that protects savers in case of bankruptcy. Current regulations require that all systems guarantee at least 100,000 euros per holder in each entity, although some deposits with special recognition have higher coverage. So the guarantee is the same in Spain as in Bulgaria, Portugal or Malta.