The entry of Orange Bank in Spain on November 25 has once again placed savings accounts in the spotlight of savers. The teleco has opened the doors of its bank in Spain with a striking offer consisting of a checking account, a debit card and a paid account with no commissions and no 1% APR bond with a maximum remunerable balance of 20,000 euros, which is equivalent to a profit of 200 euros gross per year as long as the entity does not change the interest rate.
Its profitability contrasts with the average interest rate currently recorded by the accounts in our country: 0.03% in October according to the data of the Bank of Spain. The teleco thus seeks to encourage more than 15 million Spaniards who have an Orange mobile line, which at the moment are the only ones that can become Orange Bank customers, to change entities.
However, Orange Bank does not compete only in the first division of savings accounts, as noted by the experts of the banking product comparator HelpMyCash.com.
The MyInvestor paid account for new customers also rent to 1% APR, although in its case it reduces the maximum remunerable balance to 15,000 euros, so the client can obtain a profit of up to 150 euros gross per year. Andbank's online brand, under which the account is marketed, does not require any type of linkage to contract the account nor does it charge commissions, as does Orange Bank.
Another account without expenses and no linkage that plays in the league of the most profitable savings products is the Openbank Welcome Savings Account, reserved for new clients of the entity. Rent to 1.50% annual TIN the first three months and from the fourth, at 0.05%, which would be equivalent to an APR of 0.42%. Customers who are willing to pay a payroll or pension of at least 600 euros or three receipts will enjoy, from the fourth month, an interest of 0.30% for the first 10,000 euros and 0.20% for the rest.
If we settle for a return of 0.50% APR, the options multiply. The paid account of Banco Pichincha (maximum amount of one million euros), the Pibank savings account, the Norwegian bank savings account Brabank, contractible from 5,000 euros and up to a maximum of 100,000 through Raisin, and the Nationale Nederlanden Online Savings Account they pay a 0.50% APR. The four products lack commissions and mandatory binding.
Away from the top of the list, but also above the average, there is the Coinc Account at 0.20% APR (maximum remunerable balance of 10,000 euros), the Facto Account of Banking Farmafactoring also at 0.20% APR and the WiZink savings account at 0.10% APR. All without expenses and without linking. The last two are a springboard to access the fixed terms sold by both entities. The Facto Deposit, available from 5,000 euros, has a return of 1% APR at six months and 1.31% APR for any term with a duration of between one and five years. WiZink, meanwhile, has three savings options: an 18-month deposit at 0.75% APR, another at 25 months at 0.90% and a third at 36 months at 1.05%, all of which can be contracted from 5,000 Euros
Is the money guaranteed?
All savings accounts enjoy a double guarantee, exactly like deposits. On the one hand, the bank itself agrees to refund the money invested to the customer and, on the other hand, in case of bankruptcy, the deposit guarantee fund (FGD) responds with a maximum of 100,000 euros per customer.
The savings products of MyInvestor, Openbank, Pibank, Banco Pichincha and Wizink have the protection of the Spanish FGD. Orange Bank, on the other hand, is covered by the French FGD, Nationale Nederlanden, by the Dutch, Brabank, by the Norwegian and Banca Farmafactoring, by the Italian. They all have the same level of coverage as Spanish.
. (tagsToTranslate) Economy (t) Finance