The banks' battle to retain their customers and attract new users is intensifying after the latest rate hike by the European Central Bank (ECB). The most profitable deposits already exceed 3% APR, nothing to do with the returns close to 0% that were paid a few months ago, and some banks are increasing the remuneration of their accounts, explain the experts of the financial product comparator HelpMyCash.com , who have analyzed which are the most profitable remunerated accounts.
EVO Banco has just increased the profitability of its Smart Account from 0.01% to 0.60% APR (it only pays the first 30,000 euros). Although he has set conditions: to obtain this interest, the client has to domicile his income or make, at least, one operation on the stock market per month. Otherwise, the interest will be 0.30% APR. It is not the only entity that has made a move this November. From day 1, the ING Orange Account rents at 0.30% APR (before it paid 0.01%). And, not only that, but ING has eliminated the commission of 10 euros per month that it charged to customers who had more than 30,000 euros saved and did not have their income domiciled in the bank. And, recently, the WiZink Savings Account has multiplied its profitability by ten, which has gone from 0.05% to 0.50% APR. It can be contracted from one euro and has no commissions.
Interest-bearing accounts have become an alternative for all those customers who want to save little by little and also for those who expect the returns on savings products to continue to improve. The advantage of the accounts is that they are fully available and the client can move their money if they find a better offer, they point out from HelpMyCash. In addition, some accounts compete head to head with deposits, with returns close to 1% APR.
For example, Bank Norwegian has raised the return on its savings account from 0.85% to 1.25% APR. An improvement that allows you to earn 40 euros more per year in interest for every 10 thousand euros invested. This rise has placed the proposal of the Norwegian bank, which has an IBAN starting with NO, as one of the most profitable options that does not ask for payroll, above Renault Bank, Pibank, Orange Bank or MyInvestor, which until now led the rankings with their Savings accounts without commissions and without payroll at 1% APR.
The foreign banks that compete in Spain to win clients have not wanted to miss their opportunity. Another Norwegian bank, Lea Bank, has placed the interest on its savings account at 0.96% APR and the Swedish entity Klarna has raised the remuneration of its to 0.95%. In these cases, trading is done through the Raisin platform, a website that gives access to dozens of European deposits.
Despite the three consecutive rate hikes that the ECB has carried out in a few months, not all banks have passed on the hikes to savers. Major banks have stayed on the sidelines for the time being, HelpMyCash sources explain.
