Currently, in Spain you can open interest-bearing accounts at 2.5% APR and deposits that reach 4.40% APR for one year.
These returns make it possible to mitigate the effects of inflation and reduce the loss of purchasing power. "Inflation is causing our money to be worth less and less, so it is convenient to make it profitable," warn the experts from the financial comparator HelpMyCash.com, who have analyzed which are the best interest-bearing accounts and the most profitable deposits of the moment.
The nine increases in interest rates carried out by the European Central Bank (ECB) have boosted the profitability of savings products.
However, they have done so unevenly. While in European banks we can find deposits that exceed 4% APR at 12 months, in Spain there are some online banks that offer deposits at 3.5% APR in that term and others that sell them at practically 0% APR, with which which you can not earn a single euro.
The situation in Spanish banking improves a little with remunerated accounts.
One of the most striking is the Sabadell online account, which offers a return of 2.5% APR during the first year and up to 30,000 euros. It does not have commissions and to hire it you do not need to pay a salary or receipts, just be a new client. Savers can take up to 750 euros gross in interest.
In addition, those who deposit a salary or pension of any amount in Sabadell or receive a monthly transfer of 700 euros or more will receive 200 euros as a gift, so they can earn an extra 950 euros in 12 months.
The EVO Welcome Smart Account also rewards its new customers. Like that of Sabadell, it has a return of 2.5% APR up to 30,000 euros.
With a deposit you can get a higher return. Right now, Banca Sistema leads the sector by marketing a 12-month deposit at 4.40% APR.
It is followed closely by another Italian entity, Banca Progetto, which for weeks raised its one-year deposit to 4.20% APR. This profitability is very similar to that of Banca Sistema, but with the advantage that it can be opened from 10,000 euros, while the leading entity asks for a minimum amount of 20,000 euros to contract its deposit.
An example of this is the one-year deposit from the Swedish bank Klarna, which can be opened from as little as 500 euros and offers a return of 3.80% APR. Although it is lower than those offered by Italian banks, it is very useful if you do not have the 10,000 euros that are requested at least by those that exceed 4% APR.
Although none of these three deposits belong to Spanish banks, they are protected by the Italian Deposit Guarantee Fund (FGD) in the cases of Banca Sistema and Banca Progetto, and by the Swiss in the case of Klarna. All cover up to 100,000 euros per bank and holder, as is the case with the Spanish FGD.
In addition, all three can be contracted from Spain through the German platform Raisin completely online and free of charge.
