Most savers share the same goal: to make their savings grow. A few years ago, it was almost impossible to achieve this without taking risks. But in a matter of a year the situation has taken a 180 degree turn. Now, the profitability of the best deposits exceeds 4%.
Remunerated accounts have followed the same path as fixed terms and there are some that already allow you to also earn 4% without the need to direct deposit a payroll.
Good news for the most conservative savers. Of course, the current scenario could have its days numbered. Some banks have already begun to lower the interest on some of their fixed terms, especially those with a longer duration, which seems to indicate that the entities are already anticipating a drop in rates in the medium term. So savers who take a long time to make their savings profitable could miss this boat.
And where are the best deposits and the most profitable accounts? In the case of fixed terms, the best options are in foreign banks, while profitable accounts can be found in both national and foreign entities, according to an analysis by the financial products comparator HelpMyCash.com.
If we do not want to be tied for a long time with a bank, we can take advantage of the three-month Facto Deposit, which has a profitability of 4.06% APR. It is available from 5,000 euros and we can hire it online, without leaving home. BFF Bank is an Italian bank, but it has a branch in Spain, so its deposits are like any Spanish fixed term. The only difference is that the FGD that protects this bank is the Italian one, but it has the same coverage as that of our country.
This Portuguese bank offers us a deposit with a duration of six months and a profitability of 4.20% APR. The minimum amount is 10,000 euros. We can contract it online through the Raisin platform and the money is protected by the Portuguese FGD, which, like the Spanish one, guarantees up to 100,000 euros per depositor. Being a foreign entity, if we invest more than 50,000 euros, we will have to present form 720 to the Treasury, which, however, is easy to fill out. Although if we do not exceed that figure, we can forget about this document.
If we want to ensure good profitability in the medium term, especially now that banks are beginning to reduce the interest on their deposits, we can bet on the one-year deposit from Banca Sistema, the most profitable option that we can find with this duration. And how much can we earn? It has an interest rate of 4.30% APR. The minimum amount in this case is 20,000 euros. The contract is processed online through Raisin and, as in the previous case, since it is a foreign deposit, if we exceed the barrier of 50,000 euros, we must present form 720. Banca Sistema operates under the protection of the Italian FGD.
This German bank offers us an account with a profitability of 4% for a balance of up to 50,000 euros, so we can earn up to 2,000 euros gross in interest. It is the most profitable paid account without payroll at the moment. It has no opening fee and we can deposit and withdraw money at any time. The money we save at Trade Republic is saved in a collective account in one of the banks with which it collaborates, all of them well-known banks supervised by a central bank. And the money is guaranteed up to 100,000 euros for a FGD. Being a German account, if we have more than 50,000 euros, we have to present model 720.
This account for new Sabadell customers has a very high initial interest: 6% TIN during the first three months. Then the interest is reduced to 2%, so the APR for the first year is 3%. The maximum paid balance is 20,000 euros. This account has no commissions or conditions and is protected by the Spanish FGD. We can deposit money whenever we want and withdraw it when we need it.
*Information updated as of December 28, 2023
