The remuneration of deposits continues to rise, but now it is not only foreign banks that offer attractive returns, but more and more national banks are joining the bandwagon.
Right now, Spanish savers can get a return of up to 4% APR with a deposit, but for that you have to tie yourself up with a bank for at least three years. If we focus on deposits with a term of one year, we can scratch up to 3.50% APR.
Nothing to do with the returns that could be expected a year ago. At the beginning of last year, the average interest on fixed terms was 0.04%, according to the Bank of Spain. This means that for every thousand euros a saver could earn forty cents in a year. Now, however, with the best deposits, earnings can skyrocket up to 35 euros, according to calculations by the financial product comparator HelpMyCash.com.
At the moment, the most profitable are still foreigners. Through the Raisin online platform it is possible to contract the most profitable deposits of the moment. Although the banks that market them are not Spanish, the opening process is 100% online and all fixed terms are protected by a European deposit guarantee fund (FGD) with the same coverage as the Spanish one. And which are the best?
It is important to know that if a deposit is contracted in any of the two previous banks, as they are foreign entities, the interest must be entered manually in the income statement, since it will not appear by default in the draft. In addition, if you have more than 50,000 euros outside of Spain, you must submit form 720.
Those savers who want Spanish deposits also have attractive options within their reach. This is the case of WiZink and Banca March, whose fixed terms rent above 2% APR.
WiZink and Banca March are national entities, so they do not need to do any extra paperwork with the treasury.
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