Relief. It is the feeling experienced by many savers when interest rates do not rise. Among other issues, the ECB's decision was going to determine the remuneration of deposits, which have been around for a few months now, offering lower profitability than at the end of the year.
The increases in 2023 drew a truly wide and attractive offer, but the slowdown in 2024 has changed the panorama: “those with variable rate mortgages are the side of the coin that has benefited the most, since they see how their credit, finally , stop getting more expensive. On the other hand, savers represent the cross, since the profitability of deposits has begun to decline,” point out the experts from the financial comparator HelpMyCash.
In any case, the current market still offers options with which to save and achieve more than interesting returns. In fact, the best deposits in April offer remunerations of up to 4% APR, taking into account that the terms are also a determining factor.
In that sense, if a short term is sought, the profitability that banks currently give is higher. Therefore, opting for a three-month deposit, at this time, is a much more profitable alternative.
The best example is My Investor's three-month deposit, which offers one of the highest remunerations, reaching 4% APR. In addition, you can cancel at any time, although, yes, you must hire an automated portfolio or robo-advisor of 150 euros and invest at least 10,000 euros. The money is protected by the Spanish Guarantee Fund, up to 100,000 euros per client and entity.
The market also offers other avenues such as the three-month Facto deposit. In this case, it is enough to invest 5,000 euros and the remuneration is not negligible, since it is 3.80% APR.
On the other hand, for those interested in longer terms, the remuneration is generally lower, although there are also very notable alternatives. In fact, one of the deposits that comes closest to that striking 4% profitability is Novum Bank's one-year deposit, which offers a 3.90% APR. This entity is under the umbrella of the Malta Guarantee Fund.
And the one-year deposit from Banca Progetto also offers slightly less interest, specifically 3.60% APR. Furthermore, the latter, protected by the Italian Deposit Guarantee Fund, can be contracted through the Raisin platform, which offers all the facilities and comforts for all types of investor and saver profiles.
From there, it is increasingly difficult to find deposits with terms of one year in which the profitability exceeds 3% APR. Without going any further, it is WiZink's 12-month deposit (3.00%), which stands out the most because, apart from the fact that it can be opened with only 5,000 euros, it is cancelable before expiration at no cost and the client is protected by the FGD of Spain.
However, banks have also launched to offer alternative savings products to deposits and with which to attract customers. The result of this strategy is the popular paid accounts, which have become the ideal instrument: a financial tool for the daily life of any user, accessible and with which, in addition, savings can be made profitable.
And not only that, but some of these returns exceed those of certain deposits. As an example, the Trade Republic Savings Account, which although, as its name indicates, is savings, offers a return of up to 4% APR for balances of up to 50,000 euros. What makes it comparable to other paid accounts is that it is designed for daily use and offers more advantages: free card, cashback, no commissions, first steps in the world of investment...
Another good example is the Revolut Flexible Account, which establishes the minimum to invest in one euro and without a maximum capital limit and, in addition, with the possibility of withdrawing the money at any time. If we add to this practicality an interest of 3.97% APR and future updates of this profitability according to rate fluctuations, it is an ideal product for both daily life and savings.
From there, it is more difficult to find interest-bearing accounts that have interests similar to those of deposits. However, it is all about research, since it is possible to find remunerations above 2%, which are accompanied by discounts, cashback or cards and other associated investment products at no cost.
