The Public Treasury has placed 4,000 million euros this month in an auction of 12-month bills and has done so remunerating with a marginal interest of 2.839%, according to data published by the Bank of Spain.
“Spain is currently experiencing a time in which private savers are looking with great interest for products that offer high returns. In this sense, Treasury bills have become an object of desire”, emphasize the experts of the financial comparator HelpMyCash.com. So much so that so far in 2023, purchases through the official website of the Treasury from retailers have increased above 1,100 million euros, which is triple all acquisitions in 2022.
And although the profitability is attractive, the experts recognize that the market offers deposits that exceed the offer of the State. “There are countries in Europe that have been encouraged to launch attractive deposits. Of course, most of the fixed terms with high returns are in entities outside of Spain, but it is not a problem because they can be contracted from Spain, they are protected by the Deposit Guarantee Fund and are taxed the same as a Spanish deposit", they highlight. the comparator experts.
Raisin, the online platform that allows savers to contract deposits, offers the deposit from BluOr Bank, a Lithuanian entity, which pays 3.06% APR over 12 months. This product also has a very low minimum investment, only 1 euro, and the FGD protects capital up to 100,000 euros per owner and account.
In second place on the podium of the most profitable deposits is the Italian entity Banca Progetto. The bank offers a remuneration of 3% APR for 12 months. Unlike the Lithuanian entity, in this case, the minimum investment required is 10,000 euros.
And in third place is Haitong Bank. The entity offers 2.85% APR for a term of 12 months.
When it comes to an investment in a foreign bank, the withholding model that is applied may vary.
But in general terms, the HelpMyCash experts explain the following: "As a resident of Spain, you will have to declare the interest on the deposits and accounts that you contract when you make the IRPF declaration, it is model 100 and, in the event that it is If you have more than 50,000 euros invested abroad, you will also have to fill in form 720. On some occasions, the country in which the deposit has been contracted may withhold part of the profits, but if you present the Tax Residence Certificate that proves who lives in Spain, this amount will be totally cancelled”.
