In order for a bank to develop its business, it is essential to attract monetary resources, and to a large extent they do so with the savings that customers deposit. For this reason, financial institutions compete by offering good profitability conditions on their fixed-term deposits so that they are attractive to their potential customers. These strive to offer attractive bank deposits and higher returns.
Spain is one of the European Union countries that pays the least for its customers' savings. In fact, according to data published by the European Central Bank (ECB), of the 19 countries in the euro zone, the banks of Spain and Cyprus are the only ones that began the year by reducing the remuneration they pay for deposits.
This data contrasts with the euro area as a whole, in which banks raised rates on new deposits to an average of 1.65%. In contrast, Spanish banks went from a remuneration of 0.64% in December 2022 to 0.59% in January of this year.
As of today, the return on deposits in Spain for terms between 1 and 3 years is, on average, 0.7%. A figure that is far from other European countries, for example 1.95% in Germany or 2.58% in France. Figures that are between three and four times above the Spanish data, according to the latest data published by the European Central Bank.
One of the main reasons for the low reward for savings in Spanish banks, according to experts, lies in great liquidity. The Spanish financial sector has a lot of liquidity, which allows it a comfortable position when it comes to offering these lower prices for deposits.
However, this is not the case for all entities because there are banks that, for different reasons, are in different situations and are going to remunerate savings.
The European savings platform, Raisin, allows you to invest your savings in entities throughout Europe. This platform makes it easy for you to have exclusive access to deposits and savings accounts with a greater variety of returns. Also, without changing banks.
Raisin's mission is savings without barriers. That's why it makes it very easy for you. You just have to open a Raisin account in the Raisin Bank app, you can easily do it from your mobile. This account has no commissions or conditions that allow you to contract and manage all the products you want. Compare and contract products from wherever you are, at Raisin they ensure that you receive information, documentation and attention in Spanish.
Following European regulations, all Raisin partner banks adhere to their respective Deposit Guarantee Funds, so your savings are protected up to €100,000 per owner and bank.
