The war continues to win customers among online entities. Several banks have recently raised the profitability of their remunerated accounts again, a few days before the European Central Bank meets again to assess whether to increase official interest rates again. Christine Lagarde is likely to announce a 25 basis point rate hike next week and take the main rate to 4%.
In this context, medium-sized banks and online entities have intensified the war to attract liabilities and win customers. A war whose main beneficiaries are being savers. Of course, as the experts from the financial product comparator HelpMyCash.com explain, "the only ones who are benefiting from these improvements are savers willing to move their savings away from the big banks, since, for now, the main Entities in the country are not offering attractive savings products on a general basis. Neither Santander, nor BBVA nor CaixaBank openly market remunerated accounts or attractive deposits”.
EVO Banco has just raised the profitability of its Welcome Smart Account to 2.50% APR (until now it paid 2%). It remunerates a balance of up to 30,000 euros, so you can get up to 750 euros in interest. The bank guarantees this remuneration until July of next year. The account has no commissions or conditions.
Targobank's rise has been more drastic. The interest on your Próxima Account has improved from 1% to 2.53% APR. Its main advantage is that it remunerates the entire balance of the account, without limit. On the contrary, it has the disadvantage that in order not to pay commissions, one of the following requirements must be met: maintain a balance of at least 10,000 euros in the bank, deposit recurring income or have a loan, mortgage or insurance contract.
Another entity that has followed the same line has been Banca Progetto. This Italian bank, which sells its savings products in Spain over the Internet through Raisin, offers a remunerated account at 2.52% APR for a balance of between 10,000 and 100,000 euros. It has no requirements or commissions, so it is an interesting option to make profitable large amounts of money without assuming any link. Its main disadvantage is that, although the money can be withdrawn at any time, it does not admit additional deposits or partial withdrawals.
Orange Bank, for its part, raised the interest on its savings account on June 1 to 1.80% APR for customers with a mobile line contracted with the operator and to 1.60% for the rest. The maximum remunerated balance is 200,000 euros. E ING did the same with the Cuenta Naranja, which since the beginning of the month rents at 1.25% APR for customers who have a Payroll Account and at 0.85% APR for the rest. Non-ING clients who want an Orange Account need to open a current account first.
On the other hand, Banco Sabadell has chosen to extend its welcome promotion for two more months, until the end of July, they point out in HelpMyCash. During this time, new customers can still contract the Sabadell Online Account with a return of 2.5% APR up to 30,000 euros during the first year. To get that interest you only need to become a customer.
In addition, users who decide to direct deposit a salary, pension or unemployment of at least 700 euros will receive an additional 200 euros as a gift, so total earnings can reach 950 euros gross. This account has no maintenance fees.
