Last year was a great year for savers. The rate increases by the European Central Bank triggered the profitability of deposits, which reached 4% APR for the first time in a long time. However, everything indicates that this year is going to be very different.
Interest rates have already peaked and are likely to begin to fall over the coming months. And what does that mean? Well, if rates go down, the interest on savings products will follow the same trend. In fact, several banks have already anticipated the ECB's cuts and have begun to reduce the profitability of their deposits. Some fixed terms already rent one percentage point less than a few weeks ago.
Savers still have time to find a deposit with an attractive interest rate, although in the long term there is nothing left at 4%. The only options that reach that figure are six months. However, at this point, it is worth considering whether the time has not come to leave long-term savings to ensure an attractive interest rate for quite some time.
If we have savings that we are not going to use in the short term, we can invest them in a deposit with a duration of two years, which currently reaches 3.7% APR. And if we think that we are going to need the money in a year, for example, to take a trip, pay for a master's degree or get married, we can take out a twelve-month deposit, which right now also reaches 3.7% APR.
Right now, the most profitable one-year deposit is that of Banca Progetto, which has a profitability of 3.75% APR. It can be contracted online through the Raisin platform from 10,000 euros. This Italian bank is a member of the Deposit Guarantee Fund (FGD) of that country, which, like the Spanish one, guarantees up to 100,000 euros per holder.
Also noteworthy is the two-year deposit at 3.73% APR from the same bank, which, like the previous one, can be contracted online through Raisin.
In the short term, highlights include Banco BiG's six-month Gran Depósito at 4.25% APR, protected by the Portuguese FGD and available from 10,000 euros, and Banco Mediolanum's six-month Deposit 4.0 at 4% APR, also contractable from 10,000. euros. In the latter case, to obtain 4% it is necessary to domiciliate a payroll or pension of at least 700 euros or maintain a minimum of 3,000 euros in investment products. The Mediolanum deposit is protected by the Spanish FGD.
The best paid accounts without payroll right now reach 4%. The Trade Republic paid account stands out at 4% with which you can get up to 2,000 euros gross in one year. It pays interest every month, has no commissions and accepts a balance of up to 50,000 euros. Money can be deposited and withdrawn at any time and savings are protected by a European FGD.
