In Spain there are 985 billion euros in accounts and deposits, according to the national supervisor. But how many of those thousands of euros are generating interest? In many families, the battle against inflation is being won by the CPI.
In order not to lose purchasing power, our savings should grow at the same rate as inflation, which last September stood at 3.5% year-on-year. And, today, a profitability that equals that figure can be achieved. In this Tuesday's auction, three-month Treasury bills registered an average interest of 3.5% and nine-month bills, 3.8%.
But there is a product that the most conservative savers usually keep an eye on and that can be more profitable than bills: deposits. Right now, the best bank deposits exceed 4% APR, explain the experts from the financial products comparator HelpMyCash.com.
Banca Sistema's one-year deposit leads the ranking. It has a profitability of 4.4% APR, a figure that a little over a year ago seemed impossible to achieve. The minimum investment to hire it is 20,000 euros.
Another Italian entity that stands out is Banca Progetto, whose one-year deposit yields 4.30% APR. In this case the minimum amount is 10,000 euros.
Both entities are protected by the Italian Deposit Guarantee Fund (FGD).
BFF has also earned a place of honor among savers. Its one-year Facto Deposit has an interest rate of 4.06% APR and can be contracted from 5,000 euros. The reference FGD is once again the Italian one, but the advantage of this deposit over the others is that it is Spanish, because BFF has a branch in Spain, they explain in HelpMyCash. For this reason, the bank already pays the net interest.
Banca Progetto and BFF also stand out in short terms. The first pays 4.10% APR for nine months and 4% APR for six months.
The Facto Deposit maintains its profitability of 4.06% APR whether a term of nine or six months is signed.
There are more options: the six-month Banco Mediolanum Deposit 4.0 at 4% APR stands out, the only 4% deposit protected by the Spanish FGD. The disadvantage of this product is that it has a limit of 50,000 euros and that, to contract it, you must have assets of 3,000 euros in investment products or deposit a payroll or pension into the bank.
Banco BiG has just launched a six-month deposit to attract new customers with an interest of 4.25% APR contractable from 10,000 euros and up to a maximum of 75,000. The deposit, as with BFF, is Spanish, but the reference FGD is foreign, specifically Portuguese.
Another very conservative option is paid accounts, which have the advantage that the money can be recovered at any time, HelpMyCash sources explain. The Banca Progetto savings account at 3.25% APR is one of the most profitable options without payroll.
The Sabadell Online Account also stands out, if it is contracted before next October 26, it pays a return of 2.5% APR the first year up to 30,000 euros, without commissions and without conditions. And, in addition, clients who decide to direct deposit a payroll or pension of at least 700 euros will receive a 200-euro gift.
Those who want a higher limit can take a look at the N26 savings account, which rewards the entire balance without a limit. It has an interest rate of 2.26% APR, without commissions and without payroll.
