The best deposits exceed 3.5% profitability: how to take advantage of it?

Everything indicates that the European Central Bank (ECB) will lower interest rates at the next meeting in June.

Oliver Thansan
Oliver Thansan
14 May 2024 Tuesday 05:06
6 Reads
The best deposits exceed 3.5% profitability: how to take advantage of it?

Everything indicates that the European Central Bank (ECB) will lower interest rates at the next meeting in June. This has meant that some banks have anticipated this movement and have been cutting the profitability of the deposits they offered, although slightly. In fact, it is now practically impossible to find deposits above 4% APR.

If this movement is confirmed, “banks could reduce the returns on the fixed terms they sell,” they point out from the financial comparator HelpMyCash. However, that does not mean that “there are still attractive offers on deposits, which exceed 3.5% APR,” explain the experts, who recommend “that if you are interested in taking out a deposit, do so as soon as possible to take advantage of the remunerations that “they offer.”

HelpMyCash has selected the best options within the best deposits of the moment so that the most conservative savers can take advantage of them.

For those looking for a deposit with a longer term and a juicy remuneration, they have alternatives that exceed 3.50% APR. In other words, they can be the solution for anyone who wants to take advantage of these interests.

Here the Privatbanka 1-year Deposit stands out, at 3.70% APR, insured by the FGD of Slovakia and which allows you to invest a minimum of 5,000 euros. And if the incentive of your interest was not enough, it is currently giving new customers up to 100 euros depending on the amount contracted if this is their first savings product with Raisin.

Other options are Novum Bank's one-year fixed terms, which offers a 3.60% APR, as well as Banca Progetto and Haitong, all of which require a minimum deposit of 10,000 euros. All of them have the guarantee of the Deposit Guarantee Fund of the respective country.

Currently, if you are looking for high profitability without committing for a long time, a short-term deposit is the most interesting alternative. Precisely, those with terms of three months are the most profitable, such as the MyInvestor Deposit at 4% APR. Of course, it requires a minimum investment of 10,000 euros and, in addition, investing 150 euros in your robo-advisor.

Another option is the 3-month Facto Deposit. In this case, although the remuneration is 3.80% APR, the minimum capital to hire it falls to 5,000 euros. In both cases they have the protection of the Spanish and Italian Deposit Guarantee Fund respectively, which protects up to 100,000 euros per holder and account.

Remunerated accounts can also be an alternative. “These accounts have been positioned, and it seems that they will continue to do so in the coming months, as an ideal product for both savings and everyday use,” HelpMyCash highlights.

Unlike deposits, the money invested is always available and they offer additional benefits such as cashback on purchases, return of receipts or additional free products.

The Trade Republic Savings Account offers a 4% APR for balances of up to 50,000 euros and with extra benefits such as 1% cashback on your debit card. On the other hand, the Revolut Flexible Account, which is a Monetary Fund, promises an expected return of up to 3.97%, with a very low risk index, and even if you want to enter the world of investment , allows you to do it from just one euro.

The Sabadell Online Account, for its part, is marketed with a return of 6% TIN during the first three months, followed by a 2% TIN (3.06% APR) for the first 20,000 euros, with the possibility of obtaining up to 600 gross euros the first year. In addition, it returns 3% on electricity and gas bills and offers free debit and credit cards.

Finally, the Welcome Evo Smart Account offers a profitability of 2.85% APR for balances of up to 30,000 euros, without commissions or conditions, with the extra option of opening a deposit at the same interest, withdrawing money abroad at no cost and cashback on purchases.