The month of April has begun with the fixed-term deposit market with great returns, which can reach up to 3.54% APR. The rises in interest rates from the European Central Bank (ECB) in recent months have made banks move to the table and offer their clients a higher return on their savings.
Although Spanish banks were reluctant to offer their clients good returns on their deposits, in recent weeks they have become more competitive to face the European market, where much more outstanding options can be found.
Faced with this wide range of options, what is the best deposit on the market? The HelpMyCash.com financial product comparator has made a selection of the most profitable at the moment.
If we focus on six-month deposits, the Portuguese bank Haitong offers the best yield, with an APR of 2.82%, which increases to 2.90% in its nine-month option.
They are followed by Banca Progetto, with 2.80% APR, and the Cuenta Facto deposit from BFF Bank at 2.78% APR.
While the Cuenta Facto deposit can be contracted directly from its website, Haitong and Banca Progetto deposits can be contracted from Spain through the Raisin platform, completely online and free of charge.
As shown by HelpMyCash, one-year deposits offer better returns than short-term ones. Currently, the 12-month Banca Sistema deposit is the best option in this category, with interest of 3.35% APR.
For example, with savings of 50,000 euros, a remuneration of 1,675 euros would be obtained per year after hiring.
As with short-term deposits, Haitong and Banca Progetto are also among the best 12-month options, with 3.32% APR and 3.30% APR respectively.
Another very interesting offer is the 18-month Wizink deposit, which offers a return of 3% APR. Among its advantages, it can be contracted for as little as 5,000 euros and allows you to have the benefits quarterly.
Finally, those savers who do not need to have part of their money for a long period of time, can find even more profitable offers.
Currently, the deposit that offers the highest profitability is that of Haitong at three years, which reaches 3.54% APR. This would mean that with savings of 50,000 euros, gross interest of 5,430 euros would be obtained at maturity.
However, although we find the greatest profitability in a long-term deposit, at a time like this in which there is so much competition between banks to attract money from their clients, short-term deposits are the most recommended option.
"This type of deposit allows savers to obtain the benefits that their money generates in a short time and to be able to choose a better offer in the coming months if interest rates continue to rise," the HelpMyCash experts explain.
All profits obtained from a bank deposit have to be included in the income statement to pay the corresponding taxes.
If the deposit is from a Spanish bank such as Wizink, or is based in Spain such as Haitong or BFF Bank, interest is charged net and is automatically included in the income statement. The difference is that, in the case of Wizink, the money is protected by the Spanish Deposit Guarantee Fund (FGD), while the money invested in Haitong and BFF Bank is protected by the FGD of Portugal and Italy, respectively.
On the other hand, when it comes to deposits from foreign banks without headquarters in Spain, such as Banca Sistema and Banca Progetto, it is necessary to include the profits generated manually in the declaration. In addition, if the money exceeds 50,000 euros abroad, the 720 model must be presented.
