Variations in the profitability of bank deposits have been a constant. However, the positive change, from the investor's point of view, has occurred in the last year, where these products experienced a marked increase in their returns.
“The beginning of the year continues to be an auspicious time; Although the best returns have begun to decline, we still find many banks willing to reward our savings above 4%. Of course, those who have the best offers are outside of Spain. For example, Italy leads in terms of passive remuneration, although the interesting thing is that its deposits are accessible from our country thanks to the Raisin platform,” highlight the experts at HelpMyCash.com, a financial comparator.
Along these lines, financial experts have made a list of the three entities that offer the highest returns for the savings of Spanish citizens.
Currently, the most tempting option is the 12-month deposit offered by Banca Sistema de Italia, with an interest rate of 4.30% APR. To access this product, a minimum capital of 20,000 euros is required and a maximum of 100,000 euros is allowed. It can be contracted through the Raisin savings platform and has a risk rating of one, the minimum on a scale that goes up to six. It is important to keep in mind that this product does not allow early cancellation and is supported by the Italian Deposit Guarantee Fund (FGD) (up to 100,000 euros per client and bank).
In turn, another good alternative is the one-year deposit from BAI Europe, also through the Raisin platform. This deposit offers a yield of 4.20% APR for deposits of 10,000 euros or more, or lower than the previous one, with a limit of 100,000 euros. Despite being a foreign entity, it has the guarantee of the FDG of Portugal and complies with the standards established by the Raisin platform in terms of security and solvency.
Finally, another product from an Italian bank sneaks into this list of fixed-term deposits, such as Banca Progetto. This one, specifically, offers a 12-month deposit with a 4.10% APR. To access it, the minimum limit required is 10,000 euros and a maximum investment of 100,000 euros is allowed. It is protected by the Italian FGD.
The handicap that these three deposits present and any other is that they do not allow the money to be withdrawn before the deadline expires. Therefore, in the event of an emergency or unforeseen event, the client cannot use these savings as a financial lifeline, unless they pay the corresponding penalty, if the contract allows it.
Therefore, in the event that availability of these savings is sought at any time, “remunerated accounts are another interesting alternative at this time. The profitability that can be obtained is lower, but they offer accessibility to funds that deposits do not and that is a feature highly valued by clients,” HelpMyCash points out.
Without going any further, in the current offer you can find returns that reach 3% APR, such as the Sabadell Online Account. Or products that, offering lower performance, compensate with other gifts and direct remuneration, such as the Abanca Clara Account, at 2% APR and with a 300 euro gift. It's all about comparing and being clear about what each person is looking for with their savings.
