The banks continue to react to interest rate increases by the European Central Bank (ECB) with improvements deposit returns. Banco Finantia and EBN Banco were the latest to charge interest on savings. Altogether there are already five companies operating in Spain that offer more than 2% APR.
Specific, Branch of Banco Finantia SA in Spain is now marketing two new fixed terms at 2% APR for six months and 2.20% APR for 12 months that do not allow for early termination. On the other hand, the rest deposit can be canceled early, but with a penalty fee. This product currently offers 1.70% APR at 12 months, 1.80% APR at 18 months, 1.85% APR at 25 months and 1.90% APR at 36 months. In all cases, the minimum investment is EUR 50,000 up to a maximum of EUR 500,000.
It also increased the remuneration of the Creciente Finantia deposit to an average annual rate of 2%. And in addition to offering term deposits in euros, the company has term deposits in foreign currency (in dollars from 3% at 12 months) or the combined deposit (at 2% APR at 12 months).
EBN Bank has increased interest rates on all your deposits. The most profitable is at 2.40% APR for 36 months. Also of note are the 2.30% APR for 24 months, 2.20% APR for 18 months and 2.15% APR for 12 months. With a term of 6 months you pay 1.6% annual interest and with 3 months rent 1.3% annual interest. In addition, it has created a new 9-month term with 1.85% APR. The minimum contribution to access these non-cancellable deposits is 10,000 euros and the maximum is 400,000 euros. According to the simulation offered on the company’s website, an investment of 10,000 euros can earn 714 euros in interest over 36 months.
pibank holds its deposit at 2.01% APR for 12 months, with no minimum or maximum, with quarterly interest payments and allows for partial and total cancellations. On the other hand, both your compensation account and your salary account, to which deposit income of at least 1,000 euros per month must be transferred, have a return of 1% APR.
Renault bank recently increased the rate of its 24-month Tú+ deposit to 2.32% APR for a minimum of €500 and a maximum of €1 million. Interest is paid quarterly and early termination is not possible. It is necessary to be connected to the Contigo account and therefore to enter into a contract that has no investment limit and keeps its remuneration at 1% APR.
wizard It has also increased returns on its deposits and currently offers 18-month interest rates of up to 2% APR, 25-month interest rates of up to 2.30% APR and 36-month interest rates of up to 2.5% % APR. The minimum investment is 5,000 euros and the maximum up to 250,000 euros. Interest is paid quarterly and early cancellation of the deposit is possible, but not in part. It is necessary to commission the linked savings account that rents 0.5% APR with no costs or commissions.
Y Pharma factoring banking It currently has the most profitable deposits, yielding 2.27% APR at six and 12 months and up to 2.5% at 24 months. At six months it offers 1% APR. This last entity, which does not allow early cancellations, warns on its website that given the “positive response” to its offer, “we have been overwhelmed” and “at this time we have an extended wait for attention, validation, accreditation and account information update”.
For their part, the large Spanish banks are still reluctant to invest in fixed-term deposits, even though they are in competition accounts. Bankinter offers up to 5% and Sabadell up to 3% APR with bond. Among the neobanks, in addition to Pibank and Renault Bank, Orange Bank and MyInvestor also remunerate their accounts with 1% effective annual interest with different limits for the maximum interest-bearing balance.
On the other hand, the European banking that sells deposits through the Raisin platform already exceeds the 3% APR limit. The Italian Banca Sistema rents up to 3.28% effective annual interest for five years from 5,000 euros. From 5,000 euros, he pays 3.15% effective annual interest for four years and 3.01% effective annual interest for three years. The French Younited pays 3.05% APR for five years for investments of 2,000 euros or more.