While in Spain small investors have thrown themselves into the high interest rates of Treasury Bills and the banks have not entered the war for savings with fixed-term financial products with high returns, foreign entities were stimulated by the rise in interest rates. European Central Bank (BCE) y have been launching increasingly competitive offers on their deposits.
Although some Spanish banks have stood out with a particular offer, Foreign promotions have been much more striking. In fact, on the threshold of a possible drop in interest rates, the average remuneration continues to remain above. The interest rate for national offers is on average 2.619% APR, while foreign offers remain on average 2.699% APR, according to data compiled by the financial comparison site Kelisto.
Faced with these ever-higher interest rates, Spanish investors seeking to make their savings profitable through a deposit have continued to contract foreign deposits. In this way, 58% of investors who have taken out a deposit in the first four months of the year have done so by betting on external entitieswhile the remaining 42% have remained under Spanish offers, according to Kelisto data.
In fact, Italian banks, which are currently leading the war for savings by offering up to 3.80% APR, have been the favourites of Spanish investors, with 23% of the total number of contracts. Of the Italian offer, The bank that has stood out by far and has taken a large part of the Spanish investment in deposits has been Banca Sistema and, at some distance, Banca Progetto.
They were followed by Portuguese entities, which took 15.4% of the deposits signed, driven by the offer of the BiG Bankand the banks of Malta, which have been selected 5.9% of the time, where the choice of Novum Bank promotions has stood out. Finally, Spanish investors have accepted offers from German banks 4.8% of the time.
This list partly follows the ranking of best deposits of mayled by an Italian bank, followed by Portugal and Malta.
The best deposits of May
- The one offered by Facto, which has an APR of 3.80% and a three-month term. Its product allows deposits from 5,000 euros to 3 million, covering everything from the smallest savings to larger ones, although it does not allow early cancellation. This entity operates under the Italian Deposit Guarantee Fund (FGD).
- The Deposit of Banca Progetto at twelve months, with a 3.60% APR and allows you to capitalise on savings from 10,000 euros to 100,000 euros. It does not have early repayment and also operates under the Italian FGD.
- The product of the Portuguese Haitong and that of Novum Bank of Malta. Both are 12 months and with the same remuneration as Banca Progetto of 3.60% APR. Both also allow deposits between 10,000 and 100,000 euros and do not have early cancellation options. One difference is that Haitong is insured by the Portuguese FGD and Novum Bank by the Maltese one.
The best Spanish deposit
Although the Spanish banking sector did not enter the war for savings, some specific promotions have managed to stand out, as is the case of Banco Mediolanum’s offer with a 4% APR at six monthsThe entity allows a contribution of between 10,000 and 50,000 euros.
For its part, the neobank MyInvestor also stood out with an offer of 4% APR on its three-month deposit. It was a one-off promotion that ended on May 15. Although the entity continues to maintain a very competitive remuneration, in particular, MyInvestor offers 3.50% APR at three monthsHowever, to access this profitability, the bank requires that the client contract an automated portfolio of 150 euros; if they do not do so, the interest offered is 3%.
The amount that can be deposited is also a minimum of 10,000 euros and a maximum of 100,000 euros and the promotion is available until June 15, according to the neobank’s website. This entity operates under the FGD of Spain.
Spanish banks that investors love
According to data provided by the financial comparison site Kelisto, the most contracted deposits promoted by Spanish entities came from Banca March and Banco Mediolanum.
Specific, Banca March’s current deposit offer is 3.10% APR at 12 months and allows deposits between 10,000 euros and 2 million euros.
Source: www.lainformacion.com
