Spanish citizens face the last month of the year with joy that the Christmas holidays are coming but also with an eye on their pockets because Expenses for these dates are multiplied by the purchase of gifts and the numerous commitments with co-workers, family and friends.
For those who have some money saved and want to take advantage of it, a very simple and 100% secure financial product is available: bank deposits. It is a savings tool that is based on keeping a certain amount of money in the bank for a certain period of time in exchange for benefits. The settlement of these generated interests must be paid by our entity and can be executed in a manner monthly, quarterly, semi-annual, annual or due.
December is still a good time to take out deposits before the European Central Bank continues with its policy of cuts of rates to control inflation, which will push interest rates further down. However, if this product is contracted beforehand, the saver will be protected for the duration of the deposit.
Next, 20 minutes has compiled the best bank deposits with which make money from the first euro in entities backed by the Deposit Guarantee Fund (FGD), which insures money in the event of bankruptcy up to a maximum amount of 100,000 euros per holder and entity.
Evo Bank
The digital entity belonging to Bankinter sells a four-month deposit that offers a 2.85% APR yield from the first euro. It does not impose contract conditions such as payroll direct debit, regular income or the subscription of other products.
The only condition is that you can only contract this deposit if you are an Evo client. If you are not, you can always open the Smart Welcome Account, without commissions and that pays 2.85% APR up to 30,000 euros.
Pibank
Banco Pichincha’s commercial brand in Spain offers a 12-month deposit that remunerates 2.83% APR with no minimum amountwithout amount limit and with quarterly settlement of interest. The hiring limit is December 31.
This Pibank deposit is always contracted associated with an account of the entity, so it will be necessary that you are previously the owner of one to be able to benefit from this product. There is the possibility of partial or total early cancellation, in which case interest received will be deducted and the appropriate withholdings will be applied.
Openbank
The Santader digital bank makes available to citizens a 6-month fixed-term deposit with a remuneration of 2.78% APR. To access these conditions you must have a checking account at the entity and deposit your payroll or monthly income into it. You can hire until the 15th.
Openbank allows the client to cancel the product, without having to reach the expiration date, if they need their funds for any unforeseen event, although then profitability will reduce during the time in which the product has remained active.
BluOr Bank
This Latvian bank founded in 2001 and based in Riga offers a return of 2.70% APR on its six-month deposit. Payment of interest is due. The downside is that it does not allow early cancellation. BluOr Bank operates in Spain through Raisin, a digital platform through which citizens can contract services from foreign banks.
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