After Expenses in Spanish households have skyrocketed during the Christmas holidays Because of buying gifts and celebrating with co-workers, family and friends, it’s time to tighten your belt again to face the dreaded ‘January slope’.
For those citizens who still have some money and want to take advantage of it to save, there is a very simple and 100% safe financial product: bank deposits.
It is a savings tool that is based on keep 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 carried out monthly, quarterly, semi-annually, annually or at maturity.
Currently, after the reductions in interest rates by the European Central Bank (ECB)the profitability of this product is decreasing, but there are still attractive options on the market. Olivia Feldmaneconomist and co-founder of HelpMyCash, suggests, however, “opt for longer-term deposits, ensuring maximum profitability before the changes are consolidated.”
Next, 20 minutes has compiled the best bank deposits with which to earn money from the first euro in entities backed by the Deposit Guarantee Fund (FGD). This tool secures the client’s money in case the bank fails up to a maximum amount of 100,000 euros per owner 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 contracting 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 pays 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 a deposit available to citizens fixed term of 6 months duration with a remuneration of 2.52% 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 the profitability will be reduced during the time in which the product has remained active.
BluOr Bank
This Latvian bank founded in 2001 and based in Riga offers a profitability of 2.70% APR with your six-month deposit and 2.50% APR if contracted for one year. Payment of interest is due. The downside is that it does not allow early cancellation.
BluOr Bank operates in Spain through Raisina digital platform through which citizens can contract services from foreign banks.
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