Banks continue to respond to interest rate hikes by the European Central Bank (ECB) with improvements in deposit returns. Banco Finantia and EBN Banco have been the last to raise interest on savings. Thus, in total there are already five entities operating in Spain that offer more than 2% APR.
Specific, Banco Finantia SA Branch in Spain now markets two new fixed terms at 2% APR for six months and 2.20% APR for 12 months that do not allow early cancellation. On the other hand, the Tranquility Deposit can be canceled in advance, although with a penalty. 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 50,000 euros up to a maximum of 500,000 euros.
It has also increased the remuneration of the Deposit Creciente Finantia to an average annual rate of 2%. And, in addition to the offer of time deposits in euros, the entity has Time Deposits in Foreign Currency (in dollars from 3% at 12 months) or the Combined Deposit (at 2% APR at 12 months).
EBN Bank has raised the interest on all your deposits. The most profitable is at 2.40% APR at 36 months. Also noteworthy are the 2.30% APR at 24 months, the 2.20% APR at 18 months and the 2.15% APR at a term of 12 months. At a term of six months pay 1.6% APR and 3 months rent 1.3% APR. In addition, it has created a new 9-month term with 1.85% APR interest. 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 by the entity’s website, with an investment of 10,000 euros, 714 euros of interest can be obtained in 36 months.
pibank maintains its deposit at 2.01% APR for 12 months, with no minimum or maximum amount, with quarterly payment of interest and that allows partial and total cancellations. On the other hand, both your Remunerated Account and your Payroll Account, in which it is necessary to direct deposit income of at least 1,000 euros per month, have a return of 1% APR.
Renault Bank recently raised the remuneration of its 24-month Tú+ Deposit to 2.32% APR for a minimum amount of 500 euros and up to a maximum of one million euros. Interest payment is quarterly and early cancellation is not allowed. It is necessary to be associated with, and therefore contract, the Contigo Account, which has no investment limit and maintains its remuneration at 1% APR.
Wizink It has also boosted the returns on its deposits and currently offers 18-month rates up to 2% APR, 25-month rates up to 2.30% APR and 36-month rates up to 2.5% APR. The minimum investment is from 5,000 euros and the maximum up to 250,000 euros. The payment of interest is quarterly and the total cancellation of the deposit before time is possible, but not partial. It is necessary to contract the linked savings account, which rents 0.5% APR without expenses or commissions.
Y Pharmafactoring Banking It has the most profitable deposits at the moment, which yield 2.27% at six and twelve months and up to 2.5% APR from 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 “currently we have a longer waiting time for attention, validation, accreditation and update of account information.”
The large Spanish banks, for their part, are still reluctant to pay fixed-term deposits, although they do compete in the beads. Bankinter offers up to 5% and Sabadell, up to 3% APR, with bonding. Among the neobanks, in addition to Pibank and Renault Bank, Orange Bank and MyInvestor also remunerate their accounts at 1% APR with different limits on the maximum remunerated balance.
On the other hand, the european banking that sells deposits through the Raisin platform already exceeds the 3% APR barrier. The Italian Banca Sistema rents up to 3.28% APR for five years from 5,000 euros. At four years it pays 3.15% APR and at three years it pays 3.01% APR from 5,000 euros. The French Younited pays 3.05% APR for five years for investments from 2,000 euros.
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