In the last week, the news in the world of deposits has come from MyInvestor, Andbank’s neobank, which this Wednesday announced the launch of a new deposit at 4% APR for 1 month, contractable from 5,000 euros. It will be available from this Thursday, November 21 until December 12. The profitability is not comparable with that of the vast majority of deposits on the market, which offer lower returns, but for longer terms (usually 3 months, 6 months and 1 year). In the case of the new MyInvestor product, 5,000 euros would get 200 euros. However, since the deposit is for one month, this profit would have to be divided into twelve parts, so that approximately 16.6 euros would be obtained with the minimum contribution.
Beyond this new vehicle, entities have generally continued to cut the returns on their deposits, in line with the path of rate cuts undertaken by the European Central Bank. Still, there are still opportunities to capture attractive returns. If we look at 12-month deposits, Cetelem remains the most attractive entity: the retail credit division of BNP Paribas still offering 3.24% APR (Annual Equivalent Rate). This product can be purchased from 1 euro.
Banco Finantia has reduced the profitability of its 12-month deposit from 3% to 2.90%which is second in the ranking, with the exception that it requires contributing at least 50,000 euros. Next on the list is the vehicle Pibank, which has cut its interest from 3.03% to 2.83%. It does not require a minimum amount.
In fourth place, with 2.65%, we find the one-year deposit from EBN Bancowhich has lowered its interest from the previous 2.80%. EBN made a splash last week by announcing a combined tank at 3.55% for amounts of at least 60,000 euros (for amounts between 20,000 and 60,000 euros, the APR is 3.25%). But it is not a typical deposit, since this product requires a link that goes beyond savings: the subscription of fixed-term deposits (with that return of 3.55% or 3.25%) It is combined with investment through managed portfolios or investment funds. The most accessible type of product – with that 3.25% – requires a minimum investment of 10,000 euros in deposits and another 10,000 in funds). The other type – the one that offers 3.55% – involves putting 10,000 in deposits and 50,000 in portfolios.
In a context of declining profitability (with Banco Pichincha, Banca March, Triodos or Banco BIG adjusting the interest they pay), it is striking that Deutsche Bank has raised the 12-month remuneration of its vehicle from 1.90% to 2 .10%. Even so, it remains among the least profitable.
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