One of the most heard maxims of the year is “put your savings to work.” Especially in times of persistent inflation – with a cumulative 3.4% in 2023 – responsible for weakening, like a Malay drop, the money that Spaniards have in the bank. 2023 has also been a year with exponential interest rate increases – on discreet standby until further notice from Lagarde – but Spanish banks are the ones that are taking the longest to pass these increases on to savers. What’s more, interest rates in Spain are at the bottom of Europe. After a pandemic that increased the level of family savings, many are looking at the entities that offer better remuneration, but what if Spanish banks are not among the top ones that generate the most? Is it necessary to change banks? The answer is no.
It is true that the ECB has urged Europeans to change banks if the one they have does not remunerate savings, but it is not necessary to change banks. There are platforms that facilitate the contracting of classic products beyond the Pyrenees. One of these is Raisin, a digital platform that makes it easier for savers to contract deposits and savings accounts in European banks. Among the advantages, we note that the contract is done online, free of charge and without the client leaving their bank or having to open current accounts in several banks.
Raisin ensures that the client receives information, documentation and attention, reasons that have convinced one million clients around the world who have invested 50,000 million euros with it. Something like the Schengen area, but transferred to savers and financial institutions. “We want to break down unnecessary barriers to profitable savings and share the benefits of an open market, both with individuals and banks,” says Tamaz Georg.
The million dollar question is: Which banks are offering the best options in deposits and interest-bearing accounts? As highlighted by this platform, in recent months one-year deposits have improved their rates. At this time, on Raisin.es you can consult two that offer a fixed interest rate higher than 4% on the 12-month deposit: Banca Sistema and Banca Progetto, two Italian entities with 4.40 and 4.30% APR, respectively. It should be noted that the returns on longer terms have stagnated since the beginning of October, so savers should consider taking out long-term deposits and thus benefit from the current high interest rates in the coming years. Regarding paid accounts, Raisin highlights several options: the French DINSTINGO Bank (part of the Stellantis Group and Santander Consumer Finance) is offering a 3.14% APR with immediate availability and Klarna offers a 3.29% APR.
Furthermore, in the last week they have launched their first Spanish bank, MiraltaBank, which offers 3.25% for 12 months. They are always banks of the European Union, therefore, they follow European regulations and are adhered to their respective national Deposit Guarantee Funds (FGD). This means that the savings deposited in these banks are protected by the FGD of the country in which the client contracts the product.
With rate increases, some savers think it is better to wait, however, this wait could have a cost. Raisin emphasizes that it is not necessary to wait to multiply the effects of savings and that waiting, in fact, can have a cost. For example, if someone waits six months to invest 10,000 euros, who today could invest, for example, at 4.40% in a one-year deposit and obtain 440 euros, and invests them during the remaining six months, they would only receive performance of 220 euros. Even with a higher interest rate, for example 5% per year, you would generate 190 euros less than if you had acted and invested earlier.
Waiting could take a toll on savings and there are ways to benefit from rising interest rates while preventing waiting from eating into your savings returns. From the Raisin platform they have noticed an increase in demand for deposits and accounts in other countries by Spaniards, who thus see the possibility of benefiting from the advantages of the European Economic Area. In the last year they have grown significantly. Specifically, the number of assets they manage has increased by almost 190%. And the same has happened in the rest of the markets. In the last nine months, they have recorded an overall growth of 66%. “Spanish savers have one of the lowest interest rates in the EU and for them Raisin represents an alternative and the opportunity to access a greater variety of returns without changing banks or opening accounts in other countries,” summarizes Mónica Pina Alzugaray , Country Manager of Raisin Spain.
