The profitability of fixed terms has risen since the European Central Bank (ECB) began to raise official interest rates. And they could continue to rise, given that the rates will increase again by 50 basis points this March, with the aim of containing inflation, at 6.1% in Spain.
Although not all banks are transferring these increases to savers, the offers are multiplying and “there are already several entities that sell deposits above 3% APR, a figure that a few years ago seemed unattainable”, explain the experts of the comparator of HelpMyCash.com financial products, which have analyzed which are the best deposits of March.
In a recent interview on the Espejo Público program, Christine Lagarde, president of the ECB, has warned that interest rates “will not return to where they were two, three or four years ago.” In practice, this should translate into a sustained supply of deposits with attractive returns over time.
In addition, if the official rates remain high for a long time, it is most likely that the big banks, which are currently reluctant to remunerate the savings of individuals, will end up giving in. Ana Botín, president of Santander, got wet about it recently: “Of course, at some point we are going to remunerate the savings”, although she has warned that “it will depend on what the competition does.” The problem is that for now the main banks in Spain have not made a move, despite the fact that the ECB has urged them to do so. Online banks are the ones that are encouraging the market.
Online banking is paying up to 3.11% APR for a one-year deposit, higher interest than Treasury bills. At two years you can scratch up to 3.49%. And in the short term, returns of 2.5% or more can be achieved in six months.
The most profitable fixed term currently contractable in Spain is BluOr Bank’s one-year deposit at 3.11% APR, according to the comparator ranking. A saver who invested 50,000 euros would take 1,555 euros gross in interest at maturity. This Latvian entity, attached to the Deposit Guarantee Fund of the Baltic Republic, which has the same degree of coverage as the Spanish one, markets its deposits in our country through the Raisin platform. This company allows Spaniards to make deposits in banks in other European countries over the internet, all of them with guaranteed capital.
Also noteworthy are the one-year deposits of two Italian banks, Banca Progetto and Banca Sistema, both at 3.10% APR and also contractable online through Raisin.
Savers who prefer a Spanish deposit can hire Haitong Bank’s one-year fixed term at 3.06% APR. For an investment of 50,000 euros, the earnings would be 1,530 euros gross.
