Can you imagine that you get the Christmas Fat Man? It’s difficult, but dreaming is free. In any case, if you get the winning number, you could multiply your prize if you invest it wisely. For example, if you hit the jackpot (328,000 euros after taxes) and invested it, you could get about 13,000 euros in profit with almost no risk.
Be that as it may, most of us are not going to win the Christmas lottery nor are we going to suddenly receive hundreds of thousands of euros in our checking account. But we can still invest our savings to earn a few extra euros.
The most experienced can bet on investment funds or the stock market, but if we are more conservative and do not want to put our money at risk, we can take advantage of the returns that the best deposits currently have before they fall. During the last year, some banks have significantly increased the interest on their fixed terms as a result of the European Central Bank’s rate increases. The same has happened with the profitability of paid accounts, which have skyrocketed in some cases.
Furthermore, given the expectation that rates will fall in the medium term, some of the banks that have increased the interest rate on their savings products the most have already begun to announce reductions, so it is not advisable to wait too long to start saving if we want to find the best returns. And what are the best savings options? According to an analysis by the financial products comparator HelpMyCash.com, these are the best short, medium and long-term deposits.
BFF Bank’s three-month Facto Deposit is the best in its category. It has a profitability of 4.06% APR, an interest much higher than that of most fixed terms. It can be contracted from 5,000 euros online, without having to leave home. BFF Bank is an Italian bank protected by the Deposit Guarantee Fund (FGD) of that country, but it has a great advantage: the bank has a branch in Spain, so in practice it works like any other national entity and its deposits are Spanish people.
The six-month deposit from this Portuguese entity has an interest rate of 4.20% APR and is available from 10,000 euros. The contracting is carried out online through the Raisin platform, in which you must first open an account and then transfer the money to the deposit (Raisin is the intermediary that allows us to contract deposits in foreign banks). BAI Europa is a Portuguese bank protected by the FGD of that country. Being a foreign entity without a branch in Spain, if we invest more than 50,000 euros, we will have to present form 720 to the Treasury.
Right now, the most profitable deposit with a twelve-month term is that of Banca Sistema, which has a profitability of 4.30% APR. The minimum contract amount is 20,000 euros. As in the previous case, since it is a foreign deposit, the contract must be carried out online through Raisin and, in the case of exceeding 50,000 euros, form 720 must be presented. Banca Sistema is an Italian entity and is protected by the FGD of that country.
This Italian entity also leads the ranking of the best two-year deposits available in Spain. Its profitability is 4.26% APR and is available from 20,000 euros. It can be contracted online through the Raisin platform. As for security, the savings are protected by the Italian FGD.
If we don’t want to be tied up with a bank for several months and we prefer that our money is always available, there is an alternative that is also profitable: paid accounts. Like fixed terms, they have guaranteed capital, but with the advantage that, in general, we can deposit and withdraw money whenever we want.
One of the best is the Sabadell Online Account, which right now and for a limited time has a profitability of 6% TIN for the first three months and 2% TIN afterwards for a maximum balance of 20,000 euros, which is equivalent to an APR of 3%. . This account has no commissions or conditions.
Another eye-catching account is the EVO Banco Smart Account that has an interest of 2.85% APR for one year. The maximum paid balance is 30,000 euros. As in the previous case, the account has no commissions or requirements.
*Information updated as of December 15, 2023
