The cost of living is nine times more expensive than it was a year ago. The consumer price index (CPI) has soared in recent months since the start of the Ukraine war, reaching 9% in September, according to the National Institute of Statistics. This increase is largely due to the rise in fuel and food prices.
The uncertainty and fear of a possible economic recession, added to the rise in mortgages, loans, and life in general, do nothing but lead the population to place itself in the worst possible scenario. And it seems that everything is going up at a dizzying speed except for the return on savings.
Luis de Guindos, Vice President of the European Central Bank, already said last September, after the announcement of the rise in interest rates —for the second time in less than two months—: “(The rise in rates) must come and relatively quickly. I think it should be coming by now.” “But the truth is that it has not arrived quickly, nor does the (Spanish) market show signs of doing so,” they acknowledge from the financial comparator HelpMyCash.com
While in Spain fixed-term deposits continue to navigate in a lake of profitability below 1% APR (at one year), other European countries already offer 2.20% APR. But there are other alternatives.
Interest-bearing accounts are a type of sight account that pays interest on the money deposited. “In the market, two types of accounts coexist that offer profitability: on the one hand, remunerated current accounts for day-to-day use with which you can make transfers, pay for purchases with a card, receive your salary or pay bills, and on the other , savings accounts, which have practically the same characteristics as current accounts, but are designed to promote savings”, explain the experts at HelpMyCash.com
According to the comparator, the ideal is to look for accounts that have high interest rates and low service charges. “Make sure you don’t have to pay commissions every month,” they emphasize.
In this sense, HelpMyCash highlights the two best remunerated accounts in the Spanish market.
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