The profitability of bank deposits continues to climb. A few days before the European Central Bank raises interest rates for the second time this year, the best one-year fixed terms already exceed 3% APR.
It is the online banks that are pulling the market. The big banks, for the moment, are reluctant to transfer interest rate increases to individual savers, despite external pressure. The last to urge banks to remunerate citizen deposits was the Minister of the Presidency, Félix Bolaños.
Online banking is launching offers in the short, medium and long term. Which is better? “As long as the ECB continues to raise interest rates, the logical thing is for banks to increase the profitability of their savings products,” say experts from the financial product comparator HelpMyCash.com, who have created a ranking with the best deposits. “In this context, short-term deposits seem like a safer option, since savers can make their money profitable and have it available in the near future to take advantage of new increases,” they add.
But how much can you earn on a short-term deposit? The most profitable options are close to 3%, although they do not exceed that figure.
The most profitable option in this tranche is Haitong Bank’s six-month deposit at 2.71% APR. It can be contracted from 10,000 euros. For an investment of 50,000 euros, in half a year the earnings would be 677 euros gross.
Haitong deposits are subject to the Spanish tax regime, so the client receives the net interest and does not have to enter it by hand in the income statement or present the 720 model. Of course, the bank operates under the protection of the Fund of Guarantee (FGD) of Portugal.
The Spanish branch of Haitong Bank markets its deposits in Spain through the fintech Raisin. First you have to register in Raisin and from there you can contract the deposit, they explain in HelpMyCash.
With a very similar return, six-month deposits from Banca Progetto and Banco BAI Europa can be contracted, both at 2.70% APR and contractable from 10,000 euros. They are also available through Raisin, although in this case, as they are foreign fixed terms (the first in Portugal and the second in Italy) the client will have to make sure to enter the interest in their declaration and present form 720 if applicable. Banco BAI operates under the umbrella of the Portuguese FGD and Banca Progetto, of the Italian.
Outside of Raisin there are also short-term savings opportunities. The BFF Bank Facto Account rents at 2.63% APR for six months and can be contracted from 5,000 euros. With a contribution of 50,000 euros, the earnings would be 650 euros gross.
Banco BiG has recently launched a six-month deposit at 2.50% APR only for new customers that can be contracted from 10,000 euros. Returning to the previous example, the gross interest in six months would be 625 euros.
BFF Bank is protected by the Italian FGD and BiG by the Portuguese. With neither of the two entities it is necessary to present the 720 model, since the deposits are constituted in Spain.
