An unstoppable boom. This is what paid accounts have been experiencing in recent months. Even more so taking into account the slowdown and slight decline that has begun to occur in the profitability of deposits. It is a day-to-day financial product that has always been basic, but lately it is gaining ground over other safe and conservative savings methods that have traditionally reigned.

Now, interest matters, yes, but how much? What weight does it have when choosing a paid account?

Therefore, following their advice, these would be the five keys to choosing the best paid account of the moment.

It is obvious that compensation is the first aspect that most people look at (and should). Basically, it is the interest that the entity pays for depositing the money in the account.

Some interest-bearing accounts have reached the profitability of deposits, and there are some of the most attractive offers on the current market. Specifically, and if the focus is on profitability, for example, the Trade Republic Savings Account, which although it is not exactly a traditional remunerated account, offers an interest of 4% APR for balances of up to 50,000 euros, together to another series of advantages.

Another account that has been conquered by its profitability of 3.8% is the Revolut Flexible Account, which although it is true that it is a monetary fund, that is, low-risk investment funds that invest in fixed income products very short term: such as Treasury bills, deposits or company promissory notes, and which tries to give the return that is closest to the interest rates (in Europe they are 4.25%).

Beyond profitability, another aspect that has great weight when contracting any financial product is commissions. It doesn’t matter if they are for opening, study, maintenance or cancellation or if they are mortgages, credits or accounts: these costs, always and the further away, the better.

Fortunately, paid accounts serve as an ideal hook for banks and entities to attract new clients, which, together with an increasingly competitive market, means that commissions have practically become extinct in this type of product. As an example, highlight the N26 Account, without commissions or conditions of any kind, at 2.26% APR and which allows you to withdraw money at any time.

Another aspect to take into account is the period during which the bank remunerates the account. The longer the term, the more profit. However, several entities offer remuneration for a certain period of time and then eliminate or reduce it.

Currently, a very interesting profitability for a specific period is that of the Sabadell Online Account, with a 6% TIN during the first three months. However, unlike others, this remunerated account then continues to remunerate amounts of up to 20,000 euros at a 2% TIN, which provides profits of almost 600 euros per year. In addition, it offers to return 3% of electricity and water bills, free cards and many other advantages.

At the same time, it must be taken into account that, generally, paid accounts are products designed for saving profiles and not so much for large investors. For this reason, they are usually limited with minimum and, above all, maximum amounts. In any case, there are those that pay from one euro and allow very high balances.

The aforementioned N26 Account is a good example of a paid account that does not establish a maximum or minimum limit, but it is not the only one. Another good product in this regard is the ING Orange Account, which gives the possibility of investing from one to one and a half million euros at 1% APR.

Finally, the fifth key factor in choosing the best paid account is the connection that each one may require. It is possible that a product offers a high profitability, does not have direct commissions, but requires opening an associated account that does have some extra cost.

In this sense and to conclude, it is also important to differentiate between a mandatory linked product and an optional one. For example, the EVO Smart Welcome Account is very attractive, since although it does not require any type of connection and offers a return at 2.85% APR, it does offer the possibility of opening a deposit at the same time with the same return, which which can double the return on anyone’s savings.