Leaving savings in a 0% account is not a good idea, especially in an inflationary context like the current one. If savings do not grow at the same rate as inflation, which in September stood at 3.5% year-on-year, purchasing power is lost. Or what is the same, with each passing day we become poorer,
There are many ways to put savings to work, but for the most conservative profiles who do not want to risk it, interest-bearing accounts and deposits are usually the favorite instruments. In August, the total balance of the accounts amounted to 887,000 million euros, according to the Bank of Spain. The problem was that the average interest on these products was 0.13%, well below inflation.
A few years ago, most accounts gave almost nothing. Now, “with the recent increases in interest rates, you can open savings accounts with returns above 2% that allow you to earn interest and mitigate the effects of inflation,” say the experts at the banking comparator HelpMyCash.com.
Currently, the ranking is led by Banca Progetto, whose savings account earns 3.25% APR. If we invested 10,000 euros and kept it there for a year, we would earn 325 euros gross, probably much more than what our bank currently gives us. It is an Italian bank and is therefore protected by the Deposit Guarantee Fund (FGD) of that country. The minimum amount to open it is 10,000 euros and the maximum is 100,000 euros.
Another foreign entity that pays well above the average is the Norwegian Lea Bank, whose account rents at 3.09% APR. With an investment of 10,000 euros, the gross interest would reach 305 euros in one year. In this case, the minimum amount is 5,000 euros and the maximum is 100,000. Lea Bank is protected by Norway’s FGD.
Both the Progetto and Lea Bank savings accounts have no fees or conditions and can be contracted online through the Raisin platform. The money can be recovered at any time, but they have one peculiarity: you can only make a single initial contribution.
The first Spanish bank on the list is EBN. The entity has just improved the interest on its paid account, which now reaches up to 3% APR for the first 10,000 euros. For the rest of the balance and up to a maximum of 50,000 euros, the interest is 1.5% APR. To obtain the remuneration you must maintain a balance of at least 3,000 euros. The profits in this entity would be 297 euros for an investment of 10,000 a year. This account is protected by the Spanish FGD and has no commissions or ties.
Renault Bank, which has a branch in Spain despite being a French bank under the umbrella of the FGD of that country, markets the Contigo Account, which has an interest rate of 2.73% APR. It has no minimum or maximum amount and no commissions or ties. In this case, for an investment of 10,000 euros, the profits would be 270 euros.
The first large Spanish bank on the list is Banco Sabadell, whose Online Account has become one of the most popular. It has a profitability of 2.5% APR during the first year for a balance of up to 30,000 euros without commissions or conditions. But, in addition, clients who decide to direct deposit a salary or pension of at least 700 euros (it is not mandatory), will receive an extra 200 euros as a gift, which, curiously, makes it the account with which you can earn the most money If 10,000 euros are invested, they explain in HelpMyCash. Specifically, 250 euros in interest plus 200 euros for direct debiting the income.
The EVO Banco Smart Account also has no commissions or conditions and also rents at 2.5% APR for a maximum paid balance of 30,000 euros. The entity guarantees this profitability until November of next year. An advantage of this account is that it allows you to make immediate transfers for free.
