The battle for more conservative savings is not fought in the field of deposits, but in that of interest-bearing accounts. EBN Banco (Spanish Business Bank) has just made a splash by increasing the interest offered on its remunerated account to 3% APR, compared to the previous rate of 1.25% APR, for balances between 3,000 and 10,000 euros . This movement occurs after the increase in interest rates by the European Central Bank (ECB), which placed them at 4.5% in September.
The paid account can be contracted by both new and current clients. The profitability is 3% of the first 1,000 euros, although the remuneration is activated from 3,000 euros. For those who deposit between 10,000 euros and 50,000 euros, the interest will be 1.50% APR. This interest rate improves the juiciest offers to date. The best unlinked accounts offer a return of 2.5%, such as the Sabadell Online Account, while the Renault Bank product stands out at 2.60%. To contract these accounts (and access this profitability) it is not necessary to domiciliate the payroll, although in the case of EBN it limits the maximum remuneration amount to 10,000 euros.
In the event that a payroll is available, the best remunerated accounts pay a return of 5.12%, for Openbank, or 5% for the Bankinter Payroll Account.
EBN improves 18-month deposit profitability
In addition, the bank has decided to increase the profitability of 18-month fixed-term deposits up to 3.50% APR and maintain the conditions of the rest of the deposits in all their terms. Specifically, interest rates range from 3% for fixed-term deposits to 3.20% for both 12 and 36 months. The minimum investment amount is 10,000 euros and the maximum is 400,000 euros.
However, in the Spanish market there are fixed-term deposits with a higher profitability and for a period of 12 months, as is the case of the Facto Account.