The board of the war for interest rates on deposits has registered a new movement. After the rise in interest rates carried out by the European Central Bank (ECB) last Thursday, placing the price of money at its highest level since September 2008, banks have reviewed their savings products by raising the interest rate offered and approaching the official price of money.
In fact, this step up from the ECB has meant a new boost in the returns on fixed-term deposits, especially from European banks, where some have already raised the percentage to 4.20%, which means that they are positioned five basic points below the official price of money, which in July stood at 4.25%.
In this sense, Banca Progetto and Banca Sistema have been the most active in this field and have taken advantage of the opportunity to market fixed-term deposits with interest of 4.20% and 4.15% APR, respectively for twelve months after the this Thursday’s movement of the ECB. With the first product, the client can obtain up to 840 euros gross profit if he deposits 20,000 euros. While, with this amount deposited in Banca Sistema, the return amounts to 830 euros in profit.
Fjord Bank and Haitong maintain their deposits at 4% APR
Likewise, there are two other European banks that reward savers with 4%. Specifically, and also for a term of twelve months, the Lithuanian bank Fjord Bank and the Portuguese bank, Haitong, stand out. Both entities offer in their deposits, which can be contracted from 1,000 euros (and up to 95,000 for the first and 100,000 euros for the second) a return of 4%. A percentage of just 25 basis points below the official price of money in the eurozone before the summer.
On the other hand, a point of reaching 4% are the banks Klarna and LHV that offer 3.95% APR, for which their clients can obtain up to 395 euros in interest. These products are protected by the Deposit Guarantee Fund (FGD) of their respective countries and cover up to 100.00 euros per client and entity.
The best deposits with Spanish FGD
The Spanish banks, despite the fact that they do not exceed the 4% APR barrier as European banks do, continue to make a move on their deposits. The particularity is that these products are backed by the Spanish Deposit Guarantee Fund. Unlike those in Europe, which are backed by their counterpart countries.
In this way, they try to get close to the remuneration offered by the ECB, but below 4%. One of the most active in this regard is EBN Banco, which sells its Sinycon Plus deposit with an interest rate of 3.20% APR for twelve months. However, this offer will be valid until August 31, 2023.
In turn, another bank, such as MyInvestor, offers its clients an interest rate of 3% APR also one year. The deposit can be contracted from 10,000 euros, and can be canceled when the client needs it. Digital banking also adds to providing an increase in its types. Wizink has a tax of 3.30% APR from 5,000 euros to 250,000.
The exception to these offers would come from Banco Mediolanum, which has launched its new product, Deposit 4.0, exclusively for new clients with which you can get up to 4% APR and is available until August 31 of this year. Unlike the previous ones, this deposit is for six months and establishes the maximum amount to save, up to 30,000 euros.
