In recent weeks, the deposit market activity has been ‘in crescendo’. MyInvestor deposits were joined last week by ING. The Dutch bank launched a three-month deposit with a yield of 2.5% which, although it is behind the official rates in the euro area, represents the first movement of a renowned bank. Both the neobank’s and ING’s fixed-term deposits are aimed without distinction at new and old clients and anticipate a change of scenery after the summer.
And it is that the entities have June 28 marked on the calendar, when European banks must return almost 500,000 million euros of liquidity injections made by the European Central Bank (ECB) through the TLTROS. These returns could reduce the liquidity of the banks in which they hide to avoid increasing what they pay for deposits and open up the market gradually, which would force those who have not taken office up to now to launch offers so as not to lose customers and balances.
From the sector it is recognized that it will mean a first drain on liquidity, but they remember that there would still be two more windows left. Even so, it did show that there may already be small upward movements when it comes to remunerating deposits, but focused on retaining existing customers, which is why these latest commercial offers are also aimed at this group.
“The remuneration of the deposits remained mainly, what the competition does and how the clients behave,” says Javier Mezcua, an expert at HelpMyCash. Unless a considerable number of the clients of these entities move their savings to other banks that pay more, the big banks will not have the need to improve the profitability of their savings products.
Avoid losing customers
Financial sources recall that in recent months the Bank has made an effort to capture payrolls, with very juicy offers in which they combine both a high remuneration (of 5% for Bankinter, Openbank or Caixabank) and a gift of cash (up to 350 euros pay Banco Santander for regular income). They also explain that while they will not need to capture passives, they will continue to focus on the old ones.
In addition, this adds to the fact that the first revaluation of credit has taken place in this first cycle of interest rate rises, since interest rates began to rise in July of last year. This increase in the cost of mortgage loans would give banks room to improve deposits without prejudice to their margins. “If we offer interesting products to existing customers, they can prevent them from taking their money to other banks while gaining new customers,” adds Javier Mezcua, finance expert at HelpMyCash. .
What the experts do hope is that the new offers continue to play with both sides. In the case of ING, the surprise is that it is now also available to newcomers, although in this case the explanation is simple: it not only seeks to attract external resources, but it is also a commercial hook to attract new customers. “A practice that, for example, he has also done with his Orange Account, first by expanding its use for clients without a payroll and later improving profitability for both clients and non-customers,” they point out from Kelisto. In addition, the bank has four million customers and its brand is widely accepted by the public.
It would be the same path that Openbank has followed with its 12-month deposit that it currently sells and that offers a return of 2.75% over one year if periodic income of 600 euros per month is domiciled. Here the objective was not so much to attract new customers, but also a new balance, since to access the offer you had to increase the average balance.