The high appetite among the most conservative savers for risk-free investments, especially through accounts and deposits, is far exceeding the expectations set by these entities, which have become pioneers when it comes to remunerating the passive. It should not be forgotten that the Spanish have deposited more than one trillion euros in these products at an interest rate that is close to 0%. The return they now offer is around 2%, with some slight upward differences if you opt for terms that exceed one year, both in deposits and interest-bearing accounts, although the latter are ahead of fixed-term deposits as they are not subject to withdrawal penalties. ahead of money time.
Thus, the CEO of Banco Sabadell, César Gonzalez-Bueno, acknowledged that the rate of acquisition of his Online Account (which pays 2% up to a maximum of 30,000 euros) allowed them to be very happy, although the entity has declined to give figures concrete. From MyInvestor, the neobank in which Andbank participates, acknowledges that its remunerated account (2% for a maximum of 50,000 euros) has exceeded its estimates. The product, which is also open to customers who once the new balance in the entity, is allowing them to attract money that was distributed in other entities (and that was unpaid). The entity closed 2022 with an account balance amounting to 600 million euros.
The person who has also verified the success of this strategy is EBN Banco. The bank, which, at first, was the investment bank for savings banks, has gradually expanded its customer base not only with the sale of its Synicon deposits, but also with specific campaigns in which it increased the profitability of these products, as was the case of Black Friday, at the end of November, and the one that is currently maintained for ‘Valentine’s Day’, until February 28, for which the remuneration is raised to 2.35% for the twelve-month product from the 2.15%, but comes to pay 2.75%.
Banca March, which has just launched a deposit at 2.12% for 18 months and which is added to the one that launched a few days at 2% for one year, admits that, although it does not have specific figures, the product is being well received. The key, therefore, is to bring forward the launches at a time when the big banks look the other way when it comes to remunerating liabilities, taking advantage of the great interest that exists among individual investors for this type of product (which it has always been there, but with these offers it is even greater, say sources in the sector).
This success in attracting these products is also being transferred to the field of savings insurance launched by insurers. Thus, Mutua Madrileña has published a second edition of its Plan Ahorro Plus Fidelidad I product and already has a remuneration of 2.60%. Marta Leon, director of the insurer’s life insurance area, acknowledges that the demand has been high, especially from investors with a conservative profile who are looking for risk-free alternatives with which to maximize their capital.
ECB policy improves volumes
The success that these campaigns are having in attracting volume is also profitable for the banks. The key is in the expansive policy of the European Central Bank (ECB). 2.5%, in the last meeting of the body held in January; Therefore, entities are achieving very wide margins by not remunerating savings.
Even the best offers, which reward it at a 2% level, allow the bank to attract money from customers by paying 50 basis points of what it receives from the regulatory body. In this way, the sector is not only earning money from the appreciation of its mortgage portfolio. That without counting, that especially the large entities have an amount of money from their clients with hardly any remuneration. According to the latest data from the Bank of Spain, the weighted return on individual deposits closed 2022 at 0.64% (136 basis points below what banks earned at the ECB).
