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The profitability of deposits in Spain exceeds Letters with 4% in six months

Date: October 2, 2023 Time: 07:41:01

The Italian bank BBF has launched its new Facto Account deposits, which, if certain requirements are met, can offer a return of up to 4.06% APR, the highest that can be contracted in Spain. Likewise, this remuneration is equal to the best fixed-term deposits that can be achieved in Europe for the same period.

Specifically, BBF establishes a 4.06% APR for clients who contract their deposit with a term of 6 or 12 months, while if they are shortened to 3 months the profitability falls to 3.29%. The client can invest between 5,000 and 3,000,000 euros. The contracting process does not entail any commission, and despite not being a customer, you can take advantage of the security provided by a savings product from one of the leading credit management banks. The investment would be protected by the Italian Deposit Guarantee Fund, which protects up to 100,000 euros per owner and account.

BBF is not the only bank that has improved the offer of short-term deposits in Spain, which, despite not yet being close to the level of the rest of Europe, is beginning to offer more interesting alternatives. One of those banks has been Openbank, which does not allow so much flexibility when choosing the maturity period, but has returns of up to 3.07% on its 6-month deposit by direct debiting monthly income of at least 700 euros. . Without ties, however, the APR drops to 2.01%.

The online bank MyInvestor offers an APR of 2.90% on your 3-month deposit, which rises to 3% if you opt for terms of 6 or 12 months. The entry barrier to contract the deposit is 10,000 euros, but can reach up to 100,000 euros. These deposits are, like those offered by Openbank, protected by the Spanish Deposit Guarantee Fund.

Better returns in foreign countries

Although Spanish banks have opted to improve the returns on their deposits, especially after the rise in interest rates seen in recent months, the interests linked to deposits from other European countries continue to be well above those that can be found in Spain. While Spain has just managed to ensure that deposits offer, on average, an APR higher than 2%, the rest of the euro zone countries have a variety of opportunities with interests above 4%.

Several Italian banks offer 12-month deposits with returns higher than 4%, such as Banca Sistema, with an APR of 4.40% or Progetto, whose interest reaches 4.20%. This last entity also has one of the highest returns for 6-month deposits, with a 4.0% APR.

The Latvian BluOr Bank returns 4.21% of the amount contributed in your deposit for one year, while when contracting it for 6 months the interest would remain at 4.11%, although in the case of reaching 9 months the remuneration equals 4.11%. Regarding 3-month deposits, clients who want a savings product that involves a shorter commitment can achieve a return of up to 2.80% when contracting it with the Portuguese bank Haitong.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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