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HomeLatest NewsThe profitability of 'euro deposits' continues to grow and exceeds 3%

The profitability of ‘euro deposits’ continues to grow and exceeds 3%

Date: March 26, 2023 Time: 11:47:26

After four interest rate hikes in 2022 and another in January of this year, Eurozone rates have exceeded 3%. This increase has meant that banks, especially European ones, have also been forced to significantly increase the interest they offer users for their money through deposits, with which banks obtain liquidity and also allow them to attract customers. the competition.

The return that savers can obtain for their money has reached figures that have not been seen for ten years. In fact, this rise continues to grow and customer benefits are increasing more and more. Within these products there are entities that already exceed the official price of money in the Eurozone. Specifically, the European banks that exceeded the figure are: Banca Progetto, Banca Sistema, BluOr Bank and Haitong.

While the Italian Progetto offered this month its twelve-month deposit with a remuneration of 3.00% APR, now it proposes a return to the user of 3.10%. This product has the same minimum investment conditions (10,000 euros) and maximum (100,000).

For its part, Banca Sistema has climbed from the 2.80% it offered for its deposit to 3.10%, thus placing itself at the same level of profitability as Progetto. However, this entity allows you to obtain benefits from the 5,000 euros of savings. This condition makes it easier for smaller investors to get benefits for their money. As for the maximum, it stands at 100,000 euros.

Another entity that has launched into the war of deposits has been the Portuguese Haitong, which this same month of February is also below 3%, specifically at 2.85%, and which now proposes its deposit with a return of 3.06% ETA. Regarding favoring the profitability of those who have less accumulated money, Haitong is crowned, since the minimum required to access their deposit is one euro. In addition, it reproduces the maximum amount of the others. Finally, BuOl Bank comes into action as an entity that exceeds the official price of money. In this case, its offer has been maintained during this month, specifically, at 3.06% for one year. The bank also asks for a minimum investment of 10,000 euros and sets its limit at 100,000.

How much money would you earn by investing 10,000 euros?

The profitability offered by this type of product rises in response to the increases in the rates approved by Lagarde. Through the offer of the Italian Banca Progetto and Banca Sistema, the saver would obtain benefits of 310 euros gross in 12 months by investing 10,000 euros. However, through Haitong and BluOr Bank, the interest obtained in one year is 306 euros gross. The investor must then assess other conditions such as the minimum amount of money that the entities require.

Who guarantees the investment?

The Guarantee Fund ensures the savings invested by the client up to 100,000 euros. Specifically, these funds cover the money by holder and by entity. Regarding the entities that protect savings, they depend on the origin of each entity. In the case of the Italian ones, it is the Italian Deposit Guarantee Fund that is in charge of returning up to 100,000 euros to the holder if necessary. For its part, Haitong is covered by the Portuguese Fund. And finally, the Lithuanian Deposit Guarantee Fund is in charge of covering all natural persons who make money profitable through BluOr Bank.

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

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