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These are the foreign banks in which Spanish investors take out more deposits to make their money profitable.

Date: June 25, 2024 Time: 11:35:39

While in Spain small investors have jumped on the high interest rates of Treasury Bills and the banks have not entered the war for savings with fixed-term financial products with high remunerations, foreign entities were stimulated by the rise of the European Central Bank (ECB) rates and have been launching increasingly competitive offers on their deposits.

Although some Spanish banks have stood out with a particular offer, foreign promotions have been much more striking. In fact, on the verge of a possible lower interest rate, average remuneration continues to remain higher. The interest in national offers is on average at 2,619% TIN, while foreign offers remain on average at 2,699% TIN, according to data collected by the financial comparator Kelisto.

Faced with these interest rates that continue to be higher, Spanish investors, who seek to make their savings profitable through a deposit, have continued to contract foreign deposits. In this way, 58% of the investors who have contracted a deposit in the first quarter of the Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Han Spanish Odertas, According to Kelisto Data.

In fact, the Italian bank, which is currently leading the war for savings by offering up to 3.80% APR, has been the favorite of Spanish investors, with 23% of total contracts. Of the Italian offer, the bank that has stood out by far and has taken a large part of the Spanish investment in deposits has been Banca Sistema and, at a certain distance, Banca Progetto.

This was followed by the Portuguese entities, which have taken 15.4% of the signed deposits, driven by the offer from Banco BiG, and the Maltese banks, which have been selected for 5.9% of the deposits. times, where the choice of Novum Bank promotions has stood out. Finally, Spanish investors have taken on offers from German banks 4.8% of the time.

This list partly follows the ranking of best deposits from May, with an Italian bank at the top, followed by Portugal and Malta.

The best deposits of May

The de facto offered, which has an APR of 3.80% and a term of three months. Its product allows you to deposit from 5,000 euros and up to 3 million, so it ranges from the smallest savings to some higher ones, although it does not allow early cancellation. This entity operates under the Italian Deposit Guarantee Fund (FGD). It does not have early cancellation and also operates under the FGD of Italy. The product of the Portuguese company Haitong and that of Novum Bank of Malta. Both are for 12 months and with the same remuneration as Banca Progetto of 3.60% APR. Both also allow deposits between 10,000 and 100,000 euros and do not have early cancellation available. One of the differences is that Haitong is insured by the FGD of Portugal and Novum Bank by that of Malta.

The best Spanish deposit

Although Spain’s banks did not enter the war for savings, some specific promotions have managed to stand out, such as the offer from Banco Mediolanum with a 4% APR for six months. The entity allows a contribution that is between 10,000 and 50,000 euros.

For its part, the neobank MyInvestor also announced with an offer of 4% APR on its three-month deposit. It was a one-off promotion that ended on May 15. Although, the entity continues to maintain a very competitive remuneration, specifically, MyInvestor offers a 3.50% APR for three months. However, to access this profitability, the bank requires that the client contract an automated portfolio of 150 euros; if they do not, the interest offered is 3%.

The amount that can be deposited is also a minimum of 10,000 euros and a maximum of 100,000 and the promotion is available until June 15, according to the neobank on its website. This entity operates under the FGD of Spain.

Investors’ favorite Spanish banks

According to data provided by the financial comparator Kelisto, the most contracted deposits promoted by Spanish entities came from Banca March and Banco Mediolanum.

Specifically, Banca March’s current deposit offer is 3.10% APR for 12 months and allows deposits between 10,000 euros and 2 million euros.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

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

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