Banks, especially digital entities and neobanks, struggle to convince savers to choose their products, so they use strategies such as cross-product selling to attract new customers and secure future income. One of the options as a first step to attract the attention of the saver is to offer a remunerated account that through its conditions is tempting. This will make it easier for the entity to present other financial products to the customer and achieve customer loyalty, a sector of users increasingly persecuted by banks.
However, the deposits have advanced to the right to the remunerated accounts with one of the main hooks for which an investor chooses a product: profitability. The best twelve-month deposits offer a return close to 3% APR, while the interest on the best remunerated accounts does not exceed 2.00%. A difference that for an investment of 10,000 euros is equivalent to almost 100 euros gross. To this attractive profitability we must add that the maximum amount of money that can be made profitable is much higher in deposits than in accounts, although, despite this, the user must assess the rest of the conditions – especially linking -.
The one-year deposit profitability podium is led by the Italian Facto, with a 2.83% APR; In second place, the entity EBN Banco followed closely, with a 2.35% APR; and complete Banca March with its offer of 2.00%. The first two entities have been characterized by having increased the profitability of their deposits as the ECB raised interest rates, while Banca March has just broken into the market. In this way, for an investment of 10,000 euros, gross income of 283, 235 and 200 euros would be achieved, respectively.
As a differentiating characteristic compared to accounts, deposits allow an investment much higher than that offered by remunerated accounts, taking into account that, for example, EBN Banco allows investments of up to 400,000 euros to be profitable – which in practice is only gross at twelve months of 9,400 euros -.
For its part, the maximum amount of the best remunerated accounts is, firstly, 50,000 euros, in the case of MyInvestor, 30,000 with Banco Sabadell and, finally, 10,000 with Banco Mediolanum. The percentage offered by the three ‘top’ is 2.00% APR, thus coinciding with the deposit figure that closes the summit of the top three.
Therefore, the interest offered by one-year deposits far exceeds the benefits that can be obtained through interest-bearing accounts. However, depending on the savings and the interests of the investor, the most interesting product could vary. In this case, the liquidity that interest-bearing accounts offer must be assessed. While the deposits bind the client with a stay of, in this case, one year – in some offers early cancellation is available but certain conditions -, the accounts allow the client to withdraw and use their money immediately whenever they desire However, operability tends to be limited.
Finally, the client must consider that these products that occupied the first positions of their career are insured by the Spanish Deposit Guarantee Fund for Credit Institutions, except for the deposit offered by Facto, which is guaranteed by the Italian Fund. Which implies that in any case the investor’s money is covered up to 100,000 euros -per holder and per entity-.
