Despite the stoppage announced by the European Central Bank (ECB) in the rate hike cycle, deposit yields still remain at a very high level following the rush by banks to improve their offers since the organization adopted a Restrictive policy last year. Taking advantage of the good conditions offered by banks, the most conservative savers can obtain remuneration for their money quickly and without risk with short-term commitments.
Added to the lower returns offered for this type of savings products in general in Spain is the fact that not many national banks offer deposits with such a short life. For this reason, many clients look abroad when deciding where to allocate their savings, but some Spanish entities have launched offers that compete with those of their European counterparts, reaching over 3%.
Even so, entities such as the Italian BFF are far ahead with their Facto Account, a deposit without ties or additional expenses that over a period of three months offers a return of 4.06% APR. The minimum amount to contract this deposit is 5,000 euros and the maximum is 3,000,000 euros. The bank is based in Spain and is a member of the Italian Deposit Guarantee fund, which guarantees the first 100,000 euros of the deposit. For its part, BIG (Global Investment Bank) also gives access to an offer with a remuneration of 4% APR for three months.
Other offers from 3% to 4% profitability
The second Italian bank that offers a very attractive profitability for its three-month deposit is Banca Progetto, which markets it with an Annual Equivalent Rate (APR) of 4.0%. As with BFF, the Italian Guarantee Fund insures up to 100,000 euros and the entity does not charge any expenses or commissions to the client. Progetto does not support early cancellation of its deposits and at the end of the term it is automatically renewed, unless the client deactivates the extension. The deposit contract is available for imports between 10,000 and 100,000 euros.
Raisin, the German platform for buying and contracting European savings products, highlights, in addition to the offers from Italian banks, the three-month deposits marketed by the Lithuanian PayRay and SME Bank. The two entities protected by the Lithuanian Deposit Guarantee Fund offer interest rates of 3.90% and 3.75% APR, respectively. The minimum amount for the SME deposit is 10,000 euros, while PayRay can be contracted from 5,000 euros. Unlike Italian banks, Lithuania does have an automatic withholding tax of 15%, but it can be reduced to 10% with the presentation of a tax residence certificate and compensate when filling out the income tax return to avoid paying taxes twice. .
Collector, the brand under which the Swedish Norion Bank AB operates, has a three-month deposit with an annual return of 3.20%, guaranteed by the Swedish Deposit Guarantee Fund up to the limit of 1,050,000 Swedish crowns . The deposit can be signed from 500 euros to 85,000, it is not possible to cancel it in advance and no tax withholding is applied to non-residents.
Spanish banks with three-month deposits.
Although the interest rates of Spanish banks are below those offered by most entities in other European countries, there are those who prefer to invest their money in a product that is attached to the Spanish Deposit Guarantee Fund for Credit Institutions. . Not many national banks sell deposits with this term, but there are two entities with attractive offers to obtain guaranteed returns on savings without leaving the Spanish market.
With SelfBank, a three-month deposit with a profitability of 3.05% can be contracted until December 31, for existing and new clients who open a Self Account at no additional cost. This deposit can be accessed with a remuneration import between 1,000 and 1,000,000 euros and this bank does offer the possibility of canceling the deposit early if the money needs to be recovered before the maturity date. In this case, the client will not be paid the corresponding interest.
Also until the end of this year, MyInvestor will maintain its 3-month deposit offer with a 2.90% APR, for imports from 10,000 euros to 100,000 euros. To contract this deposit it is not necessary to pay commissions or purchase linked products beyond opening a free online checking account with the entity and interest is paid upon maturity as long as the client has not requested the cancellation of the deposit before this date.