In the midst of the escalation of inflation and interest rates -the measure that the European Central Bank (ECB) is taking to put a stop to it-, consumers seek to obtain profitability from their savings. Until now, the rise in rates is being felt in the part of the debt, the Euribor reaches unprecedented levels since 2008, but in savings, profitability is not increasing in the same way.
The profitability of deposits is advancing at a slower pace and bank customers are waiting for alternatives. One option is to resort to the interest that more and more banks arise for domiciling the payroll. This means receiving the salary automatically in a bank account, in which the holder must be the beneficiary of the payment, an import exchange or interest.
They are called payroll accounts and in recent months banks have been improving their conditions to attract new customers. In February, Ibercaja launched, as it announced, “the best remunerated payroll account in the sector.” – With the direct debit of the salary, for a minimum amount of 1,400 euros, the remuneration for the first year is 5% up to a balance of 6,000 euros.
CaixaBank
CaixaBank launched a similar initiative at the beginning of the year to get new clients. Those who direct deposit the payroll during the first quarter, if the amount exceeds 2,500 euros, will be able to obtain a remuneration in account of 5% APR for the first 5,000 euros of balance for two years.
Sabadell Bank
For its part, Banco Sabadell offers new customers an online account that gives 175 euros for domiciling the payroll. It does not require a minimum importation of these revenues. In addition, if the balance exceeds 30,000 euros during the first year, the bank gives 2% APR interest.
Santander Bank and BBVA
Banco Santander, also with its online account, offers 150 euros if you direct payroll before March 15, and BBVA gives 100 euros gross for direct depositing a payroll of more than 800 euros.
open bank
Openbank has the Welcome Savings Account that offers a return of up to 5% APR during the first year if a salary of more than 900 euros per month is domiciled. In this case, the bank establishes a limit of 5,000 euros of remunerated balance and from that import “the applicable APR will be calculated”.
When choosing an account, it is important that each client look at all the conditions. Sometimes you can require permanence or contract other products with the entity. In addition, it must be taken into account that, although payroll is always talked about, entities seek to ensure certain monthly income, but it is not always necessary to direct deposit the salary. For example, for pensioners their payroll will be the pension.
How is interest declared in the Income statement?
Customers who decide to contract any of the products that offer profitability must take into account that it is subject to tax withholding -19% tax is applied- and the returns must be included in the Income Statement for the year received. This year the declaration of the yields obtained last year is presented.
The Tax Agency recalls that any “consideration, whatever its name or nature, derived from accounts and deposits in all kinds of financial institutions, including those based on assets” is recognized as movable capital operations.
For these yields, the possibility of deducting any expense is not recognized. In turn, these yields will remain in the tax base of savings, whose tax rate ranges between 19% and 26%. However, as of this year – that is, for the income that will be declared next year – the applicable rates will be raised on the basis of savings.
