The first rate cut by the European Central Bank has arrived, and with it the countdown for banks to reconsider the yields they offer on their term deposits. During the year, it is still possible to obtain deposits with a yield of 3% or higher in the case of offers that can be concluded directly with a legal entity in Spain. If you resort to the offer of European banks available in our country, the rewards will be higher. But the resumption of these deposits at lower rates than the current ones is a matter of time.
“The ECB rate cut has a negative impact on savings products such as accounts and deposits as their yields decline,” Mutuativos explains this on his blog. In recent days, Banco Pichincha has revised downward the annual deposit fee, which increased from 3% to 2.83%. “In an environment of lower returns for the most conservative companies, there may be a shift of some capital into the stock market in order to achieve greater profitability,” they detail in Mutuocitos. | You might be interested in: Here’s how falling interest rates will affect every financial asset.
Although, before switching from a deposit to higher risk assets such as shares, On their own, Treasury bills still offer more competitive returns than deposits. despite the fact that for the first time since rates began to rise, savers have already begun to renew their letters at lower interest rates than a year ago. Despite this, The twelve-month bill still offers a yield of 3.407%, which does not give any annual deposit that could be concluded directly with a business in Spain.. On the Raisin platform, which allows you to compare and contract deposits and savings accounts in European banks, you can choose a higher yield than Letter’s 3.407%. Specifically, there are four time deposits with a maturity of one year that yield 3.6%. These banks are SME Bank (Lithuania), PayRay (also Lithuania), Haitong Bank SA (a Spanish subsidiary of one of the main investment banks involved in securities in China) and Banco Progetto (Italy).
Nine time deposits at 3%
In addition to the proposals of European banks, There are nine term deposits in Spain with yields of 3% or higher. The one who pays the greatest reward Finantia Bankwhich displays the deposit in its window 3.25% one year for amounts from 5000 euros. He also sells another one-year term at a price of 3.4% of the minimum investment of 50,000 euros, which is the only one that meets the requirements of Letters.
Sethelem It also maintains an annual deposit rate of 3.2%, the peculiarity of which is that it does not require the conclusion of any minimum amount, and is also a member of the Deposit Guarantee Fund (DGF), which in practice works the same as any other in Europe. guarantees the first 100,000 euros for each depositor in the event of bankruptcy of the company. The deposit at 3.14% for a period of one year is also covered by this FGD. Pibankor those from EBN Bank and Banca March at 3.10%. Above 3% is also a BFF deposit, it pays 3.03%, but in this case it belongs to the Italian FGD. Deposits also remain at 3% MyInvestor, Vizink And Selfbank.