The Spanish bank once again reduces the yield on its time deposits

EBN Bank started October by reducing the interest rate. profitability offered from their time deposits and now, before the end of the month, the bank recorded another decrease. In particular, the organization is one of the few that offers deposits for a period of more than 12 months at Deposit Guarantee Fund (DGF) of Spain, continued to slightly reduce the rewards in the eight payments it offered and kept the single deposit at 3% per annum.

This is the new yield that EBN Banko offers on its deposits.

EBN Banco now pays 3% APR for 3 months, up from the 3.07% APR it offered at the beginning of the month; 2.50% per annum for 6 and 9 months, instead of the previous 2.75%; 12-month annual interest rate of 2.80%, down from 2.90% offered in early October; 2.50% 18-month annual rate from 2.70%; 2.55% per annum compared to 2.80%; and 2.60% APR after 36 and 42 months, up from the previous 2.85%.

Terms and conditions of EBN Banco term deposits

Among its conditions, EBN Bank requires that the minimum amount of money for invest be 5,000 euros and a maximum of 400,000 euros, although users should keep in mind that the FGD guarantees each client on each account up to 100,000 euros.

In addition, the bank does not allow early cancellation product, so the owner will not be able to access their money if they need it before the expiration date. However, the client can choose whether to receive advantages is generated quarterly or upon redemption, so if you choose the first option, you will be able to receive part of the income without waiting for the end of the deposit period. EBN Bank offers a fixed interest rate for the selected period, regardless of events that may occur in the financial markets.

Thus, investors who want to be rewarded for their money through these offers will now be hiring profitability somewhat lower. In fact, in recent days the bank deposit market, both nationally and throughout the eurozone, has recorded various contractions, even from banks that offer the highest rewards and have tolerated returns of 4% per annum for several months.

In particular, Banco Cetelem has stopped paying up to 3.99% per annum for 3 months and now offers 3.80% per annum for investments of any amount and with the possibility early cancellation and, on the other hand, Banco BiG has abandoned 4% per annum for the same period and now pays 3.75% per annum for deposits between 10,000 and 75,000 euros. The Portuguese company also allows early cancellation.