After the European Central Bank (ECB) raised interest rates again by 50 basis points on March 16, at least this is also having an impact on accounts and deposits, which are seeing how Competition for the best pay rises.
Openbank and its savings options
Openbankthe online entity of Grupo Santander, has raised to 2,75% TAE without a maximum balance, your 12-month Open Deposit in exchange for direct debit of payroll, pension or monthly income of at least 600 euros per month. If the conditions are not met, the return remains at 1.75% APR.
In addition, it does not necessarily imply a permanence, but rather that the early cancellation, obtaining a return of 0.20% APR for the time the deposit has been held. The main requirement is that these conditions apply to new money; For clients, it is necessary that the amount from other entities implies an increase in the balance with respect to February 28, 2023.
This is not the only product with high profitability of the Santander digital bank. It also offers its customers a Welcome Savings Account with which you pay a 1,25% TAE anual during the first 12 months, from the first euro and up to 100,000 euros.
In its portfolio of services, the account remunerated at 5.12% annual APR up to 5,000 euros for 12 months for those who domicile their salary in the bank.
Other options to see your money grow
In this same week, ING has raised the profitability of the Cuenta Naranja, which from April 1 will jump from the current 0.70% to 1% TAE for customers with a Payroll Account and from 0.50% to 0.70% APR for those who do not. Bankinter has just launched a commission-free account with a remuneration of 1% APR for new clients.
Wizink has increased to 3% TAE the profitability of its 18-month fixed term, from a minimum of 5,000 euros and up to 250,000 euros, with quarterly settlement of interest and the possibility of early cancellation.
Pibankthe online bank of Banco Pichincha, raised at the beginning of the month (anticipating the rise in rates) from 2.01% to 2,52% TAE the remuneration of the Pibank Deposit. It has no minimum or maximum quantity limits and does not require any additional commitment from clients, and can be contracted by both new and existing clients.
Sabadell Bank made changes to your online account for the first time since november by raising from 175 to 250 euros the prize given to new clients who open an account at the bank and direct deposit their salary, who are also remunerated with a 2% TAE for balances up to 30,000 euros.
Banco Mediolanum launched last week a deposit to 4% TAE. After six interest rate rises that have brought the price of money to 3.5%, this interest rate is even higher than the official rate set by the European Central Bank (3.5% after the last rise).
Banca March has announced a flexible deposit called “Avantio 12 months” with an annual nominal interest at the maturity of the 2,30% TAE. The minimum contribution to constitute the deposit, according to the bank, is 10,000 euros and the maximum is 500,000 euros.
EBN Banco (Spanish Business Bank) has also improved all its deposits, both short-term and long-term in recent days. Now pay more than 3% APR on those aged 24 and up 3.15% interest to 36 months.
Renault Bank broke the 3% APR barrier and pays 3,03% TAE in your Tú+ Deposit for 24 months. This requires a minimum of 500 euros and up to a maximum of one million euros. It does not allow early cancellations. He also raised the profitability of his account to 1.61% APR, this being a 100% online account and has no investment limit.
Evo Bank You have made changes to the conditions of your interest-bearing account to start paying interest of 1.5% APR for new customers and an increase from the current 0.60% APR to 1.10% APR up to 30,000 euros for customers. The entity makes it a requirement that the new client deposit the payroll or start trading on the stock market through its broker.
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