Banks are turning their backs on deposits: where are the opportunities for savings?
While customers expect rising interest rates to be passed on to their customers. banking products, financial institutions are playing dumb and assume no liability for depositswhich continue, in most cases, to offer little or no return. The banks do not seem ready to make a move, Where are the greatest savings opportunities?
“The deposit market is not yet experiencing any movements because the banks are have no interest in doing soThey continue to widen their intermediation margin (for funding) in a context of high liquidity still in the market due to the stimulus policies of the European Central Bank (ECB)”, underlines the association of financial users, Asufin.
“The ECB has raised interest rates four times in less than a year. This seems to be the perfect backdrop for the proliferation of bank deposits. And yet, these savers who go to their bank looking for a good term deposit They are likely to be very disappointed. The major Spanish banks have not passed on the rate increases to savers,” notes the financial comparator HelpMyCash.
For example, among the country’s major institutions, CaixaBank allows you to subscribe, through its online banking service, to a deposit with a term of between one and 365 days with a rate of return of 0%, i.e. you will not earn a single euro. BBVA does not offer any risk-free deposits on its website, only a 0.65% APR deposit combined with a mutual fund. Y Santander doesn’t offer anything like that either.
“The big banks have withdrawn from deposits,” adds the comparator. “We note that for the moment, they are neither prioritized nor announced and only small establishments display eye-catching products. Finally, some movement can be detected in the payroll account segment, but it is aimed at attracting new customers, not commitments.
In this context, what are the best opportunities to monetize payroll accounts? On CaixaBankin exchange for direct salary deposit and meeting other requirements, we can earn a 5% APR return for two years. On BankinterThe first year, 5% APR for one year and 2% APR the second year. However, only for a balance of 5,000 euros maximum, the winnings are therefore limited to 500 euros gross in the first case and 340 euros gross in the second. On SabadellThrough its online account, new customers can enjoy a 2% APR return for the first year for a balance of up to 30,000 Euros. To obtain this remuneration, it is enough to open the account, but those who also deposit their wages by direct debit will receive an additional 175 euros as a gift.
“These are very interesting options for making your salary and your money profitable on a daily basis, but they can are not enough for many saversHelpMyCash experts explain that “you can combine them with other accounts that allow you to make the rest of your money profitable”.
The options are multiplied by look outside the big banks. For example, Pibank, Openbank and Orange Bank pay 1% APR, Renault Bank 1.21% APR and Bank Norwegian 1.25% APR. In addition, the BFF Bank Facto account offers an APR of 2.27% at six months and one year. EBN offers an APR of 2.15% for one year and the Pibank an APR of 2.01% for the same duration.
“In online banking, you can indeed find savings accounts with… fewer requirements and fewer limitations and bank deposits that reach up to 3% of APR”, say the comparators, pointing out that “if we are ready to change banks and combine two or three accounts, we can make the most of our savings without investing in the stock market and having total liquidity”.