Entities redouble their commitment to saving money and improve the returns on deposits and accounts. Openbank has been one of the last to make a move, but it has not been the only one. We are going to put Wizink, ING, Sabadell and many more face to face to see what profitability they offer and under what conditions they are offered.
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 remuneration is increasing .
Openbank and its savings options
Openbank, the online entity of the Santander Group, has raised its 12-month Open Deposit to 2.75% APR without a maximum balance 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 stay, but early cancellation can be exercised, 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 they pay an annual APR of 1.25% during the first 12 months, from the first euro and up to 100,000 euros.
In its service portfolio, the account paid at 5.12% annual APR of up to 5,000 euros for 12 months for those who direct their payroll at the bank is also interesting.
Other options to see your money grow
In this same week, ING has increased the profitability of the Cuenta Naranja, which from April 1 will jump from the current 0.70% to 1% APR for clients with a Salary Account and from 0.50% to 0. 70% APR for those who do not have it. Bankinter has just launched a commission-free account with a remuneration of 1% APR for new customers.
Wizink has increased the profitability of its 18-month fixed term to 3% APR, from a minimum of 5,000 euros and up to 250,000 euros, with quarterly interest settlement and the possibility of early cancellation.
Pibank, Banco Pichincha’s online bank, raised the remuneration of the Pibank Deposit from 2.01% to 2.52% APR at the beginning of the month (in anticipation of the rate hike). 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.
Banco Sabadell made changes to its online account for the first time since November by raising from 175 to 250 euros the prize it gives to new customers who open an account at the bank and direct deposit their salary, who are also remunerated with 2% APR for balances up to 30,000 euros.
Banco Mediolanum launched a 4% APR deposit last week. 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 maturity of 2.30% APR. 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 for 24 months and up to 3.15% interest for 36 months.
Renault Bank broke the 3% APR barrier and yields 3.03% APR on its 24-month Tú+ Deposit. 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 Banco has made changes to the conditions of its remunerated account to start paying interest at 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.
