That bank accounts They still don’t present very flashy news. The changes are rather tentative, but they make it possible to get a certain return without risk and even reduce the inflation hit and the loss of purchasing power – at least by half.
That Bank inter pay account, one of the oldest in the Spanish market, continues to be the most profitable. She maintains the remuneration of up to 5% APR in the first year and up to 2% APR in the second year, up to a maximum of 5,000 euros. In these 24 months, the customer would achieve 342 euros. To do this, you have to pay the salary slip of at least 800 euros per month, three receipts and card payments. There are no maintenance fees. The bank does not plan to change its flagship product, although it will keep an eye on the competition and “if there is a need to complement it with another innovative product, we will do so,” he says.
Sabadell eliminated the Expansión Plus account, which rented out up to €10,000 at up to 3% APR. It rearranged its accounts and promoted the online option. To new users who open the Sabadell online account offers you 1% APR for the first 12 months ended July 31st. The maximum average paid balance is 30,000 euros. In the case of maintenance, the customer receives 300 euros per year. This digital product is free and non-binding. The entity hopes that 20% of new registrations will come from the digital path in 2022 and that by 2023 they will account for 50%.
Sabadell gives new online account users 1% APR for the first year
in the Banco Mediolanum, the evolution account Rent up to 1.41% APR for a maximum of 10,000 euros and 1% of the income back. It is required that €25,000 worth of products are managed by the entity and that you are part of the Mediolanum program tailored to you. It also highlights the Welcome savings account with Openbank Payrollwith 2.58% APR in the first year up to 5,000 euros for just one paycheck of 800 euros per month.
The neo-banks pay at lower rates, but with few stipulations of permanence or employment. MyInvestor improved his account by raising the maximum remunerated limit of 1% APR from 15,000 to 20,000 euros. In addition, it retains interest after the first year if customers invest at least 300 euros in the company’s products. If not, the rate is 0.10%. It has no condition.
“We don’t think account profitability will improve significantly in the coming months, although the increase in the deposit facility gives pause to banks, which no longer have to pay to have liquidity at the ECB. The trillions of euros in accounts and deposits have been earning 0% interest for years and we hope that this will remain the case with a few exceptions. Businesses that require credit for lending or use accounts as a customer acquisition strategy might be more aggressive,” says Javier Sánchez, head of accounts and mortgages at MyInvestor.
Orange Bench It has also raised the interest-bearing limit of its savings account from 40,000 to 0.5% APR to 100,000 euros. Y Renault bank the return has increased slightly to 0.55% APR with no balance limit. pibank gives 0.30% APR on your salary account for direct debits of at least 1,000 euros per month and 0.20% APR on your remuneration account. Norwegian bank has a savings account with 0.25% APR.
The CEO of CLOSELY Spain and Portugal, Ignacio Juliá, was open to considering returning the money his customers kept in the Orange account, once Orange Bank’s flagship product, after the rate hikes. Currently, the APR on offer is almost zero, 0.01%.
For Víctor Royo, Head of Commercial Strategy at Ibercaja, “it is foreseeable that interest will gradually increase in the coming months or in the medium term”. Despite everything, in his opinion, there will not be “a major transformation in the way accounts and deposits are offered, although there will be movements in the industry in specific strategies for customer acquisition or as complementary measures to manage savings in the most profitable way worldwide for customers who use this type of money Inquire about the product”.
Some accounts don’t offer interest, but they do Cash for the direct deposit of salary, such as the Abanca Clara account that gives up to 300 euros for the direct deposit of a salary of at least 1,200 euros per month and its management for two years. If you have a lower income, the gift is 150 euros. Santander extends until September 30 the gross bonus of 100 euros for carrying out payroll accounting for an amount of at least 600 euros per month. The BBVA has the Va Contigo wage account for young people between the ages of 18 and 29, which enables them to withdraw 150 euros by direct debit with a minimum monthly income of 800 euros. And Unicaja has extended the promotion until the end of the year, with which it rewards the payroll from a monthly net amount of 600 euros with 150 euros.
Banks usually offer this type of product to attract new customers, “but you have to pay attention to the links, the possible commissions and the maximum limits on which interest is applied. And some also set a minimum amount to be able to open them,” they explain from HelpMyCash.