The European Central Bank (ECB) gave a boost to deposit profitability. After years with interest close to 0%, its profitability rose within months. Currently, Best term deposit Already exceeded 3% APR.
Of course, to earn more than 3% interest, you must freeze your savings for a minimum of three years, a period that many savers are not willing to tolerate, especially now that the market is changing so quickly.
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“If we are confident that the interest on deposits will continue to rise in the short and medium term as a result of the rate hike from the European Central Bank, it is better to choose medium or short term deposits, in order to save money in the near future. And to be able to benefit from Future Improvements,” financial product comparison experts explain HelpMyCash.com.
up to 2.5%
Deposit for one year
How much can be earned in the medium term? The best one-year deposits have a return of up to 2.50% APR. Thus, a person who invests 100,000 euros, which is the maximum amount covered by the Deposit Guarantee Fund (FGD), will take up to 2,500 euros in total per year, they say from HelpMyCash.
The most profitable option is Banca Progetto 1-Year Deposit at 2.50% APR. It can be invested from 10,000 to 100,000 euros and is protected by the Italian FGD.
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It is followed by another Italian entity, Banca Sistema, which pays 2.40% annual percentage rate for one year. behind the stands 1 Year Coop Bank Deposit at 2.30% APR. In both cases the minimum amount is 5,000 and the maximum is 100,000 euros. Banca Sistema is protected by the Italian FGD and by Coop Pank, by the Estonian.
The previous three deposits can be contracted online through Raisin, an online platform that allows Spaniards access to savings products at other European banks, all of which are guaranteed by the FGD, HelpMyCash sources explain.
Outside of raisins there are substitutions above 2%. The rent for the BFF Bank Facto account is 2.27% APR for one year and can be contracted from €5,000. The entity operates online and has a branch in Spain, but the FGD that guarantees deposits is Italian.
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The entity raised the profitability of its Facto account at the end of September, making it one of the most profitable on the market. However, some users have complained of some slowness during the opening process. In the face of criticism, the entity explained that it was overwhelmed by the “positive response” from consumers and that it is currently recording “a longer wait time for attention, verification, authorization and updating account information.”
Banco Finantia pays 2.20% APR for twelve months, although it requires a much higher investment than the rest: a minimum of 50,000 euros. The bank operates under the Portuguese FGD umbrella, although it has a branch in Spain.
Also of note is the 12-month Pibank deposit at 2.01% APR. It has two advantages over others: it has no minimum amount, in addition, it can be canceled before the expiration date. Of course, if the term is not met, the bank will return the amount minus the interest generated so far. It is the only one on the list protected by the Spanish Focus Group.
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