The market of fixed term deposits of Spain opens December with the best deposits offering smaller returns to savers. Specifically, many banks have taken advantage of the month of November to adjust the remunerations offered in their low-risk savings and investment products and a large part of these movements have been made downwards, encouraged by the three cuts in interest rates of the European Central Bank (ECB) which have been registered so far in 2024 (June, September and October). Although the reduction has already reached the banking offer, the market expects that the interest paid by entities will continue to be cut as rates continue to fall. Now, our sights are set on December 12, when the ECB will announce whether it will maintain rates at the current 3.25% or decide to take the scissors again.
Although traditional banks have not participated in the war for savings With large remunerations, some neobanks and entities attached to the Deposit Guarantee Fund (FGD) of Spain have followed the pace of foreign banks by remunerating savers’ money. In fact, Cetelem, a commercial brand of BNP Paribas in Spain, has continued to offer a 3.80% APR for savings until the end of November, thus leading the list of banks that paid the most. However, in the last week of the month, the bank cut all its deposit yields, leaving almost all of them below the 3% level.
This blow to savers who were hoping to take advantage of the high returns on these deposits with a new investment came after other cuts in the month of November. Among them, the drop in the profitability of Banca March’s 12-month depositwhich now pays 2.5% APR, compared to 2.75%, and the cut applied by EBN Banco in its fixed-term deposits, which already total three since October, in the entity’s commitment to combined deposits with monetary funds or managed portfolios in which it offers up to 3.55% APR.
However, other movements that have been registered have been upwards, with a slight increase by Deutsche Bank in the remuneration of its 12-month deposit, in which it began to pay 2.10% APR, compared to 1.90% that he offered.
Furthermore, another of the November changes that stands out, although it will only be available until December 12, was the unexpected offer from MyInvestor with a fixed deposit with 4% APRalthough within a period of only one month, so it is not an investment that guarantees great profitability despite the high remuneration. Even so, with this offer savers can ensure during these days a extra income for the month of January.
Added to all these movements are other outstanding offers that users should take into account when choosing a deposit. These are banks that offer exclusive products to some of their clients or that offer higher remunerations to those who negotiate them. Among this activity, the offer that ING sent during the first fortnight of the month to selected clients of a fixed deposit with 3.5% APR for 3 monthsone of the highest offers on the market.
Best fixed-term deposits with Spanish guarantee
Now, the month of December begins differently in terms of the remunerations offered by Spanish banks. The fixed-term deposits that pay the most They are those offered by: MyInvestor, Cetelem, Banco Mediolanum and Banca March.
- MyInvestor has started to offer the highest remuneration With the product mentioned above, a one-month deposit with 4% APR for investments between 5,000 euros and up to 100,000. In terms of profitability, the product that pays 3% APR over 3 months for disbursements between 10,000 euros and 100,000 euros may be much more interesting. In this case, it must be taken into account that the neobank requires hiring an automated portfolio of 150 euros or more, otherwise the remuneration will be 2.75% APR.
- ​Cetelem, for its part, after the last snip, has only managed to maintain its 3-month offer among the deposits that pay the most, in which it offers a 3.10% APR in exchange for any amount of money.
- ​Banco Mediolanum pays a 3% APR for 12 months, which makes it very attractive among savers who want to ensure profitability over time. The bank requires that the investment be a minimum of 10,000 euros and up to a maximum of 100,000 euros. In this case, the links The requirements are somewhat higher, since the entity requires that a payroll be deposited or that a minimum amount of assets be deposited in the bank to redeem the money early without penalty. If the user does not want to comply with these conditions, a similar remuneration and no ties It is offered by Pibank, with a 2.83% APR for 12 months.
- ​Banca March, finally, pays 3% APR for 6 months for a deposit of between 10,000 euros and up to 500,000 euros.
The saver must take into account that interest rates High prices have brought great improvements in products in the shorter term, however, opting for the highest remunerations does not always mean obtaining a greater benefit. The shorter the period in which the money is deposited, the lower the final income will be. In exchange for blocking savings for longer, savers can now contract longer-term products, although with a somewhat lower remuneration, and thus ensuring profitability over timedespite the fact that ECB rates continue to fall and banks cut their offers.