Not even two years have passed since the European Central Bank (ECB) decided to undertake the first increase in interest rates in almost a decade when the ceiling of remuneration for savings is already beginning to be seen. Christine Lagarde, president of the organization, announced fifteen days ago the first reduction in official rates, taking the deposit rate from 4% to 3.75%, which is the money that banks receive for depositing in the box of Frankfurt its liquidity. Although it is very far from the real profitability that small savers are obtaining in our country.
Back in July 2022, public opinion recovered the famous war for the passive which Emilio Botín opened in 2010 to attract liquidity and, mainly, steal clients from the competition. And, without a doubt, he succeeded. But after two full years, no one expects large entities to enter the same game because they do not need liquidity and because a decade of unproductive money weighs heavily on their balance sheet when financing was done at a ridiculous cost. The closest person to launching a commercial offer was CaixaBank in September of last year, with a 1% deposit without ties.
Spain, below the European average and the large economies around us, reached its maximum in deposit profitability in December of last year at 2.58%. The latest data available -from the month of April- reflects that The new money that comes in on a term basis is being paid at a rate of 2.53%, but it is where a smaller portion of the Spanish savings take refuge. Households currently have around 150,000 million euros in time deposits compared to 67,000 million for companies. This is the equivalent of 25% of all the money that remains inert in the banks’ current accounts, with 855,000 million euros, according to the Bank of Spain.
The market is increasingly less optimistic about future interest rate cuts this year, which represent relief, mainly, for mortgage holders. At this point, only a maximum of two more cuts are on the horizon, one per quarter, which would take place at the ECB meeting in September and December. The big question is whether will affect the limited supply of deposits that exists in Spain and is carried out by digital neobanks that seek to attract clients with deposits that, currently, exceed 3% with a three-month term. “There will be small adjustments, but they will be more likely as interbank rates such as the 12-month Euribor advance, which is being shared very well, with annual minimums [en el 3,6%]. If it advances, we would see more downward adjustments by neobanks,” says Antonio Gallardo, financial expert at Banqmi, who does not rule out that shorter-term savings could fall to rates of 2.9% towards the end of summer.
At the moment, in Spain the only neobank that has taken a step forward was Trade Republic that hours after the ECB made public the first rate cut on June 6, it lowered the remuneration of its current account to 3.75%, in line with Frankfurt. “It has always been linked. The interest on ECB deposits is applied to clients up to 50,000 euros without having to meet any other conditions,” explains Antón Díez, country manager of Trade Republic in Spain, and they will continue to transfer each drop (or each rise, now more unlikely) to the savings of its 4 million customers in Europe. The truth is that, to date, it was one of the most attractive options for savings along with Revolut, which currently offers 3.97%, but in its case the rate is not fixed and, therefore, varies from time to time. the market.
“In the first days after the meeting you can count on one hand the number of banks that have decided to lower the interest on their deposits, while we have seen the occasional increase,” HelpMyCash pointed out.
CURRENT DEPOSIT OFFER
The offer of the main players digital continues to offer returns above 3% and with increasingly short-term deposits. Now him rey It is the savings 3 months ahead. WiZink It has the most profitable six-month deposit, with a 3.3% APR (equivalent annual rate, according to its acronym). To do this, the minimum investment must exceed 5,000 euros and up to a maximum of 250,000 euros. The point is that the offer is limited until it reaches a quota of 75 million euros.
Deutsche Bank yesterday announced a new three-month deposit with a profitability of 3.18%, for amounts of 3,000 to 100,000 euros. It’s not the only one. Also premia the savings that clients bring from other entities, at six months with 3.12% and twelve months, somewhat less, at 2.9%.
March Bank, for its part, will close its new offer to raise money on June 30. The bank maintains a 12-month deposit in its catalogue, at 3.1%, up to a maximum of 2 million euros. The entity also asks to open an account online for free.
EBN is a Spanish bank (from Unicaja, Ibercaja, BMN and Banco Ceiss) focused on investment. It offers a 3.1% product with a three-month maturity that is among the best on the market. escape national. For this you need between 10,000 and 400,000 euros, but, with one exception, and that is that you cannot cancel early.
Two other entities also appear above 3%, SelfBank y MyInvestor that have deposits with a maturity of three months. In the case of the firm owned by Singular Bank, you can invest from 1,000 to one million euros, although it is necessary to open an account to do so. online with the bank. MyInvestor, from AndBank, has limited the offer until July 15 and to amounts that do not exceed 100,000 euros.