The more conservative savers continue to find problems to get their money’s worth. If interest rates were low before the new crisis unleashed after the pandemic, the prospects now continue to shrink even more.
Central banks maintain their ambitious stimulus programs to give the economies the necessary boost. However, with this monetary policy to traditional banking you are having no choice but to cut back the remuneration of your savings products and even start charging fees for bank accounts.
CaixaBank, Banco Santander or BBVA are some of the entities that have announced in recent weeks changes in their bank accounts and have increased the number of requirements to avoid having to pay commissions. But what alternatives are left to the conservative saver?
Keeping savings in the bank account is more difficult every day if customers do not link to the bank hiring new products or directing receipts and payroll. In addition, the paid accounts every day begin to disappear, while some others remain, but lowering the bonus to their clients.
On the other hand, deposits also continue to decrease their profitability, so much so that some are even beginning to charge for keeping their savings in them. “In Germany we have seen that for savers with high amounts invested, banks are beginning to collect and those high amounts, each day, are reduced more and more”, He explains in Finect Talks Katharina Lueth, Head of Europe for the Raisin savings platform.
However, for the saver on foot there are still different alternatives, although, in most cases, outside our borders. “These are banks whose core business is business loans. For them it is much easier to collect funds from individual savers through deposits and that is why they are willing to pay something that in the environment we have seems very high, ”says Lueth.
Most of these entities, moreover, are characterized by being somewhat less known, trying to snatch customers from the big banks. “In almost every country there are those banks that They are not the largest and they have difficulties for the consumer to know them. So they are willing to pay a little more ”, he explains.
Although in recent years the returns on deposits have been considerably reduced, there are still some products that allow you to make a small profit and weather future inflation.
For deposits at three years one of the entities with the highest remuneration is the Czech J&T Bank, which offers a remuneration of 1.28% APR, with a minimum investment of 10,000 euros and a maximum of 100,000 euros. With the same investment tranches, the Italian also stands out Project Bank, which offers a three-year deposit at 1.2% APR.
If you want to deposit a smaller amount, the Italian Bank System and the Slovak Privatbanka They also offer a remuneration of 1.14% APR for three years each, investing a minimum of 5,000 euros.
‘Made in Spain’
And within Spain? Although the remuneration in Spain with a deposit at the same time, it is somewhat lower, there are some entities that are close to 1%.
Among them stands out Wizink, which offers a 0.8% APR over three years and Banco Finantia Spain, with a 0.85% APR. The latter also has in its offer a three-month deposit at 1.4%, although the minimum investment amount rises to 25,000 euros.