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Short-term deposits are the kings of Spanish conservative savings. During last July, of the 10,851 million euros that Spanish families invested in fixed terms, 69% of the total went to deposits with a duration of up to one year, according to the data of the Bank of Spain.
The main advantage of signing a short term is that the client can recover his money plus total interest in just a few months without suffering any kind of penalty, while if he hires a long-term deposit and cancels it in advance, the chances are that The bank will apply some type of punishment that reduces the profitability of the product, sometimes even to zero.
They are an especially attractive solution for those consumers who do not know when they will need their money, experts from financial comparator HelpMyCash.com point out. Also for those who plan to use it in the short term and want a bridge product to make it profitable until then.
One possible strategy is to combine short-term deposits with others whose duration is longer . That way, we will have a portion of our savings available every three to six months, while the rest will rent in the long term. Also, if we intend to contract a long-term deposit that cannot be canceled in advance, having a part of the short-term savings will ensure that we can have a part of our money in case of an unforeseen event.
Currently, the best deposits at six months have a return of up to 1% APR , while at three months the interest reaches 0.85%. Its profitability is lower than that of the best deposits for one or more years, but in return the client does not have to bind with the bank for a long time.
The best deposits at six months
Leading the Facto Deposit at 1% APR ranking . The Spanish branch of Banca Farmafactoring has just increased the profitability of its deposit to six months by 0.40 percentage points (previously rented at 0.60%), which makes it the most profitable option in the short term, as long as we know that we can do without the money for the duration of the taxation, since early cancellation is not available. It can be hired online from 5,000 euros and interest will be received every three months. The entity acts under the protection of the Italian Deposit Guarantee Fund (FGD), which has the same coverage as the Spanish, although the deposit is constituted in Spain and is subject to the national tax regime.
The Maltese entity Ferratum Bank pays a 0.90% APR at six months for amounts between 50 and 100,000 euros with payment of interest at maturity. It can be contracted through the bank's app (the entity does not have web access). According to the terms and conditions of the product, early cancellation is not allowed; however, the entity's customer service informs HelpMyCash that, "as appropriate", they can make an exception that should be approved by the entity. In that case, the interest generated until then would not be received. The deposit is constituted in Malta and is protected by the Maltese FGD.
The Latvian entity BlueOrange (FGD of Latvia) and the Maltese entity FimBank (FGD of Malta) pay 0.60% APR at six months. In the first case, the minimum amount is 20,000 euros and in the second, one thousand. The two entities pay interest at maturity and, like the rest, do not accept early cancellation. Both BlueOrange and FimBank market their products in Spain through the Raisin virtual platform.
Except for the Facto Deposit, which opens in Spain, the rest are constituted outside of our country, so it is the client's responsibility to inform the Treasury through the 720 model if applicable and declare the interests.
The Mix Deposits six months of Banco Mediolanum deserve a separate mention. They have a return of up to 3% APR, but their hiring is subject to the subscription of an investment product as a fund. The Mix Deposit at 3% at six months is available provided that at least three times the amount contributed to the fixed term is invested in a managed product. For its part, the 1% Mix Deposit also at six months requires an investment equal to or greater than that of the deposit in an investment product. The minimum contribution to any of the two savings products is 2,000 euros and the interest is settled at maturity. In this case, the reference FGD is Spanish.
And what can be obtained in three months?
Savers who want to shorten the term even more, have three-month options. Ferratum Bank pays 0.85% APR for this period (from 50 euros), the Maltese entity FimBank, 0.70% (minimum amount of one thousand euros) and the French bank MyPartnerBank, 0.50% . The latter requires a minimum amount of 10,000 euros and, unlike the other two, can be canceled at any time, although profitability will be zero in that case.
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