The rise in rates stirs the war for savings among banks: these are the best-paid accounts and deposits

• ECB undertakes the largest rate hike in its history with a rise of 0.75% to curb inflation

The rise in rates by

(ECB) has begun to cause tectonic movements on the part of the banks.

Mortgages were the first to notice them and, even before these increases took place, the entities already began to make them more expensive;

In recent weeks, in addition,

something that many interpret as the drums announcing an imminent battle for customer liabilities.

The process is still incipient and is led more by

than by the large traditional banks in Spain, which have hardly moved in this direction.

However, the market expects the competition to accelerate in the coming months, especially if the ECB continues with its roadmap of further rate hikes to deal with inflation.

In this way, the most conservative clients -which represent the most common profile in Spain- begin to see the light after years of an expansive monetary policy that has come to

in entities.

"To benefit from the rate hike, you have to know how to search. For now, traditional banks, with few exceptions, have remained on the sidelines of this new trend. In any case, the improvements in the profitability of savings products they are being gradual and although some banks are beginning to offer much higher remunerations than those we have seen in recent years, they are far from compensating for inflation", point

, experts in Banking and Deposits at the comparator

.

The offers and counteroffers that have accelerated in recent weeks are aimed at attracting new customers or increasing the loyalty of existing ones.

In any case, experts warn that in no case will these offers compensate for the loss of purchasing power caused by inflation, which now stands at 10.5% in Spain.

From the Association of Financial Users (

) denounce that the rise in rates is not moving at the same speed in deposits, contrary to what is happening in mortgages, and they are especially critical in this regard of large traditional entities.

"The key is that banks have managed in these years of zero rates to bring together a lot of savings without remuneration, in 0% accounts, showing that many savers prefer security to remuneration. In this sense, the large entities are taking advantage and do not see great incentives to offer remuneration and this is happening, that only the small ones and with the need to attract are doing so and in a limited way (complaint product). In this sense I am pessimistic, unless some entity initiates movements and pushes others",

points out

, president of the organization.

In this scenario,

the savings and deposit accounts in Spain and Europe with better remuneration and more attractive conditions that customers in Spain can access.

According to his analysis, the most advantageous savings account is the

, which remunerates the first 30,000 euros at 1% APR for one year and also gives away 50 euros to new customers.

Also noteworthy is the account remunerated at 1% APR for one year of

, for a balance of up to 20,000 euros (MyInvestor raised the maximum remunerable balance by 5,000 euros in the middle of the year).

Both are followed

by the

, at 0.70% APR, and the

,

at 0.60% APR.

"Both banks have recently increased their profitability," they point out from the comparator.

Another entity that has already announced that it will improve the interest on your savings account is

, which from October 1 will raise it from 0.50% to 0.70% APR (maximum remunerable balance of 100,000 euros).

"The advantage of all these accounts is that they do not have commissions and can be opened only to save, without the need to domicile a payroll or receipts," they point out in HelpMyCash.

Regarding deposits, there is a considerable difference between those with a European flag and those with a Spanish flag, which have not increased their yields as much.

Despite this, there are several participants in the race for the passive and

has been the last to join it.

The entity, whose products are guaranteed by the Spanish Deposit Guarantee Fund (FGD), offers a return of 2% APR for six months on its

.

However, to access it, it establishes a series of conditions such as being the holder of a managed product marketed by the bank or

into the account without a minimum amount, among others.

From the bank they acknowledge to this newspaper that their proposal does not seek so much to capture liabilities, "but rather it is designed to make themselves known and grow in the number of linked customers."

In addition to Mediolanum,

also offers a two-year deposit at

Pibank now pays 1.20% APR at one year, after improving it from 0.50%.

The European market offers much more competitive deposits than in Spain.

Most can be purchased online and are protected by the Deposit Guarantee Fund of the bank's country of origin.

Taking into account one-year deposits, HelpMyCash highlights the proposal of the Italian

, which offers a return of 2% with a minimum of 10,000 euros.

From Estonia,

has increased its return from 1.7% to 2%, and from France,

offers a return of 1.42%, with a minimum of 2,000 euros.

As for two-year deposits,

stands first in fixed-term deposits, with a return of 2.30% APR.

The Czech

has a fixed term at 2.18% APR with a minimum of 10,000 euros, while

offers a return of 1.80% APR and can be contracted online.

In three-year deposits,

has a return of 2.50% APR;

that of

of 2.34% APR and that of

, of 2.06% APR.

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