Javier Serrano
Updated Friday, March 1, 2024-10:18
Current accounts
are
the most basic banking product for any client, they are the
usual
bank accounts where we deposit our money, and which we can use with total freedom and flexibility.
And we say that it is the most basic product because the rest of the products that we contract in our financial institution need to be linked to a checking account: a credit or debit card;
mortgage or any other type of loan;
direct debit of receipts;
payroll collection;
investing in funds... But lately we are hearing more and more about
paid accounts
and we want to explain what they consist of and which ones offer
the best profitability
in this month of
February 2024
.
What is a paid account?
So far in the 21st century, having a bank account has not generated any type of economic return.
On the contrary, between the commissions we pay to banking entities and the effect of inflation, the money we have deposited in our account each year loses a little of its value.
In recent years, in a context of low interest rates and low inflation, it is understandable that banks have not wanted to maintain cash and balances in current accounts, and did not offer any bonuses to clients.
But for some time now, interest rates and inflation have risen significantly.
This means that the loss of value of money from one year to the next is much more pronounced: with 100 euros, we buy many fewer things today than with 100 euros a year ago
.
So, on the one hand, banks are beginning to find it more profitable to have money to lend, and on the other, to keep customers they have to make attractive proposals, or they may possibly leave for another bank.
And one of the most immediate solutions has been to
remunerate the accounts
, paying interest to the client for maintaining a certain balance.
Now it's up to clients to find the
best paid account
.
By the way, this remuneration of accounts is not new: it was common in the 80s, in a context of high rates.
It is something that was lost throughout the 90s and that now, after 25 or 30 years, we have recovered.
It's a question of supply and demand.
Characteristics of paid accounts
To find
the best paid account
, we must pay attention to certain characteristics.
First of all, of course, the
interest that an account gives us.
And
we found some that guarantee 6%.
It is a
very high profitability
, but we must pay attention to the restrictions: normally, this interest is maintained for a period of time, a few months, and then it drops significantly.
And it is also usually limited to a maximum amount.
Depending on our circumstances,
we may be interested in a paid account with a lower interest rate, around 3%, but that returns more capital and for a longer time.
Each one must calculate how much profitability they will obtain.
Another aspect that we must take into account is that the
profitability of interest-bearing accounts
depends on the economic context, and that fluctuations in interest rates and inflation will lead to periodic reviews of the conditions.
Another element that we must include in the equation is the obligation – or not – to contract linked products.
Sometimes, to obtain the maximum bonus from our paid account, we must take out credit cards or other products from the financial institution itself, make a minimum monthly transaction, direct debit certain receipts... In some cases, these actions have a certain cost , so we have to see how it affects our
profitability
.
In any case,
paid accounts
are an excellent alternative to keeping money deposited without any type of remuneration.
They do not completely compensate for the rise in inflation, but they mitigate its effect, and of course, the interest is taxed by the Treasury, the profits, however small, are integrated into the capital returns.
But
if we know how to study our options well, paid accounts are a flexible and immediate product that also give us a certain return.
Best paid accounts of March 2024
Below, we give you details of some of the most interesting
paid accounts
that exist on the market at the moment.
Bankinter Payroll Account
The Bankinter Payroll Account is a commission-free account that offers you a remuneration of 4.94% TIN the first year and 1.99% TIN the second for the first 10,000 of balance that the client has.
Of course, to achieve this you have to domiciliate the payroll and several receipts, as well as make purchases with a card.
Go to offer
Trade Republic Account
The Trade Republic Account from Trade Republic does not charge commissions nor does it ask you to meet any requirements and, in addition, it will pay you a 4% TIN indefinitely for the first 50,000 euros that you have in this demand deposit.
Go to offer
Klarna Bank Account
The Klarna Bank Savings Account (available in Spain through the Raisin online platform) offers you a remuneration of 3.25% TIN indefinitely for your money, with a limit to the maximum remunerated balance of 85,000 euros.
In addition, it does not charge commissions or require compliance with any requirements.
Go to offer
Freedom24 Account
The Freedom24 Account has no requirements and will pay you 3.89% TIN, starting from the first 150 euros and with no limit to the maximum paid balance.
Of course, you should know that their interest evolves at the rate set by the weekly Euribor (so it can go up or down).
Go to offer
EVO Account
With the EVO Banco Smart Account you will have two accounts connected to each other: a remunerated account, with an interest of 2.81% TIN indefinitely (for the balance that does not exceed 30,000 euros), and a current account, without conditions or commissions for your daily operations.
Go to offer
Sabadell online account
With the Banco Sabadell Online Account you will obtain interest of 2% TIN indefinitely and for the first 20,000 euros of balance you have.
This paid account has no commissions or conditions and, in addition, it returns 3% of direct debit receipts.
Go to offer
Bankinter digital account
The Bankinter Digital Account is an account without commissions or conditions with which you can get up to 1.49% TIN for your money.
Specifically, the entity will pay you 1% for the balance ranging from 1 to 24,999.99 euros;
1.24% TIN for those that range between 25,000 and 49,999.99 euros;
and 1.49% TIN for the balance of 50,000 euros or more.
Go to offer
Inbestme Savings Portfolio: an alternative to paid accounts
Inbestme Savings Portfolio: an alternative to paid accounts.
Among the many alternatives that you can find to paid accounts is the Inbestme Savings Portfolio.
This product consists of a portfolio of monetary funds, whose profitability is linked to the evolution of central bank interest rates.
Available from 1,000 euros, it currently offers an IRR of 3.6%, but this may change (and, therefore, go up or down) depending on how this indicator evolves.
Go to offer
Article prepared with the collaboration of Kelisto