Javier Serrano
Updated Tuesday, April 2, 2024-17:38
Current accounts
are
the most basic banking product for any client, they are the
usual
bank accounts
where we deposit our savings, 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
April 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 gives us a certain return.
The best paid accounts of April 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 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 THE 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 THE OFFER
Freedom24 Account
The Freedom24 Account has no requirements and
will pay you a 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).
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B100 Health Account
The paid account of the new digital bank launched by ABANCA, called B100, has a profitability that
starts at 2.67%, but can reach up to 3.35%
. Of course, to do this the client must set goals related to healthy living (specifically, a number of steps to take each day) and then fulfill them. Keep in mind that the B100 paid account is integrated into a pack that also has a checking account and a debit card to perfectly comply with the daily banking operations of each client.
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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 THE OFFER
EVO Account
With the EVO Banco Smart Account you will have two accounts connected to each other: a paid 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 THE OFFER
ING Payroll Account
The ING Payroll Account is a
commission-free
account , with
free transfers and cards
that also allows you to get a remuneration of
1.49% TIN
for your money if you combine it with the Orange Account. To enjoy all these advantages, the entity will only ask you to direct deposit your payroll, pension or unemployment benefit, or regular income of at least 700 euros per month.
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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.
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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 THE OFFER
Source: Kelisto with information from the websites of banking entities. Data current as of 04/01/2024. To prepare this 'top 10', only the offers of entities with products that can be purchased from
Kelisto.es
and that have agreed to be part of this ranking are taken into account. Offers sorted by TIN, from highest to lowest.