Last week, the news in the world of deposits came from MyInvestor, Andbank’s neobank, which announced this Wednesday the launch of a new deposit at 4% APR for 1 month, contractable from 5,000 euros. It will be available from this Thursday, November 21 until December 12. The profitability is not comparable to that of the vast majority of deposits on the market, which offer lower returns, but for longer durations (generally 3 months, 6 months and 1 year). In the case of the new MyInvestor product, 5,000 euros would give 200 euros. However, since the deposit is for one month, this profit would have to be divided into twelve parts, so that with the minimum contribution one would obtain approximately 16.6 euros.
Beyond this new vehicle, entities have generally continued to reduce the yields on their deposits, in line with the rate reduction trajectory undertaken by the European Central Bank. However, there are still opportunities to generate attractive returns. If we look at 12-month deposits, Cetelem remains the most attractive entity: the personal credit division of BNP Paribas still offering an APR of 3.24% (Annual equivalent rate). This product can be purchased from 1 euro.
Banco Finantia reduced the profitability of its 12-month deposit from 3% to 2.90%which comes second in the ranking, with the difference that it requires contributing at least 50,000 euros. Next on the list is the vehicle Pibank, which reduces its stake from 3.03% to 2.83%. It does not require a minimum amount.
In fourth position, with 2.65%, we find the one-year deposit of EBN Bancowhich reduced its interest from the previous 2.80%. EBN caused a stir last week by announcing a combined tank at 3.55% for amounts of at least 60,000 euros (for amounts between 20,000 and 60,000 euros, the APR is 3.25%). But this is not a typical repository, since this product requires a link that goes beyond savings: the subscription of term deposits (with this yield of 3.55% or 3.25%) It is combined with investments through managed portfolios or investment funds. The most accessible type of product – with these 3.25% – requires a minimum investment of 10,000 euros in deposits and another 10,000 in funds). The other type – the one that offers 3.55% – involves placing 10,000 in deposits and 50,000 in wallets.
In a context of declining profitability (with Banco Pichincha, Banca March, Triodos or Banco BIG adjusting the interest they pay), it is striking that Deutsche Bank has increased the 12-month remuneration of its vehicle from 1.90% to 2.10%. However, it remains among the least profitable.
