A few hours before the European Central Bank (ECB) announced the second rate cut of the year (the first in June), while the market was discounting, Three entities, among the 12 most profitable, have already reduced the yield on their 12-month depositsand all offer less than 3%. Among these, the list of companies that offer their products for a year with a yield of less than 3% amounts to six, and six others remain above this figure.
MyInvestor is the entity that reduces the yield offered on its 12-year deposit to 2.75%, compared to 3% previously. The minimum amount required is 10,000 euros, up to a maximum of 100,000 euros. Deutsche Bank has taken the lead in this matter and a few weeks ago lowered the profitability offered by the 12-month deposit, from 2.90% before 2.55% current. Now, Selfbank also lowers the yield delivered over the same period to 2.90%, of the 3% it offered until then. The first entity requires a minimum amount of 3,000 euros and the second goes up to 50,000 euros. Both products are members of the Spanish Deposit Guarantee Fund (FGD), which guarantees the first 100,000 euros per depositor in the event of the entity’s bankruptcy.
Thus, among the 12 entities with the most profitable deposits with a duration of 12 months, the six that give returns below 3%, from lowest to highest (see graph), are: ING, with 1.90%; Triodos Bank, with 2.65%; Banco Pichincha, with 2.83%; Deutsche Bank, with 2.55%; MyInvestor, with 2.75% and Selfbank, with 2.90%.
On the other side of the table, that is to say the most profitable products in twelve months, the Finantia Bank, who maintains remuneration for twelve months from 3.25% for amounts starting from 50,000 euros, and that of Cetelemthe financial company of the French bank BNP Paribas, The company offers a 3.2% to twelve months without there being a minimum contract amount.
Cetelem is also among the entities that have the highest yields on its various products, and in all cases exceed the yield on one-year debt. In fact, the company was among the few to offer 4% for its short-term deposit, which expired on June 30 and renewed the conditions with a slightly lower yield, but which continues to beat the profitability of the debt of the twelve countries of the month: 3.96%.
The trickle of decline in deposit yields is consistent with the rate cuts facing the body chaired by Christine Lagarde, who appears set to announce the second interest rate cut this year at the meeting held on Thursday, September 12, a week before the US Federal Reserve (Fed) makes its first reduction of the cycle.
