Bank deposits still offer the possibility of obtaining attractive returns, with returns above 3% both in the short term (three months) and one year. In the first case, that of shorter-term deposits, we currently find five entities, among the most profitable, which offer returns of 3% or more, a week before the European Central Bank meets and delivers, according to the market, the second rate cut of the year, by a further 25 basis points.
From highest to lowest yield, deposits earning these three-month returns are Cetelem, with 3.99%; BFF, with 3.80%; MyInvestor, with 3.5%; Deutsche Bank, with 3.03% and Selfbank, which offers 2.70% in the short term. The returns of the first three vehicles exceed the highest returns of twelve-month deposits, since Banco Finantia is the one with the most profitable one-year deposit, among the first 12, and offers 3.25%.
Digging deeper into the most profitable, the deposit of Cetelem, the financial company in French francs BNP Paribas, does not have a minimum contract amount. Cetelem’s product is linked to the Spanish Deposit Guarantee Fund (FGD), which guarantees the first 100,000 euros per depositor in the event of bankruptcy of the entity. In the case of BFF, the minimum contract amount is 5,000 euros. The BFF Guarantee Fund is Italian and works in the same way: a maximum guaranteed amount of up to 100,000 euros per holder.
As rate cuts become clearer and closer (the next ECB meeting will take place on September 12 and the same reduction is expected as in June, when it made the first rate cut in eight years), the vast majority of entities are clinging to the yields offered in recent months, when rates reached their highest level in 20 years and, with them, those products, which during the years of zero rates offered no yield, have been proposed again as an attractive offer. an opportunity for savers.
So, the changes have not been numerous but the first movements in the 12-month deposits have started to be felt. German Bank was one of the first entities to reduce its 12-month tax APR from 2.90% to 2.55%, followed later by Self-service bankingby reducing your deposit by 10 basis points over this period to 2.90%. And other companies joined in this profitability adjustment last week, such as Cetelem which went from 3.20% to 3.18%.
For his part, The 12-month bonds currently offer a yield of 2.95%.while money market funds or target return funds will also start to notice this easing of interest rates.
