Hesitantly increases the charging of bank deposits. Average weighted rate in February realized as 0.86%According to the data, it is above 0.59% compared to the previous month. Bank of Spain. This development breaks the January trend when only Spanish and Cypriot banks cut their savings fees.
In recent weeks, deposit offers from smaller establishments have begun to come in to attract customers. Caixa d’Enginyers, ING or Mediolanum. In any case, major institutions continue their strategy of not offering high-yield accounts or deposits, despite the increase in interest rates at 3.5% and the consequent references such as increasing the Euribor used for the variable to one year. rate mortgage. It closed March at 3,647%.
Given the passivity of larger institutions that did not need liquidity and offered commissions such as mutual funds or insurance during the period they received from the ECB, smaller ones began to bid. pibank Offers an APR of 2.52% with no restrictions on 12 months and quarterly interest payments; And Evo Bank, 1.50% up to 30,000 Euros if the payroll is domicile. on his behalf EN increased the fee for the orange account to 1% for customers with payroll, and also banker.
up to ECB
open bank If the balance or monthly income is increased by 600 euros, it sets the fee at 2.75% for the 12 months until 12 May, Bank Mart it also pays 2.30% per annum for contributions between 10,000 and 500,000 euros, and Mediolanum Bank4% to six months for new customers with a minimum business-managed asset of 3,000 euros, with contributions between 2,000 and 50,000 euros, or with direct debits from the payroll. Caixa d’Engineers Offers time deposits At 1.75%, 1.80% and 1.85% at 12, 18 and 24 months, respectively For contributions between 5,000 and 50,000 euros.
Return on deposits according to data from the Central Bank of Spain increased to 0.71% from 0.37% average in January for up to one year; one of those from one year to two, from 1.24% to 1.29% and those of more than two years, from 0.78% to 1.03%. The trend is up and pressures are mounting to continue on this path. Even Christine Lagarde, president of the European Central Bank (ECB), encouraged customers to demand that their accounts and deposits be repaid.
“Bank customers need to have this speech with bankers and bankers should be logical if they want retain your customers. alternative change bank and there are quite a few countries where it has been made easier to change banks, as in my country, I did this when I was Minister of Finance”, he recalled, in an interview for ‘Antena 3’, which was first given to Spanish television. .
The ECB wants banks to pay more on deposits to help them meet their inflation target. The goal can be reached in two ways. On the one hand, making credit more expensive so companies and households find borrowing more difficult and burdensome. On the other hand, to increase the value of savings, encourage it and prevent money from being used for spending or investing.