He European Central Bank (ECB) began to apply a restrictive policy in July 2022, which has led to the money price to settle at 3.5% in March. However, these movements have left a bittersweet taste for savers, since the transfer of these increases to the remuneration of savings has been trickle-down and has not reached all conservative products equally. So, in deposits start to wake upwhile the pioneering offers were given in remunerated accounts hand in hand with digital banking and neobanks. Instead, the sight accountswhich concentrate most of the savings, still stuck at 0%.
These checking accounts ended February with an average return of 0.08%, they have barely moved from the 0.02% with which they started 2022, before the body chaired by Christine Lagarde began to raise interest rates. It is precisely in this type of product that the Spanish concentrate most of their savings.
According to data from the Bank of Spain, bank customers had deposited 922,922 million euros in these products in February, that is to say, that of just over 986,000 million euros that they have between accounts and deposits, most are under a 0% return. The balance in term deposits, which are subject to profitability, increased in February by just over 500 million to exceed 65,000 million euros.
Sources from the sector explain the result of this final photo despite the fact that the bank markets very attractive offers in the field of remunerated accounts. To begin with, because “although there are very “juicy” offers, there are also the offer of accounts that do not remunerate anything is very widewhich makes the market average go down.” On the other hand, there are remunerated accounts that, in reality, are made up of a sight account and a fixed term, as is the case with the EVO Banco Smart Account. Therefore, for statistical purposes, what the supervisor records as demand deposits is an account without remuneration (0% TIN).
Profitability has never been so depressed
If we look back, the cost effectiveness had not exceeded 1%, but I had never been so depressed as now, since it was around 0% when the ECB placed the price of money at this same level and the Euribor went negative (2016). Thus, in terms of maximum remuneration in the years prior to the outbreak of the financial crisis, it was around 0.7%.
In other words, it was common for these products, including those marketed by large entities, to have some profitability. Now, and after the concentration process that has been carried out, financial institutions have focused on attracting payrolls, with a gift of cash, ranging from 350 euros offered by Banco Santander to 150 euros from BBVA .
On the other hand, the Digital entities and neobanks have carried out a more active work when it comes to offering their clients remunerated accounts In search of increasing liabilities, but, above all, customers. This is the case of MyInvestor, which offers a return of 2% over one year and for balances of 30,000 euros. Orange Bank or Renault Bank also stands out. Within the best-known banks, the offers come from the digital world. This is the case of Banco Sabadell, which offers the same profitability and for balances of the same amount. Openbank, which has a Welcome Savings Account for new customers or ING, which has once again remunerated its Orange Account.
Despite the fact that these offers have had a very positive evolution, they have not been able to mobilize the savings that clients have in the rest of the entities, while the large banking groups are committed to offering investment funds to those clients who show a special interest in obtaining the best return on your money.
