Los neobrókeres presionan las cuentas remuneradas de la banca

Competition intensifies between Spanish banks and neobrokers ahead of a key ECB meeting in September, where the European Central Bank is expected to raise the official interest rate from 2.25% to 2.5%. The month has seen a downward trend among entities offering the best rates to clients.

Neobroker Scalable Capital, launched in March, increased its account performance from 2.53% to 2.63% AER (annual equivalent rate), offering unlimited benefits for all liquidity excesses. This move surpasses the 2.5% rate offered by Bankinter and MyInvestor, two entities closely following Trade Republic, Openbank, and Scalable Capital.

Financial sources suggest more moves are likely before the ECB's meeting on September 10. Many entities have made significant shifts, leaving some competitors vulnerable. Openbank, Santander's digital bank, raised its interest rate from 2.5% to 2.75% AER in August, a product without a maximum balance limit for new clients using Bizum daily.

Another factor driving rate increases is the 12-month mortgage index starting at a yearly high of 3.10% in September, with the euro deposit rate up five times in the past six months. The Treasury's 12-month bonds have also soared to 2.83% in their first subvention of the month. As competition from government bonds intensifies, financial entities are forced to improve the profitability of their accounts. This trend prepares the sector for the price war initiated by Openbank and Scalable Capital.