Self Bank lanza un depósito a dos años al 2,75% TAE

Self Bank has entered the competitive Spanish savings account market with a new 24-month deposit offering an annual equivalent rate (AER) of 2.75%. This product cannot be canceled within the first six months, with a 0.5% penalty after that period. Alongside this, Self Bank also offers a welcome deposit for new customers or existing balances, which pays 2.75% AER for 12 months without requiring any tie-in.

Self Bank has expanded its deposit offerings with terms of 3, 6, and 12 months. For the 3 and 12-month deposits, clients can earn up to an additional 3% AER by investing the minimum required amount in funds managed by Singular AM. The 3-month deposit earns 2% AER, but increases to 3% AER if the client invests at least 30% of the deposit amount in the recommended Singular AM funds within five days of opening the account.

The 12-month deposit now offers a base rate of 2.50% AER, with an additional 3% AER if the client deposits at least the 30% within five days of opening the account.

Self Bank's strategy aims to encourage customers to move beyond traditional savings, planning investments with a long-term perspective to protect their assets during high-inflation environments. The neobank joins a growing list of entities that have increased their deposit rates following the latest European Central Bank (ECB) interest rate hike, which has led to improvements in the risk-free returns of savings products.

Neobanks like MyInvestor and Deutsche Bank have also increased their deposit rates, while ING has launched new 6-month deposit options with higher returns for larger amounts, and Trade Republic and Revolut have raised their TAER options for both new and existing clients.