Increasingly attractive deposits

The European banking scene has seen an influx of new, highly profitable deposit products, particularly in the wake of the latest European Central Bank meeting. Spanish and European banks are increasingly focusing on higher interest rate environments. Several institutions across the continent have raised deposit yields to their highest levels in recent years. Longer-term deposits have enjoyed the most significant improvements.

Spanish institutions offering the highest yields include EBN Banco, which has increased its deposit rates for all terms to 3.10% AER (annual equivalent rate) for 12 months. Other Spanish newcomers like Pibank and MyInvestor have also pushed the 3% mark for both new and existing customers. MyInvestor even reaches 3% for a 12-month term, while Banca March has raised its 12-month Deposit Avantio to 2.80% with a modest €30,000 to €300,000 minimum and maximum contribution range.

Cetelem, owned by French giant BNP Paribas, leads the pack with 3% yields for 24-month deposits, while Self Bank offers a 2.75% TAE four-year deposit, matching the BiG bank's 3.5% three-month premium product. Longer-term options extend to 2.91% for three years at Miraltabank and 3.75% for seven years at Belgian Bank b. All these moves enhance opportunities for savers seeking significant returns across various time frames, with European offerings guaranteed up to €100,000 by their respective deposit guarantee funds.