La banca dispara el atractivo de los depósitos a 3 y 6 meses

Spanish and European banks are significantly adjusting their deposit strategies in response to the evolving monetary landscape. While simultaneously reducing the yields of the top products to one year from the peak levels of 3.5% reached at the end of September, they are increasing the returns on the intermediate tranches, particularly the six-month segment.

This shift is driven by the European Central Bank's (ECB) cautious approach to interest rate hikes. The ECB signaled in late September that it would not make aggressive rate hikes of 50 basis points at once, as it did in 2023. The bank maintained its key interest rate at 2.5% on Thursday, as market expectations had anticipated. However, the pause could be short-lived, as ECB President Christine Lagarde hinted at a probable rate hike of 25 basis points at the December meeting, contingent upon confirming new inflation data.

In this evolving scenario, banks are adjusting the profitability of their star products. The first consequence is a noticeable narrowing of the yield differentials between the best six-month and 12-month deposits. By the end of September, banks like Sme Bank (Lithuania) and BluOr Bank (Latvia) were offering 3.5% and 3.45% APR (annual percentage rate) for a year.

Today, they pay 3.3% and 3.2%, respectively. The top lender in the market with no withdrawal conditions remains Sme Bank. This week, Banco Finantia introduced a 6-month deposit with a 3.25% APR, among the most attractive in the market, available exclusively to new deposits. Earlier this week, Portuguese bank Banco BiG enhanced returns on its three and six-month deposits to 2.75% and 2.9%, respectively.

Among Spanish banks, the highest payers in a year are EBN Bank, Cetelem, Miraltabank MyInvestor, WiZink, and Pibank, all offering 3.10%. Meanwhile, institutions are broadening their offerings for three and six-month periods, anticipating that future rate hikes may concentrate in this timeframe, with an expected 25-basis point pace.

The best offers, excluding those targeting only new deposits with relevant amount limits, range from 2.9% to 3.2%. Thus, top-tier rates are at most 20 basis points below the most competitive products for one year. Spanish banks under the Spanish guarantee fund's protection are also tightening their intermediate-term deposits. MyInvestor raised its six-month deposit to 2.75%, while Self Bank expanded the returns on its shorter-term deposits to 2.55% APR for six months and a very generous 3.05% for three months, for both new and existing customers.

A temporary halt in the interest rate escalation in Europe does not dampen the overall improvement in savings product profitability, and the trend extends to remunerated accounts. This week, British neobank Monzo launched a new account in the Spanish market, paying 4% on the first 5,000 euros for a year and 2.5% on the rest of the savings.

The account uses a Spanish IBAN and Bizum from the outset. It competes with leading institutions such as Openbank, Trade Republic, Kutxabank, B100, Bank Norwegian, and Bankinter, which pay between 3% and 3.25% APR. Competition is intense, as evidenced by Bankinter extending its digital account conditions until November 11, offering a 3% APR with an initial maturity date of October 28.

The maximum remunerable balance is 100,000 euros. Moreover, it offers €600 additional incentives for linking salary transfers. There are prospects for further improvements if the expectation of a further interest rate hike at the ECB's final meeting of the year materializes. When analyzing offers, the key factor is evaluating the maximum remunerable amount banks set.