The Spanish Treasury auctioned 6- and 12-month bills on Tuesday with yields of 3.238 and 2.954 percent, respectively.
The fall in the profitability of paper in these terms Focuses attention on Spanish 6 and 12 month deposits which, for the moment, are holding up very well despite the cuts. In fact, some deposits are widening the gap in profitability with Treasury bills.
In the country, the Maltese bank Novum offers the highest interest rate on the deposit market for a 6-month term at 3.7 percent. Investments can range from 10,000 euros to 100,000 euros.
Behind Novum is the Portuguese Banco Big, which pays 3.6 percent for six months. The bank requires a minimum of 10,000 euros and up to 75,000 euros to invest.
Best deposits on the market
Next in line is Facto from BFF Bank with a branch in Spain, which pays 3.55 percent per year. This bank requires a minimum of 5,000 euros and a maximum of 3 million euros.
Cetelem, the commercial brand of BNP Paribas, also promotes a 6-month deposit that pays 3.50 percent APR.
However, the return is achieved if 50,000 euros are invested. The APR drops to 3.32 percent if a smaller amount of 6,000 euros is invested.
The fixed-term deposit that pays the most in one year is also the one marketed by Novum at 3.6 percent. At 3.25 percent is Finantia, which requires a minimum investment of 50,000 euros.
This is followed by Cetelem, which pays 3.20 percent over this period. All of them are protected by the Spanish guarantee fund, which covers up to 100,000 euros per client and institution.
Exodus to the warehouses
With these returns, there is a gradual exodus of savers from Treasury bills to deposits. In fact, according to the latest data from the Bank of Spain, the savings of Spanish families in deposits are at their highest.
At the end of June, household deposits stood at 1.03 trillion euros, and corporate deposits at 333 billion. In total, the Spanish deposit market had 40 billion euros more in June than in May.
The only drawback that savers who migrate from bills to deposits may encounter is that some of these products have a higher minimum investment than bills.
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