Editor’s note: This article was first published in May 2013. All rates, minimums and conditions are offers from that month. Banco Espírito Santo, Banco Gallego, Banco Popular and Bankia have since disappeared or been absorbed by other banks.
There are few good opportunities to be found since a cap was placed on deposit returns. Even so, as we know many people steer clear of equities, here are what we consider the best deposits in May. As you’ll see below, some already require you to take out other products or meet certain conditions, and if you’ll allow me a piece of advice: for deposits of 12 months or more, never settle for less than a 3% return. The most “palatable” deposits we’ve seen are:
Under 12 months:
- Banco Espírito Santo: 6-month deposit at 2.7% AER (TAE). From €25,000.
12 months:
- Bankinter: 12-month deposit at 3.5% AER. Condition: new customers who have their salary paid into the account.
- Banco Espírito Santo: 12-month deposit at 3.2% AER. Minimum amount €25,000.
- Banco Gallego: 12-month deposit at 3% AER. From €3,000, and only at some branches.
Over 12 months:
- Banco Popular: 24-month deposit at 3.25% AER. For new money brought in from other branches, or for new customers. Available at some branches.
- Bankia: 13-month deposit at 3.15% AER. Minimum amount €50,000. Only at some branches.
These are the most profitable deposits in terms of term, minimal conditions and a return somewhat higher than the rest, although, as you can see, fixed-term deposits aren’t what they used to be.
Featured image: Nacho from Oviedo, España, CC BY 2.0, via Wikimedia Commons.
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