At this point in life it is no secret that An account will not make you a millionaire, or at least obtain a more than interesting return on your life savings. Not surprisingly, they offer interest that is at a minimum as a result of the decision of the European Central Bank (ECB) to lower the price of money. Faced with this monetary scenario, do not expect great offers, not even exceptional savings models.
If you have a current or savings account subscribed at the moment, it will not be generating much profitability. They move under very low margins, and that will surely disappoint you: no more than 0,30% per annum. They will help you channel the main banking operations: transfers, direct debit your household bills (water, electricity, gas, insurance ...), and even to grant you a credit or debit card. But hardly ever to set up a powerful savings plan for the next few years.
What to do in this scenario so unfavorable for the interests of Spanish savers? Few alternatives you enjoy at the moment, but some can be found in the current banking offer. Through high-remuneration accounts, and that despite their name, they do not reach the yield margins of yesteryear, in which they came to offer up to 6%. Now, the most they can provide to their clients is a 2% return., and something more in the more aggressive proposals and under certain conditions in their formalization.
However, to obtain these performance margins you will have to meet a series of requirements, which will not be easy for you to meet in all cases. In any case, it is an alternative that you currently have, if you are not happy with the account that you have subscribed for a few years. In spite of everything, if what you want to generate every year a savings bag with more competitive interest, it will be better to look to other more competitive banking products to achieve your goals.
And if, despite everything, your interest is focused on formalizing a high-performance account, we will help you achieve this desired desire, or at least, show you what tools you should use so that you are interested in these products. Even through some truly original advice that can enhance your position as a small saver. In any case, rule out exceptional returns, because no bank will give them to you anymore under any commercial strategy.
From now on, you will have the opportunity to know all the types of accounts that comply with this characteristic. In some cases you will have to direct your payroll, in others perhaps even change your bank, and in all of them modifying your current approaches to formalize the contract of a checking account. It may be the definitive solution for this banking product to stop being unprofitable for your aspirations as a user.
Most profitable accounts
The strategies used by banks to improve the profitability of their accounts are very limited, but in any case enabled under the unique offers they provide to their clients. They are designed under different formats, which aim to meet customer expectations, and that they do not direct their contributions to other entities. Normally under eminently conventional proposals, but some of them may surprise you with their innovation.
As a consequence of these business strategies, they raise - although not excessively - the interest on your accounts. From 0,50%, and up to a maximum level of around 2%. Profitability that exceeds that offered by term deposits, which currently ranges in a range that goes from 0,25% to 0,80% approximately. And all of it with full and immediate availability on the account balance.
The most profitable account that can be subscribed from now on is the one that Bankinter has been developing through the Payroll Account, with a 5% yield, and right from the start. Although it only pays the first 5.000 euros, and is intended exclusively for new clients who contribute a payroll or regular income from 1.000 euros.
Direct Office chooses to offer you the Deposit Account, which is associated with a term tax, for which an interest rate of 1,50% can be generated, although only for a term of four years, and with payment of interest every month. Evo Banco, on the other hand, markets another model that has crystallized in the Smart Account, and in which an annual yield for savings of 1,10% is contemplated, and also with monthly interest payments.
Intended for new customers
It is the most common recipe to enhance the performance of these accounts, and it is generally developed under the welcome promotions that banks develop so frequently. Their purpose is obvious, they try to attract customers from other banks.
For this, they offer more generous contracting conditions, even with higher benefits and an increase in services. Regarding their interest rates, they can rise up to 1%, even exceed it in certain promotions that develop the most aggressive formats. They are beneficial to your interests because they do not require any requirements, only that you change bank.
However, they show some drawbacks that you should take into account before you finally sign the contract with the bank. Among them, that takes place under very limited time frames, from them to return to the usual conditions in this class of banking products, rather scarce. They may also require you to maintain a certain balance to take advantage of their benefits.
With payroll ahead
It is the most powerful strategy they offer you to improve your conditions. You will have to contribute your payroll (pension or regular income) if you are willing to subscribe any of them. Even, and as a novel element, they are open to the income received by clients who are unemployed.. If you are in any of these situations, congratulations, because the interest you will receive every year will be more generous, although without fanfare.
In some cases, it may not be enough to comply with this requirement, and you will also have to pay the main domestic bills (water, electricity, gas, mobile, etc.) for this improvement in the conditions of the contract to take effect. In return, some accounts return a minimum part of these invoices to you. Between approximately 1% and 3%, but with a maximum limit that cannot be exceeded in any case. They can help you maintain greater liquidity in these savings instruments.
Greater ties with the entity
Clients, such as your specific case, who have contracted other products (pension plans, funds, credit cards or insurance) with the entity will be more receptive to formalizing their accounts with the best interest offered by the banking system. It will be the reward proposed by financial institutions to retain you as a customer. It is a trend that is gradually taking shape in the banking sector to try to sell more products, and if possible among its current clients.
Usually this kind of linked accounts offer you about 1%, and always under absolute availability on your savings. And whose main characteristics are very similar to traditional formats, with hardly any differences in their features or services. And of course, exempt from commissions and other management expenses.
Aimed at preferred customers
If you are a good customer, you will always have as a last resort to improve the profitability margins of your account, the negotiate it with your bank. It will be a matter of putting yourself at the table and checking what performance they can offer you at the moment. You should highlight the benefits of your banking history, and even the many years that you have been a client. It will be the guarantee to achieve the objectives.
This strategy, so common among older customers, raises the profitability levels that banks can reach by small percentages. You can increase it with a few tenths, but little more. If you do not meet the characteristics to formalize the request, you better give up the attempt, because surely you will not get anything. As much as they remove the commissions under a new approach in the account.
No commissions or expenses
In many cases, the savings in contracting this banking product will not come from the higher interest rates that they provide, but from the expenses that you can save on its maintenance. And in this sense, the most generalized is through the exemption of any kind of commissions and other expenses in its management. Not in vain, it will mean an annual saving of between 30 and 100 euros, depending on the use of the account.
At present, a good part of the banks commercialize this commercial strategy with some assiduity, and as a formula to stay in the clientele, and do not go to another entity. More and more entities are appearing (Bankia, BBVA, Santander, Bankinter, ING Direct, etc.) that are launching programs under the name of zero commissions or accounts without. For which you can contract one of their personal accounts without any type of expense.
To accept any of these proposals, it is true that you will have to link even more with the financial institution, even contracting other products, of various kinds. But the goal you will achieve will reward you for the effort. And probably, with the savings of these expenses, you will obtain more money than through the profitability that any of the current accounts that are available in the current banking offer can generate.