There are no easy times for Spanish savers who want to put their money safely. National banks go through what is perhaps the most delicate moment in history, surrounded by the new requirements of provisions, by the rating agencies, by the weakness of their income accounts, by the fall in their quotes and by the doubts which provokes the next valuation of its real estate assets by independent appraisers.
Money with maximum guarantees
In this scenario, where to place the money with maximum guarantees? The first premise must be security . In deposits, the number one objective is to shield savings. That is, do not deposit in a single entity more than 100,000 euros guaranteed by the holder and current account the Deposit Guarantee Fund.
Profitability of deposits
After a week marked by the nationalization of Honest Bank and the fear that the entity will go into losses – it has announced that it will reformulate its accounts – in 2011, investors think about where to put their savings safely. In Spain the offer is very extensive, although the profitability of deposits is not as juicy as last year. It happens as with clovers: whoever finds a four-leaf clover, that is 4% a year, has a treasure.
The big paradox is that this figure is possible only in banks to which the crisis has gone through the keel. This is the case of the nationalized Honest Bank, in this case from 30,000 euros, as well as the main Portuguese banks Cooperative Bank. Figures well above the average that try to retain customers in the face of the plight of the entities.
Among the large Spanish banks the dominant trend is to find yields not exceeding 3%. In the case of Good Finance, its one-year deposit is remunerated at 3.05%, while the profitability of the Uno product is even lower, reaching 2.65%.
Promissory notes and preferred, another story
Visiting a bank office to be interested in your savings products always ends with a question: Notes or deposits? Banks are prioritizing the hiring of the latter, since they do not suffer the penalty imposed by the Good Finance on deposits when they exceed a certain limit.
In return, the investment is not guaranteed and depends exclusively on the solvency of the group. For example, the first Spanish bank, Good Finance, offers only 3% for a one-year deposit, while the profitability of its twelve-month promissory notes reaches 3.75% from 10,000 euros and 3.90% at from 60,000.