The Facto Account has positioned itself as one of the best tools for customer savings to improve through a simple product to contract and with the lowest level of risk (1/6 according to the risk traffic light, with 1 being the risk lowest and 6 highest). One of the main characteristics of this bank account is that it is presented under a double contracting model. On the one hand, a checking account and on the other a high profitability deposit that significantly improves the average levels of remuneración that offer these financial products at the moment. Developed by Banca Farmafactoring, an entity that operates throughout the national market.
One of the incentives to contract El Depósito Facto is because clients will be able to improve the weak profit margins that are presented to them by other entities. Specifically, this innovative account offers an interest rate of up to 1,25% APR *. But with a notable particularity with respect to other term deposits and that is that in this case it is the users themselves who choose the exact expiration date. Being able to direct their financial contributions to 12, 36 or even 60 months, depending on the profile they present as small and medium savers.
All this, in a scenario like the current one, where the average Spanish interest on deposits with terms of more than one year is 0,13%, according to the latest data published by the European Central Bank (ECB) on interest to fixed term generated by these savings products. In this way, the deposit subscribed through the Facto Account will improve the interest it provides to bank users by just over one percentage point. To the point that he has been chosen by the Rankia Awards as the Best Deposit of 2017.
Facto account: online contracting
Another of the hallmarks of this banking product is that it can be contracted 100% online and without the need to wait in queues or in a hurry in case the bank closes. In other words, all the deposits linked to this account can be conveniently subscribed from home or elsewhere. At any time of the day and knowing from the beginning what will be the return that will be obtained on the savings deposited.
The Facto Account contemplates an annual nominal interest rate of 0,20%, with monthly interest settlements that are made the last day of every month. Another of its most relevant contributions is that it is exempt from commissions for its management or maintenance.
The Facto Deposit is one of the best paid at the moment and with the additional advantage that it has the security and guarantee of the Deposit Guarantee Fund. Because in effect, the Pharmafactoring Bank, issuer of the product, is attached to the Italian Deposit Guarantee Fund. This in practice means that depositors will recover up to 100.000 euros per deposit and client in case of any banking incident.
How to open a Facto Account and make a deposit?
If you want to be the owner of this savings product, you will not have many problems to carry out the process and it will take a few minutes to formalize the contract. As we indicated previously, its opening is completely online. This means that all the requirements have to be formalized from your personal computer, tablet or smartphone. Through a very simple procedure for any bank user that is developed in the following three steps that we are going to explain below:
- Complete the form that you will find on their website in which you will have to expose the personal data more basic. As is done with other accounts and term deposits.
- To sign the contract, either in online or traditional format, so that in this way the process to be the owner of this banking product is expedited in a short space of time.
- And as the third and last part of the process there will only be manage it, both the account and the deposit, from your technological devices from this precise moment. In this sense, to activate the account you must make a transfer from any other account you have in another entity to your Facto Account. Once the account is operational, you can make the Facto Deposit with the amount (between € 10.000 and € 3.000.000) and the term that best suits your needs (between 3 and 60 months).
Calculate total profitability
For an amount of 10.000 euros for a period of 60 months, some gross interest of 625 euros. Because in this case, the interest rate that will be applied to you will be the maximum, 1,25%. However, the interest margins will not always be the same since they will grow progressively depending on the term of permanence you choose. In any case, they move above the average, between 0,25% and 1,25%.
The shortest deposits, for example to 12 months, are those that generate the lowest interest (0,75%), while if the term is extended to 36 months, the yield rises to 0,90%. On the contrary, to obtain the maximum amount it would be necessary to select a period of 60 months. With some of the highest interests in the national banking sector.
Things to keep in mind before hiring a deposit
- Una greater flexibility so that you can adapt to all the scenarios generated by your domestic economy.
- Search type of interest above that marked by this class of banking products.
- Exempt from other expenses in their hiring, both in management and maintenance.
- Seek returns to savings in advance so that you can obtain liquidity before its expiration.
Conditions of this proposal
The terms to which the economic contributions are directed range from 3 to 60 months. With a minimum contribution of 10.000 euros, in what is one of the most powerful offers for individuals that the banking system presents. In any case, if there is something new for which this product stands out, it is because they are made with an interest settlement every 90 days. So that in this way, you can enjoy the return on savings in advance. Without having to wait for their expiration, as happens with a good part of the term deposits that are available in the current bank offer.
It is an option to increase savings little by little and that it is achieved in a safe and guaranteed way. Whatever happens in the financial markets, depositors will have the assurance that the interest generated by this product will go to the savings account. Without any kind of links, nor with the need to contract other financial products. Channeled through online formats so that its agility is another of its most relevant common denominators. Together with the profitability that it offers to the savings of the clients.
* APR of 0,25% (0,25% NIR) for a 3-month deposit, APR of 0,75% (0,75% NIR) for a 12-month deposit and APR of 1,25% (1,25, 60% TIN) for a 10.000-month deposit. From € 90 and with settlement every XNUMX days. Offer for individuals.