What are paid accounts?
Una paid account can be defined as a financial product that bases its performance on the imposition of a certain amount to the bank or entity through which we will obtain a interest yield specific for having our money deposited there. These types of accounts offer the holder the advantage of being able to dispose of their funds (Withdraw money, make transfers, etc.) But not everything is flowers, since the low profitability they offer is a great disadvantage.
To choose the best paying accounts Certain basic criteria apply, including:
- Cost effectiveness. You have to look for the remunerated account that offers a higher interest for the money you deposit. To do this you have to compare the benefits offered by banks.
- profitability over time. The ideal is to choose the remunerated account that maintains high returns for a longer time. Since generally this type of financial products are characterized by offering high returns during the first months to capture the customer's attention and very little return for the following months.
- Settlement of interest. The settlement of interest is applied to the average balance. This is why, if the payment is made monthly, the accrued interest is applied to the average monthly balance and our money will grow month after month.
- Commissions.Try to avoid the imposition of commissions such as maintenance or administration. The higher these commissions, the lower the profitability and we will obtain more money for our savings.
- Associated services. One of the main advantages of remunerated accounts is that they give you the possibility of having your own funds. For this reason, we must pay close attention to what the bank will charge for carrying out procedures, such as transfers or withdrawing money.
- Do not link credit cards or direct debits. Those looking for a savings product in the remunerated account should avoid this link. There are other products on the market to make direct debits and payments, and if it is about saving, paying your bills will not be the best option.
find the better profitability without risk has become quite a complex task for consumers. But immediately the 10 best options with the best profitability for remunerated accounts are listed.
The following list shows what are the paid accounts offered by banks as of April 2017.
TOP 10 best paid accounts in Spain:
Account 1|2|3 of Banco Santander
Banco Santander
- Refund of up to 3% of direct debit bills
- free transfers
- Salary account at 5% APR
- 3% APR with no time limit
Bankinter account
Bankinter Bank
- 2% return on your purchases in installments
- Payroll advance of up to €6.000
- 5% APR the first year
- No commissions
Account 360º
Cajamar Bank
- No maintenance fee
- Welcome Account
- Up to 3% APR, depending on conditions
Openbank account
open bank
- without permanence
- No commissions
- 1,75% NIR for 3 months
- Up to 0,40% TIN from the 4th month
single account
Mediolanum Bank
- No commissions
- free cards
- 1,75% NIR for 3 months
ING Direct Orange Account
ING Direct Bank
- 100% online operation
- No commissions
- 1,00% APR for 2 months
- 0,10% APR from the 3rd month
WiZink Savings Account
WiZink Bank
- No minimum amount
- 0,50% APR
- Deposit associated with 0,75% APR
- No commissions
Coin Account
coin bank
- 4% gift at Amazon.co.uk
- No commissions or link
- 0,30% APR
- Gift of €15 when signing up
Evo Smart Account
Evo Bank
- Free ATMs without charges throughout Spain and the world
- No commissions
- 0,30% APR in the savings account
- 2% discount on GALP
Account Deposit More
Direct Office Bank
- 1% APR, the first 4 months
- No commissions
- At the 5th month, 0,40% APR
even with the current economic situation in Spain, with historically low interest in the market, there are some remunerated accounts that offer all their clients a return of up to 5% APR, Bankinter is the one that offers this remuneration and occupies the second position in the ranking for another consecutive month for its attractive remuneration .
Similarly, the first position is taken by Account 123 of Banco Santander, since, despite offering a lower return than that of Bankinter, it has no time limit. In addition, the maximum balance to be remunerated is 15.000 euros, while Bankinter limits you to 5.000 euros.
On the other hand, the 360º account of the Cajamar bank, which occupies third place, offers a return of 3%, establishing it as one of the best options in the market as well.
The last quarter of last year 2016 and the beginning of this year, have given a complete turn to the conditions established by remunerated accounts to monopolize the market. This is not very good for those who want to have their money saved in exchange for a significant interest rate.
Damage begins to deplete users. Example of this is the profitability of the ING Direct Orange Account which has dropped from 0,2% to 0,1% and the entity has also stopped subsidizing all receipts that were direct debited. Besides, the Self Bank Account has cut its profitability from 0,30% to 0,15%, half of its productivity. For its part, the Coinc Account was the last to move its figures and reduced its profitability from 0,7% to 0,3% as of last March.
And other banking entities with higher types to the average, Openbank, for example, will lower the profitability of your account from 0,50% to 0,40%. Movements that join the last ones made last year by other entities, when Wizink (Banco Popular) lowered the profitability of its Savings Account from 0,75% to 0,5% APR, as well as when Banco Santander caused a stir by modifying the commissions of your Account 1,2,3, generally chosen by people as the best.
What happened then to the best paying bank accounts?
Above 0,5%. There are still quite a few accounts that offer APR returns Above 0,5% there is nothing to worry about, you just have to know how to choose the best option for your needs.
Santander continues to lead the market for paid accounts, with a remuneration located between 0,56% and 2,67% APR, as well as the advantages that it offers the client in addition to a good remuneration. While the Evolution Account of Mediolanum reaches 1,41%. The advantage is that they are the only ones in the ranking of the best products, which return a proportional part of the amount of the receipts.
-The conditions. Like everything, there is always a not so beautiful part of the coin, Mediolanum restricts this offer to those customers who have a product managed by the entity that has a minimum amount of 15.000 euros.
At the same time, the Account 1,2,3 forces you to marry the bank, with the domiciliation of your salary, as well as your receipts and use at least 6 times every 3 months any of the accounts you have with them, forcing their clients to have everything with them, but It is not a bad thing, for a reason they are the best in this sector.
-For new customersIn this competitive world of remunerated accounts, it may seem complicated for those who come to a bank for the first time, they can still find incredibly profitable returns from other times.
But in many cases the terms are very short, which is why you have to consider various factors to choose the best option to save your money. The most attractive in this circumstance is usually the Bankinter Bank Payroll Account, which at least until December 31 offers 5% APR remuneration during the first year and 2% APR during the second.
In exchange for this good option, the maximum remunerated balance is only 5.000 euros, but even so, it is very productive for people who want to enter this world of remunerated accounts to choose this option, since it is usually quite profitable in the first years. , generating enough capital to think about other options.
The question that you may be asking yourself is whether now is a good time to start using a remunerated account with current interest rates. All Europe and especially Spain is experiencing a moment of very low interest rates, with which it is unattractive for many to venture into this financial sector, in addition, much remuneration cannot be expected for accounts that do not have risk like these.
The best offers can be altered without notice, with discounts in the interest that they offer, so it is a good option to save and earn some money, but not the best to generate a large income or live on it, due to the little risk that these represent for the client, in this world current economic situation, he who does not risk does not win.