The battle for the customer increases in level among the smaller entities while the large banks continue to delay the moment of remunerating the savings of individuals. The latest market movement has been led by EBN Banco, which this Wednesday announced an increase in the remuneration it offers its clients for the savings account up to 3% APR, from the previous 1.25%. The new offer will begin to be applied on October 1, but it already heats up the competition that exists in a banking sector, which is made up of smaller and digital entities, to reward savings to add new clients.
“In the current context, many investors may not have defined their investment strategy and, while they decide, they can obtain a return on their money,” indicated the Director of Strategy at EBN Banco, Manuel Puente Gascónin an information note released this Wednesday.
The EBN Banco paid account is aimed at new and current clients. Profitability is obtained from the first 1,000 euros, although it is not activated until you have 3,000 euros deposited. The maximum remuneration is 10,000 euros; For the amount that exceeds that figure and up to 50,000 euros, the interest to be applied will be 1.5% APR.
On the other hand, the entity also hopes to raise liabilities through time deposits. In this sense, it has raised the profitability of 18-month deposits to 3.50% APR, half a point more. The rest of the remunerations offered remain unchanged.
EBN Banco’s announcement is the latest among smaller entities with an eminently digital profile that in recent months have been especially active in remunerating savings in their particular competition to attract new customers and deposits. Each movement provokes an almost immediate reaction from the rest of the competitors. This happened just a few days ago when ING announced a four-month APR profitability of 2.75% for its clients and for new clients who make deposits until September 30. It didn’t take even 24 hours for one of its main rivals, the neobank MyInvestorin reacting and putting on the table an increase in the remuneration of its three-month deposit to 2.9% APR, from the previous 2.75%.