The race for the remuneration of deposits in Spain is so little animated that just a few tenths can make a difference and end up tipping clients’ decisions towards one bank or another. That’s what Evo Banco, Bankinter’s 100% digital bank, seems to be banking on when announcing the launch of a new deposit that promises a return of up to 2.85% APR over 12 months without ties and without minimum amounts to contract it.
The product will be available until January 31, 2024 and will allow contributions from 1 euro to a maximum of 1 million euros. “It admits up to two co-owners, allows total or partial cancellations when the client decides, and offers the possibility of contracting an unlimited number of deposits during the validity of this product,” the company explains in a note. Of course, it is only available for new deposits, whether from clients or non-clients of the bank, and it will be necessary to have a Smart Account (paid) to be able to manage the funds and receive interest settlements.
Evo’s move occurs hours after Banco Mediolanum announced yesterday an extension until December 31 to contract its Deposito 4.0 for six months with up to 4% APR.
The product is aimed at new clients and the main novelty with respect to the deadline that expired in August is that the requirements have been raised. The minimum contribution has been raised from 2,000 to 10,000 euros, while the maximum to be paid has been set at 50,000 euros, compared to the previous 30,000. You can hire all types of clients, new and old.
Furthermore, at the time of maturity, at least one of the deposit holders must have assets managed in the bank of at least 3,000 euros or have a payroll or pension of a minimum of 700 euros domiciled. However, the entity has warned that the deposit does not allow additional contributions or partial cancellations. In case of full early cancellation, the interest offered by the bank will be 0%.