He European Central Bank (ECB) made the decision to raise interest rates again in 25 basis points, placing them at 4.5%, in a meeting held last Thursday, September 14, and its president, Christine Lagarde, made it clear that the institution intends to keep rates high for a while. These prospects have left savers in a dilemma: What to invest in to take advantage of the rate rise?
The market for current financial products, whether checking accounts, deposits or monetary funds, has begun to move for the good of savers. “Although these are more discreet remunerations than interest rates, it is progress that Spanish banks are finally offering profitability for savings,” indicate the experts from the financial comparator HelpMyCash.com
For potential savers, it is essential to evaluate several factors before making important financial decisions. “First of all, they must determiner the maximum amount they can invest. They must also consider whether there are additional requirements from the financial institution, the commitment period and the availability to withdraw funds. Finally, they must understand when and how the interest will be paid – at the end of the agreed period, quarterly or semi-annually -“, they point out from the comparator.
Below, HelpMyCash analysts share a selection of the most attractive products available on the market today.
Term deposits are like a financial commitment. “You deposit a fixed amount for a certain time and, in return, you receive a guaranteed interest rate,” they explain.