The financial market is gradually recovering and the accounts paid during this year 2018 begin to offer us better salaries for those of us who are able to meet the requirements they intend to impose on us.
Generally speaking, when we talk about this type of accounts, the most relevant data that we tend to opt for one option or another is the rate of return, commonly expressed in the format of the Annual Equivalent Rate (APR) to simplify calculations and regulations.
Considering that the Euribor is at very low levels, below 0%, any remuneration offered to us is interesting.
It is important to emphasize that banks do not usually offer these remunerations without conditions and precisely these “ties” are often, to a certain degree, the reason for higher remuneration.
For this reason it is necessary to enter to assess very accurately all the relevant aspects in relation to each of the remunerated accounts that currently stand out in the financial market.
In-depth analysis of the five most interesting remunerated accounts in the market
Next, we will present the most relevant aspects exhibited by each bank or savings bank to invite us to deposit our money with them.
Before starting the analysis, it is important to be clear that the advantage of a paid account versus a fixed-term deposit is found in the availability of money . The paid accounts allow you to withdraw and move the money during the whole month at will and make an interest calculation based on the average balance during the month.
Instead, the deposit requires that the money remain stable and unaltered for a stipulated period to make the agreed interest effective.
1. Banco Evo: Smart paid accounts
The first objective of this bank is that you use this account as a normal transaction system and you are remunerated for it with a somewhat symbolic rate: 0.2% APR. On the positive side, they only require a single condition: have a monthly income of 600 euros. But deep down the advantages can be found in another way:
- Although the account does not impose maintenance fees, they have a system that they consider intelligent. It automatically takes care of transferring what they consider “surplus”, above 3000 euros, from your main account to an accessory savings account.
- They give you a credit card that is configurable with a debit format (instant payments instead of postponed at the end of the month).
2. Bankinter’s payroll account
Many users like to move money from one bank to another bank virtually every year. The objective is to find the best offer at the best moment by moving a relatively low balance.
And precisely Bankinter offers this: a 5% APR for the first 5000 euros and a 2% APR during the second year for its remunerated accounts, that is two years at maximum market profitability for a small cap figure.
We only have two conditions: direct debit of more than 1000 euros and a receipt. We must understand that the exceptional thing about this remuneration is that it was not even given a decade ago when the Euribor was at its peak around 5%.
3. The popular 1 | 2 | 3 account of Banco Santander
The objective of Banco Santander with this account is clear: to retain its customers at all costs . For this it offers very good conditions, in exchange for putting all the eggs in the same basket, precisely because the conditions are very demanding in comparison to the two exposed so far.
If it is true that the payroll should not be as broad as in the case of Bankinter (only 600 euros), a total of three direct debits and a regular use of the credit card they offer are required.
In return, the remuneration system of their remunerated accounts is staggered. For small savings of only 1000 to 2000 euros, they offer a 1% APR, if we raise between 2000 and 3000 euros, the remuneration will be 2% APR. But if we go to 3000 to 10,000 euros, we talk about a 3% APR.
4. Maximum remuneration without limit of balance with Wizink
Knowing the Evo Bank account, we have the Wizink Savings Account, which is very similar, with which we can increase this remuneration a bit more to 0.3% APR, but it has a problem.
It is not a paid account per se but a savings account that does not allow direct debits or overdrafts, only free transfers. That is to say that it is an exclusively oriented account, as its name says, to saving.
Wizink a priori, does not offer current accounts in any of its formats , but does not impose any condition on their paid accounts. Possibly it is a less comfortable account than those mentioned above, but it is designed as something more long-term, in which we even raise a deposit that will obtain good remunerations over time.
Bankinter also ventured to offer a type of account equivalent to Wizink, called “COINC Account”, with the same conditions. It is important to highlight this as an interesting alternative.
As a practical idea to optimize the returns this type of accounts can be combined, for example, with the payroll account of Bankinter or 1 | 2 | 3 of Banco Santander, for all those surpluses above 5000 or 10,000 euros respectively, which does not they are going to remunerate us.
5. Openbank Welcome Account
This bank owned by the Santander group has always stood out for offering excellent conditions to its new customers. In this case, they offer us very good remunerations depending on the degree of connection we offer to the bank.
- During the first 3 months 1,75% TIN without particular conditions
- From the fourth month, 0.51% APR without conditions and 0.74% APR for those domiciled 600 euros or three receipts (only one of the two conditions). The APR already includes 1.75% TIN for the first three months for the calculation.
And the limit of savings is extremely high, situated at one million euros. We have just left this account for the end, because as you can see, it is possibly one of the most attractive and profitable today .