Best Banks for Deposits

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22 Nov 2008 12:00 AM by Rob in Madrid Star rating in Madrid. 274 posts Send private message

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Slightly different banking question. Banks worldwide are locked in major battles to get deposits and Spanish banks are no different. Generally now you can earn a decent 7% on your deposits. On top of that alot of banks are offering nice rewards (TVs Trips etc) to those who make larger deposits.

I'm with Deutsche Bank and while they are offering 7% they require a minimum deposit of 20.000 euros (bit more than I can tie up) and the rewards aren't the best. To get a free TV you need a 100 grand.

So has anyone been checking around, what's the best offer around. Of course I'd prefer a bank that isn't going to disappear in a few months, it's our house savings account.



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Decided after all I don't like Spanish TV, that is having compared both.




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22 Nov 2008 6:04 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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Not sure how long these offers will be around. As with the UK, ECB base rate is likely to come down sharply and banks will withdraw these rates pretty pronto.



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22 Nov 2008 9:48 PM by Rob in Madrid Star rating in Madrid. 274 posts Send private message

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I've been hearing that for a while too, but as discussed elsewhere here it doesn't seem to effect the eurobar very much



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Decided after all I don't like Spanish TV, that is having compared both.




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22 Nov 2008 10:42 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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Euribor is the interbank lending rate on which mortgage rates are (normally) based. Of course, nothing is quite normal at the moment - whatever "normal" is. "Normally", if the base rate comes down, so does the Euribor, and so do mortgage rates. At least, that's my rather amateurish understanding of it.

But going back to your original question about savings rates, even in these abnormal times, I think it's a pretty sure bet that banks will reduce thier savings rates at the first hint of a base rate drop.

You mentiond that "to get a free TV you need a 100 grand". Little tip - you can buy one yourself for a helluva lot less! (oh yes, and I bet the bank didn't bother to mention that any such "gifts" are in lieu of interest payments,and as such are taxable?! I found that out after I bagged a nice new pressure cooker for 'er indoors, and later had tax deducted from my account on the value of the cooker).



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"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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23 Nov 2008 11:44 AM by Rob in Madrid Star rating in Madrid. 274 posts Send private message

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Pretty much every bank is offering 7% on term deposits (usually 6 months min) plus they throw some "free" gift in. Roberto I'll be sure to ask about the tax end of a "free" gift



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Decided after all I don't like Spanish TV, that is having compared both.




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23 Nov 2008 7:39 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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The best deals seem to be from the cajas, which may or may not be an indication that they are more desperate for deposits. Santander and BBVA are generally considered to be the strongest Spanish banks, and they're nowhere near as generous. Coincidence? Then again, Lloyds TSB were supposed to be bullet proof (and were also tight with their savers)

Still, all deposits are supposedly guaranteed up to 100,000 euros now, so I suppose you needn't worry too much. So far, Spanish banks seem to have weathered the storm better than the Brits. I still think these savings rates will disappear soon, so be quick to sign up for your telly!

Incidentally, base rate in South Africa is currently 12%, so I imagine you can get pretty good savings rates if you put all your worldly into Rands. Go on, I dare you!



_______________________

 

"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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23 Nov 2008 8:04 PM by Rob in Madrid Star rating in Madrid. 274 posts Send private message

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I read somewhere the Zimwabie is paying some 600% per month!!

Good lord I could retire in year!!  and join all those Brits enjoying the Sun (currently in cold cold Munich - i hate th cold aint never moving back if I can help it)

 



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Decided after all I don't like Spanish TV, that is having compared both.




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