The profitability of Spanish deposits is the European Mediterranean for the first time in more than 12 years

Average Definite term deposits To the families in Spain arrived for the first time since December 2012 at the rate registered in the euro area, with a 1.99 % profitability It aims in April in both cases, according to the recent data published by the European Central Bank (ECB). Although the national average has been able to approach other European countries, the offer does not mean improvement compared to the previous month, where a Medium rewards 2.01 %. However, the scissors in the foreigner offer discounts, again, the distance.

More than 12 years ago, there was no similar position, as Spanish deposits were at the level of the European average or above, although the man on this occasion is much lower in both cases. Specifically, in the last month of 2012, the national average rate reached 2.83 %, compared to an average of 2.64 % of the euro area, and at that time Types of the European Central Bank They were 0.75 % (0 % for ease of deposit), after a reduction in 25 basic points in July of that year, in a complete crisis of sovereign debt in the euro area and with Spain asking to save the bank.

Now, average reward Banking products It is much lower, especially in the national market, with the application of interest rates on the ease of deposit by 2.25 %. All this in an environment characterized by the low rewards offered by Spanish entities, which were behind the average euro area.

While the average European products reached 3.32 % in November 2023, with the ease of deposit in 4 % (maximum since 2001), National rewards 2.57 % on average, in the sixteenth place, only over Greece, Cyprus, Slovenia and Croatia.

This data, explained by The National Markets and Competition Committee (CNMC) As a possible result of the costs associated with the bank’s change, the comparison between the information provided to customers, the lack of alternative products and the lack of financial education has now approached, with Spain reaches the average euro areaIn the tenth place of the countries with increased rewards in home deposits.

In that The best three countries that pay more deposits in exchange for savings for families Italy appears first, by 2.53 %, compared to 3.9 % that arrived in December 2023; Finland, with 2.52 %, from 3.33 % in May 2024; And the Netherlands, with average type of 2.45 %, compared to 3.02 % from February last year. All this after 2022, the European Central Bank began an escalating monetary policy with the aim of alleviating the inflationary crisis that was first cut in June 2024.

Factors that drive Spanish deposits at the euro area level

These new situations come, in fact, for some Useful interest ratePedro Ruiz, a spokesman for financial comparison at Kelsto. This current 2 %, which gives this Thursday to allow the cutting, allows Spanish banks to place their savings products.

“You have to understand that the bank is working with the differences, which has become: what it receives for money and what you pay for capture. In the first section, Spanish banking is somewhat limited,” says Ruiz. In fact, and The middle type of mortgages in Spain They register the second cheapest place, behind Malta, which limits national banking services to reward its products.

However, although European entities can pay more because the achievement is also larger, they do not usually do so. “With 4 %, the European Bank can pay 4 %, while the Spaniards remained by 2 %. Now, by 2 %, most of them The European Bank modified the rewards“While Spanish banks did not need to do so,” says the responsible person.

It is even moderate Moderation of species National entities were allowed to stop their fall, compared to the average rate of the euro area. While the type of euro area deposits is from 2.11 % in March (to 1.99 % in April), Spanish decreased from 2.01.

I stimulated this comfort in turn Competition between national banks This, instead of moving by collecting capital, as usual, has requested the expansion of the customer’s portfolio. “There are a large number of entities that they use to attract users to those who pay more money than those who do not have their salaries, for example. In this case, the entity not only thinks of linking its numbers between the interest he pays and adding, but there was a cousin to capture it allowing it to be higher.”