Updated Friday, October 8, 2021 – 12:00
The returns that can be obtained from deposits in Spain are unattractive and scarce. But there are entities abroad that can offer better profits and which are easy to access thanks to platforms that act as intermediaries.
The main advantages of foreign warehouses are profitability and the variety of products.
The supply of deposits in Spain is scarce and with unattractive returns, so why not look for options in other European countries? Today there are platforms that act as intermediaries in the process and that, free of charge, facilitate access to fixed terms from other European banks to get more profitability. The experts of the financial comparator HelpMyCash.com comment on the advantages of deposits abroad, which ones are currently the best and how they can be contracted.
Advantages of foreign deposits?
The main advantages of foreign deposits for Spanish consumers are centered on profitability and variety of products. In terms of profitability, deposits from other European countries offer higher earnings than most Spaniards. In addition, given the shortage of fixed-term products in Spain, banks in other European countries have a variety of terms to contract.
Recruitment can be done easily with intermediaries such as the Raisin platform, an entity that allows you to manage the contracting of these deposits in other European countries in a few steps, with the advantage that they do not charge a commission for this service and that They deliver the documentation in Spanish. That is, it does not matter if the deposit is from Bulgaria, the documents can be read in Spanish.
Another of the great advantages is that, like the deposits in Spain, those of other countries of the European Union are protected by the corresponding Deposit Guarantee Fund of each country. It is important that, before hiring one, we verify that the bank is attached to this deposit guarantee fund.
Which ones have the best profitability?
Choosing one of the most profitable deposits is not always the correct option, since it is important to also look at the time frame they have. Sometimes the highest returns are within five years, for example.
The term to choose depend on short and medium term savings goals. For example, if the money from the deposit will be needed in a couple of years, you will have to choose a deposit with a maximum of two years.
As reported from HelpMyCash.com, these are the most profitable products that can be contracted through the aforementioned Raisin platform with a maximum term of three years: Three-year deposit from Banca Progetto at 1.00% APR and the deposit three years J&T Banka at 0.99% APR. In two years, the same entities also repeat: the two-year deposit of Banca Progetto at 0.91% APR and the two-year deposit of J&T Banka at 0.90% APR. The two ask for a minimum investment of 10,000 euros.
How to contract one of these deposits?
To hire one of these deposits, the procedure is very simple. On the HelpMyCash.com website you can compare all the available products and selecting one will open a form from the Raisin platform where personal data will be requested.
It is a matter of filling in these questions and, later, with a device with a camera and with the ID or passport at hand a video call is made to verify identity of the person. There will also be send a document that verifies the address (such as an invoice or certificate of tax residence). Once all this is accepted, you can select the desired product, send the money to Raisin and wait for them to finish the management process.
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