Updated Friday, September 17, 2021 – 12:00
Sometimes households have savings that are not generating any benefits. This may be a good time to look for profitability on that money.
This month there are interesting deposit options.
The turn of summer is the time to take a break and take those days as a second start to the year. At home, it is time to become aware of family finances and this is a good opportunity to begin to make the money that has been saved for some time profitable without generating any type of profit. The situation of economic uncertainty encourages many households to contract deposits, since they are guaranteed products with a fixed return. The experts at the financial product comparer HelpMyCash.com explain how fixed-term deposits work and what are the best deposits of the month to keep an eye on.
Choosing a deposit to invest
The main point of bank deposits is that the risk of loss is minimal if less than 100,000 euros are invested. The client can allocate the amount of money he considers and recover the same amount plus the interest generated, since it is a product guaranteed by the bank. In addition to that, the money is also protected, in a hypothetical case of bankruptcy of the entity, by a Deposit Guarantee Fund (FGD), which covers up to 100,000 euros per customer and bank.
To this is added that the deposits are a very simple product to understand. To hire a deposit two factors must be taken into account: the time period set, since in most of them you cannot withdraw the money early, and the remuneration to be received. For the rest, hiring them from a bank or from an intermediary, such as the Raisin platform, is a simple process.
The best deposits of this month of September
For the month of September there are some interesting deposit options, mainly in banks in various European countries, which offer slightly more profitability than those in Spain. As they comment from HelpMyCash.com, to contract deposits from other European banks from Spain there is the aforementioned Raisin platform which, through an application or its website, gives access to a whole market of European deposits. In addition, it is a free service, since it will not pass on any cost or commission to users.
The most interesting deposits currently within two years are the Banca Progetto deposit at 0.91% APR and the J&T Banka deposit at 0.90% APR.
If you want to shorten the term a little, to a year and a half there is the 18-month deposit of J&T Banka at 0.70% APR or to one year the Haitong deposit at 0.52% APR. All these with a minimum investment of 10,000 euros to open them.
How to hire them
Any of these deposits can be easily contracted. In summary, in order to access this European bank deposit market with Raisin, we must open an account on the platform, simply through the application or web. Then, you will have to fill in the required data and verify your identity with a video call (it is necessary to have your ID nearby).
Finally, when the Raisin account is ready it is a matter of contract the deposit you want and transfer the money to Raisin. Everything else will be done automatically. After this you can start to make the money profitable.
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