The savings war returns. The remuneration offered by banks registers movements, with several entities improving their interest-bearing accounts and deposits conditions in recent days, with offers that approach or exceed 3% TAE.

This move comes at a time marked by the stability of official interest rates, after the European Central Bank maintained 2% at its last meeting on April 30. According to data compiled by the financial comparator HelpMyCash, in just a few days, several entities have revised their savings products upwards, raising the profitability offered to new clients.

The entities that have improved their offers

Among the movements collected by HelpMyCash is that of Trade Republic, which raised the remuneration of its interest-bearing account for new clients from 2% APR to 3.04% APR.

SME Bank raised its 12-month deposit to 2.96% APR, while BluOr Bank set its offer at 3% APR and Mano Bank increased its one-year fixed-term deposit to 3.05% APR. According to the analysis, since the end of April at least eight banks have revised their savings products upwards.

The comparator highlights that these movements occur in a different context than previous phases of rising bank profitability: the stability of official rates, after the ECB's decision to keep them at 2%, could have reduced the incentives to improve offers, but several entities have opted to increase the remuneration of their products.

The study points out that the average profitability of the best one-year deposits is once again above 2.5%, after months around 2%.

The accumulated savings in Spain

The report also focuses on the volume of accumulated conservative savings in Spain. With the latest data cited by the Bank of Spain, households maintain more than 1.1 trillion euros in current accounts and bank deposits.

Added to this are the data from the European Central Bank collected in the study, which place the average remuneration of sight deposits at 0.26%, while term deposits offer an average of 1.86%. The analysis also incorporates the data from the INE's leading indicator, which placed inflation in April at 3.2%.

The experts at HelpMyCash also compare money deposited in traditional banking products with assets invested in investment funds. According to Inverco, assets in funds are around 500,000 million euros, a figure lower than the volume accumulated in accounts and deposits.

The role of big banks

The analysis distinguishes between the behavior of large entities and that of other market actors. Specifically, they point out that large Spanish banks are not leading this profitability improvement movement, while neobanks and European entities concentrate a good part of the detected increases.

Among the mentioned entities are Bankinter, Banca March, Deutsche Bank, EBN Banco, Wizink or Arquia, with different formulas for attracting savings through remunerated accounts or fixed-term deposits.

In the case of Bankinter, it offers an interest-bearing account with up to 2.5% for certain amounts, while Deutsche Bank offers a 12-month deposit with conditions that may vary depending on the customer's relationship.