Longtime banks rarely offer profitable savings products anymore. In general, large banks are not interested in paying for their clients’ deposits; They are focused on increasing your profitability. And how do they get it? For example, trying to increase the loyalty of their clients and increasing the commissions of their accounts.
Luckily, there are banks that seek to grow and, for this, they offer attractive promotions to attract the money of new savers. Financial buyer experts HelpMyCash.com give us five tips for locating the time deposits with the highest returns.
1- Look at the ‘online’ offer
If you want to look for more profitability for savings, it is on the internet where we will find the best offer in fixed term deposits. For example, in the Raisin online savings product catalog attractive returns are easy to find, along with a wide variety of time frames. The platform allows you to contract up to 70 deposits and highly profitable savings accounts, being able to get a maximum interest of 1.41% APR.
2- Take into account the APR and the term
The equivalent annual rate, what we know as APR, is a good parameter to compare between one offer and another. However, you also have to put the focus on other factors such as the deadline.
For example, a three-month deposit at 1.40% APR is attractive, but a one-year deposit at 1% APR will earn us more in profits. If we decided to invest 50,000 euros in the three-month deposit, we would obtain a profit of 175 euros gross at the end of the term, while with the one-year deposit the yields would amount to 500 euros gross.
One possibility is to enjoy the high profitability of the three-month deposit and, once the term has elapsed, move the money to the one-year deposit and continue adding interest. But nevertheless, we risk that the one-year offer disappears by the time our three-month deposit has run out.
3- Check its flexibility
It is interesting to hire a deposit that can be canceled early. Many already offer early refund, which makes it possible to cancel the contract and access savings at any time. However, this decision may cost us the interest generated to date. Generally, the bank returns the amount invested, but without remuneration.
4- Earn an extra with the offers
Right now it is possible to earn up to 125 euros as a gift just for opening a warehouse as a new customer at Raisin. On the one hand, the platform offers a welcome gift of up to 100 euros, cumulative to the 25 euros it gives in collaboration with HelpMyCash to new customers who invest at least 1,000 euros in one of the deposits or accounts of the platform and enter the code HMC25 during the registration process. Offer ends November 30.
5- Don’t expect too much
If we find an attractive profitability and we take too long to contract the product, it could be expensive, since the APR of these products may fluctuate according to the needs of the bank.
The most advisable thing is to close the contract as soon as possible. For example, the deposits of the Banking System of the Raisin platform their APR will be reduced on November 27Therefore, clients who have contracted one of their deposits before that date will earn considerably more than those who decide later.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
