With the recent increase in interest rates by the ECB, several banking institutions have raised the yields on their savings products. Notable among them are ING, MyInvestor, Deutsche Bank, Trade Republic, and Renault Bank.
Several banking entities have responded to the recent 25 basis point increase in the ECB's interest rate, bringing it to 2.5%, by enhancing the yields on their savings products. According to expansion.com, ING, MyInvestor, and Deutsche Bank have improved the terms of their deposits, while Trade Republic and Renault Bank have raised the yields on their interest-bearing accounts.
MyInvestor has increased the yield on its deposits to 2.50% APR for terms of 1, 3, 6, and 12 months, applying this rate to customers who maintain or contract an automated portfolio of at least 150 euros. For other customers, the yield will be 2.25% APR, an increase from the previous 2%.
In the case of Deutsche Bank, the yield on its Depósito Confianza Más DB has risen from 3.25% to 3.50% APR, applicable to new deposits from other entities ranging between 25,000 and 150,000 euros. This deposit starts with a guaranteed yield of 2.50% APR with the possibility of adding up to one percentage point more through bonuses.
Meanwhile, ING has launched two new 6-month deposits with yields ranging from 2% to 2.15% for amounts over 50,000 euros. Additionally, it has improved the yields on its 12 and 24-month deposits, offering between 2% and 2.3% and between 2.25% and 2.60%, respectively.
Trade Republic will adjust its interest-bearing account starting from 16 September, offering a 2.53% APR, while new customers will receive a return of 3.04%, the highest in the market. Also, Renault Bank has increased the yield on its Cuenta Contigo to 2.27%, with expectations of further improvements in the banking sector in the coming days.
You may also like
