ECB Rate Hike Sparks Deposit Rate Surge
The European Central Bank's (ECB) recent rate hike has sent shockwaves through the deposit market, causing banks to adjust their offers in response.
As of September 16, the ECB deposit facility will stand at a rate of 2.5%. Before this new rate takes effect, several entities have already begun offering higher interest rates on deposits.
Cinco Días has collected a list of products that now offer above 3% APR, including Ferratum's 3.4% for twelve months and Deutsche Bank's 3.25% under certain conditions. Mediolanum also offers 3% linked to investment requirements.
However, it's essential to note that some occasional offers reach as high as 3.5%, but these may have different terms, maximum amounts, or binding requirements. As a result, comparing only the APR can be misleading.