Savings rates

Other topics that are not covered in the sections above.
Peter
Andalucia.com Amigo
Posts: 88
Joined: Sat Dec 18, 2004 9:01 pm

Savings rates

Postby Peter » Tue Sep 23, 2008 2:16 pm

Where will I get the best saving rate on my euros ?

Lavanda
Andalucia Guru
Posts: 6191
Joined: Thu Jul 29, 2004 1:42 pm
Location: Cáceres Province, Extremadura

Postby Lavanda » Tue Sep 23, 2008 4:35 pm

Best rate for instant access, no risk, I can find is 5% tax paid.

I think there's the usual 'how much' and 'how long for' and 'what risk' questions.

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Postby Miro » Tue Sep 23, 2008 8:05 pm

Solbank (Atlantico, Sabadell) are offering 5,9% gross on a 1 year deposit, 6,25% for 2 years. Some of the "cajas" are offering a bit more.
The Spanish deposit guarantee scheme protects savings up to €20.000 per account holder.
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

Peter
Andalucia.com Amigo
Posts: 88
Joined: Sat Dec 18, 2004 9:01 pm

Postby Peter » Wed Sep 24, 2008 7:26 am

Lavanda where does one obtain this rate ?
I don't mind upto 90 days and the amount would be over 4 noughts.

julian
Andalucia Guru
Posts: 5976
Joined: Fri Jul 02, 2004 8:38 pm
Location: marbella

bank

Postby julian » Wed Sep 24, 2008 7:39 am

I´ll send you an account number to pay the money into Peter :wink:

Lavanda
Andalucia Guru
Posts: 6191
Joined: Thu Jul 29, 2004 1:42 pm
Location: Cáceres Province, Extremadura

Postby Lavanda » Wed Sep 24, 2008 7:40 am

Banco Santander, Caja de Extremadura, Caja Puelyo, etc.

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Thu Sep 25, 2008 1:35 pm

I've just got 5,10% with instant access and no penalty for withdrawals from BBVA.

The Irish govt has just announced that they are increasing the amount of savings guaranteed in the event of a bank failure to €100,000 (from the EU min. of €20,000), so Ireland seems like a good place for your euros if you have more than 20k!
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

User avatar
Colinm
Resident
Posts: 1271
Joined: Wed Aug 02, 2006 1:49 pm
Location: Cork, Ireland & Torre del Mar area

Re: Savings rates

Postby Colinm » Thu Sep 25, 2008 1:50 pm

The deposit guarantee in Ireland is now €100,000, as Miro says. It was increased last Saturday from the EU minimum of €20,000. Although National Irish Bank, owned by Danske Bank, had a €42,000 guarantee based on the Danish system, and Rabobank had a €40,000, being a Dutch Bank, they are now not included in the €100,000 guarantee!
The guarantee also extends to Building Societies (some of which are offering up to 6%+ for deposits) and credit unions.
ádh mór ort agus sláinte.....
(Good luck and good health)!

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Thu Sep 25, 2008 1:59 pm

...as well as savings at the UK Post Office, curiously, since their savings scheme is provided by Bank of Ireland! At current rates, that means nearly £80,000, far higher than the £35,000 most UK savers are guaranteed (excludes Northern Rock & NS&I, of course)
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

julian
Andalucia Guru
Posts: 5976
Joined: Fri Jul 02, 2004 8:38 pm
Location: marbella

Re: Savings rates

Postby julian » Thu Sep 25, 2008 6:32 pm

is the guarantee on deposits in all spanish banks 20.000 euro? and is it per account, so if you put 20000 in each of several different bank deposits would they all be guaranteed for the 20000?
thanx

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Thu Sep 25, 2008 6:52 pm

Yes, it's for all banks. They are covered by the Fondo de Garantía de Depósitos en Establecimientos Bancarios (and a similar set up for "cajas").
The 20k is per account holder, so if you have a joint account, the total protected is 40k, and per institution, so yes, if you spread your money around to keep below the 20k limit in any one bank, your savings are safe. However, remember that some banks are part of a group, and may only cover 20k in total, even if you have deposits in various different members of the group. For example, Sabadell, Atlantico and Solbank are all part of the same group.
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

julian
Andalucia Guru
Posts: 5976
Joined: Fri Jul 02, 2004 8:38 pm
Location: marbella

Re: Savings rates

Postby julian » Thu Sep 25, 2008 7:10 pm

thanks Miro, nothing is simple !!

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Thu Sep 25, 2008 7:24 pm

It is if you've got no money :lol:
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

El Cid
Andalucia Guru
Posts: 16058
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: Savings rates

Postby El Cid » Thu Sep 25, 2008 10:40 pm

The 20k guarantee applies across the EU as it is part of EU law.

Individual States can give higher amounts if they wish.

I think you may find that it is only a guarantee on 90% of the deposit.

Sid

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Thu Sep 25, 2008 11:04 pm

I'm 90% certain that 100% (of 20k) is guaranteed. It's all herehttp://www.fgd.es/en/info_regulacion_dinero1.html, in English.
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

User avatar
louise225
Andalucia.com Amigo
Posts: 94
Joined: Fri Mar 14, 2008 7:19 pm
Location: Derby, England

Re: Savings rates

Postby louise225 » Fri Sep 26, 2008 6:54 pm

My understanding is that in the UK it applies to each "main" bank, so if your bank is a subsidiary of another you are only covered for one lot of £35k. Not sure if its the same in Spain.

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Fri Sep 26, 2008 7:15 pm

Exactly - as per my previous post: "...remember that some banks are part of a group, and may only cover 20k in total, even if you have deposits in various different members of the group. For example, Sabadell, Atlantico and Solbank are all part of the same group".
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

julian
Andalucia Guru
Posts: 5976
Joined: Fri Jul 02, 2004 8:38 pm
Location: marbella

Re: Savings rates

Postby julian » Sat Sep 27, 2008 9:04 am

I presume the 20.000 is independent of whether the money is in current account or deposit account in the bank???

El Cid
Andalucia Guru
Posts: 16058
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: Savings rates

Postby El Cid » Sat Sep 27, 2008 11:39 am

Miro wrote:I'm 90% certain that 100% (of 20k) is guaranteed. .
Yes, from reading the link you gave it seems that in Spain 100% is covered.

My point however, was that EU law allows for only 90% to be covered unless individual states choose to offer better terms. The relevant EU directives states:-

(13) Whereas in order to encourage investors
to take due care in their choice of investment
firms it is reasonable to allow Member States
to require investors to bear a proportion of
any loss; whereas, however, an investor must
be covered for at least 90 % of any loss as long
as the compensation paid is less than the
Community minimum;

Sid

Miro
Andalucia Guru
Posts: 3584
Joined: Tue Feb 27, 2007 8:20 pm
Location: Merseyside, formally Torremolinos

Re: Savings rates

Postby Miro » Sat Sep 27, 2008 4:44 pm

There's so much blurb available about it, that it's difficult to be certain. I think the (EU) law does allow for member states to limit the compensation to 90% of 20k in some cases, but I'm not aware of any that do. Several offer more than 20k. The UK used to limit it to 90% of up to a maximum £35k (i.e. £31.5k) but it is now 100%. I think the ruling is different for non-cash investments such as pensions and insurance policies etc. Then it becomes something like 100% of the first 2k plus 90% of the next 48k. It all gets a bit confusing :?
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.


Who is online

Users browsing this forum: No registered users and 20 guests