2023-12-02 11:00:48
BBVA has begun to raise the remuneration of deposits for its retail clients, thus joining other entities that have already begun to remunerate liabilities.
Thus, the bank is offering its clients online a 12-month deposit that offers a 2.75% APR and that can be contracted with a balance of between 5,000 and 500,000 euros.
Although this deposit is accessible from the bank's website, it does not appear in the 'Deposits' section nor is there any advertisement directing customers to it. The only deposit that is visible on the website of BBVA It is one that only pays 0.40% APR. This is because the deposit is not offered generally to all clients, but is personalized and depends on the client's profile and connection.
The money can be recovered in advance, although in that case, the remuneration received is lost, since BBVA applies a penalty of 2.75% on the amount paid, which will not in any case be higher than the interest accrued.
The CEO of BBVA, Onur Gençexplained last month, during the publication of its quarterly results, that the low remuneration in Spain for deposits is explained by the liquidity of the banking sector.
“There is so much liquidity in the system that the scarce resource is not deposits, so even if you lose a little, it's fine,” said the executive, estimating that the cost will remain “more or less” contained in the future.
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