4.3.2024

March 2024 Overview: Deposit Market in Spain

3 min read

The March 2024 overview presents a curated selection of top deposit offers in Spain across various terms and currencies. From 12-month ordinary EUR deposit rates to USD deposit rates across different terms, PickTheBank showcases competitive offerings, empowering consumers to explore and capitalize on favorable deposit opportunities.

In March 2024, the deposit market in Spain remains a focal point of financial activity, characterized by notable trends and developments. As we delve into the intricacies of this market, several key observations come to light.

The latest data reflects shifts in both current account and fixed-term deposit rates. According to the European Central Bank (ECB), the average interest rate on annual deposits in Spain has experienced a significant uptick, reaching 2.61% compared to the previous month's rate of 2.58%.

Maximum interest rates for various term lengths have been scrutinized, highlighting a modest yet discernible rise in interest rates over the past month. For instance, the maximum interest rate for 6-month term euro deposits reached 4.32%, while 1-year euro deposits peaked at 5.09%.

An extensive examination of 35 Spanish banks' websites has resulted in a comprehensive database comprising 145 unique deposit products available in Spain. This meticulous review underscores the diversity and depth of deposit offerings within the Spanish financial area.

🔥Top EUR deposit rates - any term:

Interest rate	Bank	Currency	Term
5.09%	Ibercaja Banco, S.A.	EUR	12 mths	More ->
4.10%	BANCO FINANTIA, S.A., SUCURSAL EN ESPAÑA	EUR	6 mths	More ->
4.00%	Banco Mediolanum, S.A.	EUR	6 mths	More ->
3.85%	BANCO FINANTIA, S.A., SUCURSAL EN ESPAÑA	EUR	36 mths	More ->
3.80%	BFF Bank, S.P.A. Sucursal en España	EUR	3 mths	More ->

🔥Top USD deposit rates - any term:

Interest rate	Bank	Currency	Term
4.75%	BANCO FINANTIA, S.A., SUCURSAL EN ESPAÑA	USD	12 mths	More ->
4.25%	BANCO FINANTIA, S.A., SUCURSAL EN ESPAÑA	USD	24 mths	More ->
4.00%	BANCO FINANTIA, S.A., SUCURSAL EN ESPAÑA	USD	36 mths	More ->

PickTheBank provides insights and data-driven analysis of the deposit market not only in Spain but across Europe. With a vast database covering over 1,000 banks across 25 European countries, PickTheBank offers a curated selection of the most enticing deposit offers of more than 25000, facilitating informed decision-making for consumers.

It's crucial to note that the presented interest rates are pre-tax and may vary based on individual banking institutions' policies. PickTheBank emphasizes the importance of verifying the latest rates and terms directly with the respective banks before making any financial commitments.

In summary, March 2024 witnesses dynamic shifts and promising opportunities within the deposit market in Spain. With a focus on transparency, data-driven analysis, and consumer empowerment, PickTheBank continues to serve as a reliable source of insights and guidance in navigating the ever-evolving financial market.