EBN Banco launches a 12-month deposit with a 3.75% APR yield
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Banks, especially digital or smaller ones, continue to launch savings and investment products with attractive returns in order to attract customers from larger institutions, which are more reluctant to offer high returns. The latest is EBN Banco , which launched its 12-month dollar-denominated fixed-term deposit with an interest rate of 3.75% , making it one of the most attractive options.
The minimum amount to access this term deposit is $5,000, and the maximum is $400,000. Customers must have a checking account at EBN Banco, in either euros or dollars. They can deposit their euros or dollars from external accounts there, or exchange their euros for dollars through the bank, which will apply the exchange rate published by the ECB plus a 1% spread.
"This product is aimed at investors who already have dollars and want to obtain significant potential returns and are confident that the dollar will appreciate," explains Manuel Puente Gascón, Director of Strategy at EBN Banco.
This deposit, like all EBN Banco deposits, is registered with the Spanish Credit Institution Deposit Guarantee Fund. However, the bank emphasizes that the exchange rate is not guaranteed, so a depreciation of the currency would affect the deposit's profitability at the time of the currency exchange.
Savers who contribute the minimum amount of $5,000 will receive a total gross amount of $187.50 at maturity. Those who opt for the maximum principal of $400,000 will receive gross interest of $15,000. In both cases, the dollar's performance will be added (or subtracted).
Banks, especially digital or smaller ones, continue to launch savings and investment products with attractive returns in order to attract customers from larger institutions, which are more reluctant to offer high returns. The latest is EBN Banco , which launched its 12-month dollar-denominated fixed-term deposit with an interest rate of 3.75% , making it one of the most attractive options.
El Confidencial
