Having money in a checking account will always be a bad decision, because it will lose its value. It would be interesting to analyze the market and think about making a term deposit.
Anyone who has money in their checking account or in term deposits that earns almost nothing is losing money. We have term deposits in the market with gross interest rates exceeding 4%. Taking into account the forecast for 2024, there are deposits with returns higher than inflation.
Having money in a checking account will always be a bad decision, because it will lose its value. It would be interesting to analyze the market and think about making a term deposit.
However, we warn you that not all term deposits are the same. You have to know how to choose, and always try to make more money with your money.
Deposits paying more than 4%
Some Portuguese banks already pay 4% interest. Therefore, anyone who has money on call or in installments that does not generate a significant return should place it in a term deposit that generates a return of at least 4%.
Research the market, here are some examples we found:
Case 1 – Bank A
TANP: 4.25% and TANL: 3.0600%
New customers (one owner and one beneficiary),
Duration is 3 months, non-renewable
Early movement is entirely possible, without interest penalty.
The minimum is 5,000 euros and the maximum is 5,000 euros. From 50,000 euros
No reinforcements allowed
Case 2 – Bank B
TANP: 4% and TANL: 2.88%
Depositing new private sector clients
Duration is 3 months, non-renewable
Early withdrawal is permitted at any time, partial or full, with full interest penalty. Early mobilization of deposits means a full penalty on the mobilized capital.
Minimum establishment: €2,500 Maximum establishment: €75,000
No reinforcements allowed
Pay attention to the deadline: 3 or 6 months
Many of the higher interest term deposits have very short terms, usually just 3 or 6 months. After that time, the interest rate falls or returns to zero.
However, after the period has elapsed, it will be possible to invest this money with interest in another term deposit that also earns an additional 3.5%.
Take advantage of interest before it drops
Over time, banks' maximum interest rates will start to fall, and the European Central Bank's interest rates should start to fall as well. So take advantage of this opportunity to make your money's worth.
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