Santander will remunerate up to 2% deposits from 500 euros and up

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Bank chaired by Pedro Castro e Almeida becomes the first major bank in Portugal to remunerate deposits at 2%, with the launch of five new products that “promote customer savings.

After seeing profits rise more than 90% by 2022, justified in part by improved net interest income, which yielded a robust 782.9 million euros, boosted by the European Central Bank’s (ECB) interest rate hike, the time has come for Santander to start remunerating deposits, with returns of up to 2%.

As announced this Thursday, the bank chaired by Pedro Castro e Almeida will launch, as of the end of February, five new term deposits with remunerations up to a maximum of 2%, aiming to “reflect the change in market conditions” and “promote customer savings”. With this launch, Santander becomes the first major bank in Portugal to remunerate deposits at this level.

In this sense, the financial institution created the “Small Savings”, which offers a 2% rate for subscriptions between 500 and 2500 euros, and is aimed at all private customers with resources under ten thousand euros. Also the youngest, up to the age of 18, will have access to the “Young Savings”, also with a 2% remuneration. Both products start being commercialized on March 1st.

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