Banca March's 3.5% deposit has three conditions

Banca March is giving new Avantio customers until 30 November to open a 12-month deposit paying up to 3.5% a year — but the top rate comes with three conditions. Europa Press reported the bank’s announcement from Madrid, Spain, on 23 October. Without the extras, the rate is 2.5% a year.

What it takes to reach 3.5%

Customers must hold at least €15,000 in investment funds, March Vida products or managed portfolios throughout the deposit’s 12 months. That adds 0.5 percentage points to the rate.

Spending at least €6,000 a year on the credit card adds another 0.25 points. The final 0.25 points depend on keeping Bizum active and linked to the Avantio digital account without a break. The advertised 3.5% is the annual equivalent rate.

Getting the money back early

The deposit takes between €30,000 and €150,000, with a limit of one per customer. Banca March pays the interest when the 12 months end.

Customers can cancel at any time and get back the amount they deposited, but the interest earned up to that point is reduced. The deposit cannot be renewed when it matures.

Topics: Economy

Source: Europa Press / Mallorca.com