The interactive financial resource platform Finect and deposits marketplace Raisin have combined to launch a new partnership as they seek to broaden access in Spain to higher interest rates.
The move means that two million Finect users can now invest in attractive Raisin European partner bank deposits directly from the Finect platform.
Antonio Botas, CEO of Finect emphasised: “Spanish families have accumulated a record figure of almost 900,000 million EUR in bank deposits, but not always with a meaningful return. In fact, in many cases, they don’t even earn interest. Thanks to the agreement with Raisin, Finect will give users access to the best conservative deposit products for the segment of their savings that they prefer not to risk in the markets.
“This is a new and important step in our broader objective: to bring the best products and services to Spanish savers, following the launch of our fund platform in July.”
By integrating Raisin’s offers, Finect connects its users to a wide range of banking opportunities with attractive interest rates outside of Spain, from France, Belgium and Italy, to Norway, Estonia and other EU markets. The more than 60 available deposit products come from 13 of Raisin’s European partner banks, enabling Finect users to select both for rate and geographical location, and to earn as much as 1.41% p.a.
Miguel Freire, Country Manager of Raisin Spain added: “With the increase in savings volume since the start of the Covid-19 pandemic, creating access to better savings options with higher yields is more important than ever. Finect and Raisin share a mission to use digital technology to provide people in Spain with not only more information but also more competitive options.
“Our new partnership thus solves a key challenge faced by Spanish consumers during a period of market volatility, where mitigating risk is as essential as earning a more profitable return. With Raisin’s marketplace, Finect users will be able to beat the all-time low-interest rates across Spain while enjoying the security of term deposits.”
Expert Analysis: When it comes to expanding access to higher interest rates in Spain this collaboration can be key, furthermore it comes at a pivotal time as consumers are looking to navigate beyond COVID in the most financially beneficial way possible.