Openbank offers 3.25% on new funds for six months

Openbank pays 3.25% for six months, but only on new money

A 3.25% return for six months requires a direct-deposited salary. Without one, the rate drops to 2.75%. This Openbank deposit offer has an obvious hook in a market where yields have become less generous, and an equally visible trap: it applies only to new money. That is, capital not already held by the institution. The fine print starts there and doesn't end there.

What exactly counts as new money

The first question savers with parked funds ask is whether their current balance qualifies. As interpreted in discussions, the answer is no: the deposit is reserved for contributions coming from outside. Those who already hold the money inside are left out. Hence the recurring recommendation to keep minimal balances in the account and move the bulk to another entity upon renewal.

A strategy common among experienced savers involves transferring capital and interest to another bank when a deposit matures, rather than auto-renewing. It is then, with the money already out, that institutions react by offering terms not published on their websites. A classic bluff, similar to those used in mortgages, now applied to deposits.

Calendar and contracting window

According to those who have reviewed the conditions, the offer is available throughout the current month. This provides some margin, but not infinite: anyone with a maturity at the beginning of the trinc month misses out. This is the specific case of a saver whose current deposit expires on November 1st, just after the window closes.

Whether another entity within the group, such as Santander, counts as new money remains unclear. Standard practice involves moving between distinct entities to trigger the offer.

Fine print missing from the website

Beyond the interest rate, two conditions affect the final outcome. First, the salary requirement: without it, the 3.25% falls to 2.75%. Second, the term: six months. For conservative savers, this is a transitional product, not a structural yield solution.

The deposit guarantee fund covers up to €100,000 per holder and entity, necessitating diversification when assets exceed this threshold. Many overlook this limit, which should be considered before concentrating all funds in a single bank.

The uncomfortable comparison

With inflation at 5%, a 3.25% return remains negative in real terms, implying an annual loss of around 1.75%. Against this, some point to US bonds near 6%, French bonds around 4.9%, or platforms like Bondora at 6%. Ultra-short-term debt alternatives for one year appear as options for those unwilling to immobilize capital.

Risk serves as the counterpoint: long-term bonds commit money for years, which many individuals deem unfeasible. The discussion shifts toward investment attitude, compound interest, and living below one's means. Is 3.25% for six months worthwhile, or merely a patch while seeking better options?