Having recently moved to Spain, I’ve been wondering where to put my euros to earn some interest. I can’t just let them sit in a current account and get eaten away by inflation. So, I spent an afternoon digging into the deposit rates of major and online banks and put together this guide for your reference, saving you the trouble of searching all over like I did. All information is from official websites but may change, so it’s always best to confirm with the bank before opening an account.
Overview of Major Bank Interest Rates
Honestly, the interest rates offered by the big traditional banks like Santander, BBVA, and CaixaBank to regular savers are quite underwhelming. Current accounts offer negligible rates, often 0% or a token 0.01%. Fixed-term deposits are slightly better but usually come with a lot of strings attached, like direct-depositing your salary or purchasing their insurance products. For the average person, the value just isn’t there.
The Advantage of Online and Neobanks
In contrast, online banks or smaller institutions are much more generous with their rates to attract customers. Banks like Openbank or MyInvestor often feature high-yield savings accounts or short-term deposit products. Their main advantages are low entry barriers, often with no mandatory linked products, and the convenience of opening an account online. I personally lean towards these for their flexibility and tangible returns.
2024 Interest Rate Reference from Select Banks
I’ve created a simple table here with some of the better options I’ve come across recently. You can find more details in this summary of Spanish bank interest rates. Note that these are annual interest rates (AER), and many high-rate offers have deposit caps and time limits, such as being available only to new customers or for the first year. When choosing, always be sure to read the letra pequeña (the fine print)!
| Bank | Product Type | Annual Rate | Notes |
|---|
| Sabadell | Cuenta Online | 2% for the first year | Up to €20,000, new customers only |
| Trade Republic | Cash Account | 4% | German-based broker, up to €50,000 |
| MyInvestor | Cuenta Remunerada | 2.5% for the first year | Up to €70,000 |
| Openbank | Cuenta de Ahorro | 2.27% for the first year | Up to €100,000, requires direct salary deposit |
To get high returns on your savings in Spain, you need to be proactive and compare different banks. Don’t just stick with the big traditional bank on your street; explore the opportunities with online banks. With interest rates in the Eurozone on the rise, it’s a good time for savers to finally earn some interest. If you have any good bank recommendations or tips on what to avoid, feel free to share them in the comments below! After all, the money is just sitting there anyway, so every little bit extra helps.
