Having recently moved to Spain, I’ve noticed the banking system here is quite different from my home country’s. I have some spare cash that I don’t want to just sit and lose value in a current account, so I started looking into various banks’ savings and investment products. After some research, I realized it’s quite complex—rates can vary significantly between banks, deposit terms, and even for new versus existing customers.
To make things easier for myself and everyone else, I’ve spent some time compiling information on fixed-term deposits and high-interest current accounts from several major banks into a table. The data is mostly sourced from official bank websites and financial news sites and is up-to-date as of recently. However, as we all know, bank policies change frequently, so please use this table as a reference only. Always double-check on the official website or with your gestor before making a decision!
Comparison of Major Spanish Banks’ Deposit Interest Rates
The table below focuses on products for regular individual customers. I’ve excluded those that require bundling with other complex services or have very high entry barriers.
Fixed-Term Deposits
This is one of the most common types of Spanish deposit rates. You agree to a specific term, deposit the money, and leave it untouched until maturity, at which point you receive the principal and interest. Generally, the longer the term, the slightly higher the interest rate.
| Bank | Product Name | Term | Annual Interest Rate | Minimum Deposit |
|---|
| Sabadell | Depósito Online | 12 months | 2.75% | 1,000 |
| CaixaBank | Depósito a 12 meses | 12 months | 2.50% | 5,000 |
| Openbank | Depósito Open | 6 months | 3.05% | 1 |
| MyInvestor | Depósito a 6 meses | 6 months | 3.30% | 10,000 |
| Pibank | Depósito Pibank | 12 months | 3.30% | None |
| Renault Bank | Depósito Tú+ | 24 months | 3.40% | 500 |
High-Interest Current Accounts
These are more flexible, allowing you to withdraw money at any time. However, the high interest rates are usually capped at a certain amount or only last for a few months before dropping to a very low level. They are ideal for keeping an emergency fund.
- ING's Cuenta Naranja: Offers a 3% TAE for the first four months, after which the rate decreases. It’s a good option for new customers for a short-term period.
- Bankinter's Cuenta Nómina (Payroll Account): This requires you to have your salary directly deposited, but the interest rate is quite attractive, offering up to 5% TAE in the first year and 2% in the second. If you have a stable salary, this is definitely a top choice.
- EVO Banco's Cuenta Inteligente (Smart Account): Also offers a good interest rate. What’s more, any amount over a certain threshold is automatically transferred to higher-yield investments, making it quite smart.
It seems that online-only banks like Openbank, MyInvestor, and Pibank generally offer much more generous rates than traditional big banks like Sabadell and CaixaBank. However, the advantage of traditional banks is their extensive network of physical branches, making it easier to get in-person help if issues arise. It all comes down to your personal preference and what you prioritize. I hope this post helps anyone struggling to decide where to deposit their money. Please feel free to add your own suggestions or point out any errors! Let’s make the most of these bank deals in Spain together!
