I’ve had some spare cash recently and didn’t want it to lose value sitting in a current account, so I looked into fixed-term deposits at various Spanish banks. I found that the current interest rates are much better than a couple of years ago! The ECB rate hikes are clearly having an effect. I’ve compiled some information to share with friends who are also looking for a stable way to earn some interest, and I welcome everyone to add their own insights.
A Comparison of Major Bank Rates
I mainly looked at a few major high-street banks and some online banks. Traditional giants like Santander, BBVA, and CaixaBank offer decent rates for new customers or specific products, but their standard fixed-term deposit rates for existing clients are generally not very high. Often, you need to go to a branch (oficina) and speak with your manager (gestor) in person, and the rate you get can vary. In contrast, some online and foreign banks provide more transparent terms and more attractive interest rates.
Interest Rate Comparison Table
The table below contains the latest data I’ve gathered from the internet and the banks’ official websites for your reference. Please note that these rates change all the time frequently, so it’s crucial to double-check on the official website before you deposit! Also, many high-interest products have minimum deposit amounts and specific term requirements.
| Bank | Term | Annual Rate | Notes |
|---|
| BFF Bank | 12 months | approx. 3.55% | Italian bank, deposit via the Raisin platform |
| Cetelem | 12 months | approx. 3.20% | Online bank |
| Openbank | 6 months | approx. 3.07% | For new funds, with a maximum amount |
| Sabadell | 12 months | approx. 2.75% | Requires being a new customer or depositing new funds |
| CaixaBank | 12 months | approx. 2.00% | Reference rate from the official website, negotiable |
As you can see from the table, European banks like BFF Bank, accessed through the Raisin platform, offer very competitive rates. Raisin is a savings platform that allows you to easily deposit money in banks across other EU countries to enjoy high interest rates. Furthermore, these Spanish fixed-term deposits are also protected by a deposit guarantee scheme, making it quite reliable.
Some Personal Advice
If you want to avoid hassle and prefer to deposit with your regular bank, you can directly ask your account manager if they have a special oferta for you. However, the rate will likely not be the highest available. If you’re pursuing higher returns with Spanish fixed-term deposits and don’t mind opening a new account, then Openbank, Cetelem, or using the Raisin platform are better options. These are all easily managed online from the comfort of your home.
One final reminder: always read the terms and conditions carefully before depositing, especially regarding penalties for early withdrawal. Some fixed-term deposits will forfeit all interest if withdrawn early, and some might even penalize your principal. In short, it never hurts to compare several options. Have you deposited money recently? Which bank and at what rate? Feel free to share your experiences! 💰
