Best Savings Accounts in Spain (2026)

Finding a secure place to grow your savings matters more in Spain than the headline rates suggest, because the best of them rarely come from Spanish high street banks.

The direction of travel also changed in 2026. After two years of cuts, the European Central Bank raised its deposit facility rate to 2.50% on 16 September 2026, having cut it to 2.25% only three months earlier. Savings rates follow that benchmark closely, so flexible accounts are moving back up and the best fixed-term offers have climbed above 3%.

Below we compare fixed-term deposits with flexible savings accounts on rates, costs, minimums and terms, explain how the interest is taxed in Spain, and flag which of these products are actually protected by a deposit guarantee and which are not.

Best flexible savings accounts in Spain

Spanish savers seeking convenience and control increasingly turn to flexible savings accounts. They let you deposit and withdraw as you need, regularly or occasionally, without locking your money away.

These accounts often carry competitive rates, which makes them attractive for money you may need at short notice. Read the deposit protection column carefully, though: some of these are bank deposits and some are investment products, and that distinction matters far more than a few tenths of a percentage point.

Want to see more offers? Check our broker interest page, where we show the brokers and digital banks offering the highest interest rates.

Best fixed-term savings accounts in Spain

For savers looking for stability and a predictable return, fixed-term deposits, known in Spain as “plazos fijos”, can be an appealing alternative. Banks and other institutions offer terms ranging from a few months to several years. Spanish banks generally pay less than European online banks and fintechs, which is why most of the names below are foreign banks distributed through the Raisin platform.

The trade-off is simple: you give up access to your money for the term, and in exchange you fix the rate. That cuts both ways. Locking in ahead of the ECB cuts of 2025 and early 2026 protected savers who did it, but anyone who fixed a long term just before the September 2026 increase is now stuck below the current market.

Flexible savings accounts in Spain reviewed

Trade Republic

Trade Republic is a German broker founded in 2015 that has since obtained a full banking licence from the European Central Bank. It pays interest on uninvested cash, and because it is a bank, that cash sits under the German deposit guarantee scheme. As it is also a broker, you can invest the same balance in stocks, ETFs and other instruments without moving money elsewhere.

Key features:

• 2.50% as the standard rate, applied to all uninvested cash with no cap and no time limit
• 3.00% for new clients as a promotional rate on balances up to €50,000, shown as 3.04% TAE on the Spanish site because interest is paid monthly. Check the current terms and how long it runs before opening an account on the strength of it
• The rate tracks the ECB deposit facility rate, so it moves when the ECB moves. It rose from 2.25% to 2.50% after the September 2026 increase
• Interest accrues daily and is paid monthly, so it compounds
• Free account maintenance, and your money is accessible at any time
• Cash is protected up to €100,000 under the German deposit guarantee scheme
• Interest rates can change without prior notice

Scalable Capital

Scalable Capital is a German broker and asset manager that launched a remunerated account in Spain and has been raising the rate through 2026. The structure changed during the year and the detail matters: cash sitting in the brokerage settlement account no longer earns anything, so you have to move money into the separate savings account to be paid interest on it.

Rather than hold everything itself, Scalable spreads client cash across partner banks. On the paid PRIME+ plan it distributes across itself and up to four partner banks, which multiplies the statutory guarantee, since each bank carries its own €100,000 cover.

Key features:

• 2.63% TAE (2.60% TIN) on the savings account, variable
• No minimum deposit and no maximum balance
• Interest is calculated daily and credited monthly, so it compounds
• Money is available on demand
• Statutory deposit protection of €100,000 per client at each bank holding the cash, rising to five times €100,000 on the PRIME+ plan through distribution across Scalable and four partner banks
• A separate 12-month fixed-term deposit is offered at 3.00% TAE, with penalties for early withdrawal
• Cash left in the brokerage settlement account earns no interest, so the balance has to be moved across

Lightyear

Lightyear is a European investment app that operates through Lightyear Europe AS, authorised and regulated by the Estonian Financial Supervision Authority (EFSA, licence number 4.1-1/31).

Its Savings product works differently from the bank accounts above, and the difference is worth understanding before you compare the headline rates. Your money is placed in a money market fund managed by BlackRock, the BlackRock ICS Euro Liquidity Fund, and the yield tracks ECB rate trends. That means it is an investment product, not a deposit: it is not covered by a deposit guarantee scheme, and your capital is at risk. Investor compensation of up to €20,000 covers the failure of the firm, not losses on the fund itself.

Key features:

• 2.42% APY on euro balances after Lightyear’s 0.10% annual fee, tracking ECB rate trends
• No minimums and no maximums, from €1 upwards
• No account maintenance fee, with the fund fee taken from the interest rather than the capital
• Daily interest accrual, with your money accessible at any time
• A money market fund rather than a bank deposit, so no deposit guarantee applies and capital is at risk
• Rates can change without prior notice
• Offers a free share worth up to €100 with our promo code

Banco Cetelem savings account

Banco Cetelem is the Spanish consumer finance arm of BNP Paribas. Its savings account is distributed through Raisin rather than sold directly, but because Cetelem is a Spanish bank the account sits inside the Spanish guarantee scheme and tax is withheld automatically, which saves you the paperwork that comes with a foreign provider. It replaces Banca Progetto, whose flexible account is no longer offered to Spanish savers through Raisin.

Key features:

• 2.36% TAE (2.33% TIN) on the balance, variable
• Minimum €1,000 and maximum €100,000
• Interest is capitalised on the first day of each month, so it compounds
• Funds are available within 1 to 4 working days, so it is flexible but not instant
• Free account maintenance
• Covered by the Spanish deposit guarantee fund up to €100,000 per depositor
• Spanish withholding tax is applied automatically and the interest is pre-filled in your tax return
• Opened entirely online through Raisin, with no additional documents required

Wise flexible savings account

Wise, formerly TransferWise, is a financial technology company based in the UK, best known for low-cost international transfers. With Wise you can hold your money as cash, in stocks, or in its interest option. Choosing the interest option places your funds in a money market fund run with BlackRock, holding short-term government-backed instruments, with the return passed on to you.

As with Lightyear, this is not a bank deposit, so no deposit guarantee scheme applies.

Key features:

• 2.02% on euro balances after the 0.26% annual fee, with no time limit (Wise also pays 3.32% on GBP and 3.44% on USD)
• Interest accrues daily and is paid monthly, so it compounds
• No restrictions or limits on the amount
• The interest rate is variable and capital is at risk
• Not covered by a deposit guarantee scheme, though Wise applies safeguarding arrangements to customer funds on European accounts

Interactive Brokers IBKR Pro account

Interactive Brokers is a well-known online broker offering a wide range of products to individual and institutional clients, including stocks, options, futures, forex and fixed income. Uninvested cash in your account earns interest automatically, with no separate savings product to activate.

Key features:

• 1.878% on euro balances above €10,000 on an IBKR Pro account, calculated as the IBKR benchmark rate minus 0.5%
• No interest at all on the first €10,000, which is the detail most comparisons leave out. On a €15,000 balance, only €5,000 earns interest, so your effective rate is well below the headline
• On an IBKR Lite account the rate is 0.878%, the benchmark minus 1.5%
• Free account maintenance
• Interest accrues daily and is paid monthly
• No maximum balance
• Not a bank deposit, so no deposit guarantee scheme applies
• Rates are tiered and change with market benchmarks, without prior notice

Fixed-term savings accounts in Spain reviewed

Mano Bank fixed-term savings account

AB Mano bankas is a digital bank based in Vilnius that received its licence in 2019 and reaches Spanish savers through Raisin. It pays the highest 12-month rate on this page, but it also has the highest minimum, and Lithuanian withholding tax applies unless you file the paperwork to reduce it.

Key features:

• 3.38% TAE on a 12-month deposit and 3.32% on 24 months, with 3.10% at 9 months
• Longer terms pay considerably less, with 3 to 5 years priced under 2%
• Minimum €20,000 to open a deposit
• Maximum €100,000
• Free account maintenance
• Deposits up to €100,000 are guaranteed by the Lithuanian deposit guarantee scheme
• Lithuania withholds 15% at source, reducible to 10% if you send a tax residency certificate and a reduction claim before maturity. You then claim double taxation relief in your Spanish return
• No access to your funds before the end of the term

Banca Sistema fixed-term savings account

Banca Sistema is an Italian bank based in Milan, focused on financial services for public sector workers in Italy, which expanded into Spain offering fixed-term deposits. Accounts are opened through the Raisin platform. It is the most complete range here, with terms from 6 months to 10 years and no withholding at source.

Key features:

• 2.77% TAE at 6 months, 3.05% at 12 months and 3.10% at 24 months
• Longer terms hold up well, at 3.01% for 3 years and 2.66% for 10 years
• Minimum €5,000 to open a fixed-term account
• Maximum €100,000
• Free account maintenance
• Deposits up to €100,000 are guaranteed by the Italian deposit guarantee scheme
• No Italian withholding tax for non-residents and no documentation required, so you declare the interest in Spain
• No access to your funds before the end of the term

BluOr Bank fixed-term savings account

BluOr Bank AS is a Latvian bank that offers a single short deposit to Spanish savers through Raisin. What makes it worth a look is the entry point: where most of the competition asks for €5,000 or more, BluOr accepts €1, which makes it one of the few ways to fix a competitive rate on a small balance.

Key features:

• 2.87% TAE on a 6-month deposit
• Minimum €1, so there is effectively no entry barrier
• Maximum €100,000
• Free account maintenance
• Deposits up to €100,000 are guaranteed by the Latvian deposit guarantee scheme
• No automatic withholding at source, so you declare the interest in Spain yourself
• No access to your funds before the end of the term

Haitong Bank fixed-term savings account

Haitong Bank SA is a European bank based in Lisbon, part of the Haitong Securities group, active in Europe and Asia. It reaches Spanish savers through a Spanish branch distributed on Raisin. Its pricing is unusual: the short terms are among the weakest here, while the 2 and 3 year rates are among the strongest, so it only makes sense if you are fixing for the long term.

Key features:

• 1.58% TAE at 3 and 6 months and 1.57% at 12 months, which is well below the market
• 3.10% at 24 months and 3.14% at 36 months, which is competitive
• Minimum €10,000 to open a fixed-term account
• Maximum €100,000
• Free account maintenance
• Deposits up to €100,000 are guaranteed by the Portuguese deposit guarantee scheme
• Because it operates through a Spanish branch, tax is withheld automatically at Spanish rates and appears in your tax return, so there is no double taxation claim to make
• Account opening is more demanding, since you need to provide proof of employment status and source of funds
• No access to your funds before the end of the term

MiraltaBank fixed-term savings account

MiraltaBank is a Madrid-based investment and asset management bank founded in 2010, offering banking and investment products to individuals and businesses. For savers who want a competitive rate without leaving the Spanish system, it is the closest thing here to a straightforward local deposit, with Spanish cover and Spanish tax handled for you.

Key features:

• Between 2.67% and 2.91% TAE, depending on a term of 6 months to 3 years
• Rates improve with the term, unlike several of the foreign banks here
• Minimum €15,000 to open a fixed-term account
• Maximum €100,000
• Free account maintenance
• Deposits up to €100,000 are guaranteed by the Spanish deposit guarantee fund
• Spanish withholding applies automatically and is reflected in your tax return
• No access to your funds before the end of the term

Openbank fixed-term savings account

Openbank is a fully online bank and a subsidiary of Grupo Santander, one of the largest banking groups in the world. It offers retail products, including cards and savings accounts, through its website and app. For savers who prefer to keep their money with a Spanish institution and inside the Spanish guarantee scheme, it is the most straightforward option here, provided you meet the income condition.

Key features:

• 2.75% TAE (2.73% TIN) on a 6-month deposit if you have a qualifying income of at least €900 a month paid in for four months
• 1.25% TAE without the income requirement, which is less than half the headline and the figure most savers will actually get
• Minimum €1 to open, according to the current offer
• No maximum amount
• Free account maintenance, with no administration or cancellation fees
• Deposits up to €100,000 are guaranteed by the Spanish deposit guarantee scheme
• You can cancel the deposit early with no penalty, in which case the return drops to 0.20% TAE
• The Openbank current account itself pays 0%, so the money has to sit in the deposit to earn anything

Deposit or investment? The difference that matters most

The products in this article look interchangeable in a table, and they are not. There are two different things here:

• Bank deposits, at Trade Republic, Scalable Capital, Banco Cetelem, Mano Bank, Banca Sistema, BluOr Bank, Haitong, MiraltaBank and Openbank. Your money is a claim on a bank and is covered by that country’s deposit guarantee scheme, up to €100,000 per person per bank. If the bank fails, the scheme pays you back;
• Investment products, at Lightyear, Wise and Interactive Brokers. Your money buys units in a money market fund or sits in a brokerage account. No deposit guarantee applies. These funds hold short-dated government and bank instruments and are rated at the bottom of the risk scale, but the protection is a different kind: investor compensation covers the failure of the firm, not losses on the fund.

Neither is inherently better. For a balance you might need next week, the flexible options win on convenience. For a large sum you want to sit on, spreading it across banks so each stays under €100,000 is the conventional approach, and one that only works with the first group.

Also remember that the scheme limit applies per bank, not per platform. If you hold deposits with two banks distributed by the same platform, each has its own €100,000 cover from its own national scheme. Scalable Capital builds its product around exactly this point, spreading balances across itself and up to four partner banks on the PRIME+ plan so that a single client can sit under five separate guarantees.

How savings interest is taxed in Spain

Interest from a savings account or a deposit is treated as savings income (rendimientos del capital mobiliario) and taxed on the savings base of your IRPF return, separately from your salary. The rates for 2026 rise in five bands:

Where the money sits decides how much work this creates for you.

Spanish banks and Spanish branches, which here means Openbank, MiraltaBank, Banco Cetelem and Haitong, withhold tax at source and report the interest to the tax authority, so it arrives pre-filled in your draft return. You may still owe more at the top bands, but you do not have to go looking for the numbers.

Foreign providers, which here means Trade Republic, Scalable Capital, Banca Sistema, BluOr Bank, Lightyear and Wise, generally do not withhold Spanish tax and do not report to the Spanish authority. The interest is still taxable and it is on you to declare it.

Some countries withhold their own tax first. Mano Bank is the example on this page: Lithuania takes 15% at source, which you can cut to 10% by sending a tax residency certificate and a reduction claim before the deposit matures. Whatever is withheld, you then claim double taxation relief in your Spanish return, so the money comes back eventually but you are out of pocket in the meantime.

There is one more form to keep in mind. If the total you hold abroad in accounts, securities or property passes €50,000 in any of those categories, you have to file Modelo 720 by 31 March of the following year. It is an information return rather than a tax charge, but it is compulsory.

How to open a savings account in Spain

Opening a savings account in Spain is usually fast and straightforward. When choosing a provider, weigh the interest rate against the fees, the account features and how easily you can reach your money. If you are a foreigner, check that support is available in a language you are comfortable with, since Spanish banks often operate in Spanish only, while online and international providers tend to offer English.

Requirements differ depending on whether you go with an online or a traditional bank.

Opening an account with a traditional bank in Spain

Savings accounts can be opened with traditional banks within one to five working days, though account details and documentation can take around two weeks to arrive by post. Some banks let you open online, others ask you to visit a branch.

Prepare these documents in advance to save time:

• Proof of identity, such as a passport
• Spanish foreigner identification number (NIE) and certificate
• Proof of address
• Proof of employment status, such as a student card, employment contract or unemployment documentation

Opening an account with an online bank or fintech in Spain

Digital banking keeps growing in Spain, and the online account opening process is usually faster than at a traditional bank. Some providers require only proof of address, an email address and a mobile number. Others also ask for proof of residency and a tax identification number.

Opening an account through a deposit platform

Most of the foreign banks in this article are reached through Raisin rather than directly. You open one account with the platform, pass identity checks once, and can then move money between partner banks without repeating the process. The deposit is still held by the partner bank, and it is that bank’s national scheme that covers you, not the platform’s.

Final thoughts

The direction of travel reversed in 2026. After two years of falling returns, the ECB increase in September pushed the benchmark back to 2.50%, and the best fixed-term deposits available in Spain now pay above 3% again. Spanish high street banks continue to pay less than European online banks, brokers and fintechs, so the gap that made foreign providers worth the paperwork is still there.

Three things are worth doing before you move money. Compare the effective rate, not the headline: a promotional rate that runs for three months, a tier that pays nothing on your first €10,000, an income requirement that cuts the rate by more than half if you miss it, or interest paid once a year rather than monthly all change what you actually earn. Check whether the product is a deposit or an investment, because that determines what happens in the worst case. And count the tax: an account that withholds in another country and leaves you to reclaim it is worth less than the same rate paid by a bank that reports to the Spanish authority for you.

We hope this article helps you find the savings account that matches your goals.