Best Savings Accounts in Spain (2024)

Finding a secure and reliable place to grow your hard-earned funds is essential for a better financial future in an environment where the economy is always changing. 

In Spain, savers must strike a delicate balance between placing their money with Spanish banks with low-interest rates or European digital banks with higher interest rates. Currently, the best savings accounts in Spain are mainly offered by banks outside the country.

In this article, we will discuss the best savings accounts in Spain by comparing time-deposit savings accounts with normal savings accounts (flexible). We shall discuss their interest rates, administration costs, investment amounts, and other terms and conditions. Finally, by outlining the prerequisites, we will address how to open a savings account in Spain.

Best Flexible Saving Accounts in Spain

Spanish savers seeking more convenience and control increasingly turn to flexible savings accounts. These accounts provide various advantages to meet clients’ various needs. The ability to deposit and withdraw different amounts of money regularly or occasionally gives people the freedom they need. These accounts also frequently have competitive interest rates, which makes them a desirable choice for optimising savings returns.

Best Fixed-term Saving Accounts in Spain

For cautious investors looking for stability and predictable returns, placing money in fixed-term deposits, commonly known as “plazos fijos” in Spain, can be an appealing alternative. Banks and other financial organisations in Spain provide fixed-term deposits with various terms, often months to years. Spanish banks pay interest rates between 0.10% and 1.50%, while European online banks and fintechs pay up to 4.00% on fixed-term deposits.

Flexible saving accounts in Spain Reviewed

Banca Progetto Flexible savings account

Banca Progetto is an Italian bank specialising in consumer credits and personal loans. Since its establishment in 2005, the bank has developed into a reputable financial organisation providing various banking goods and services. Banca Progetto offers conventional retail banking services, such as deposit accounts, payment services, and other banking solutions for individuals and consumer loans. In Spain, customers can open a savings account with them through the Raisin platform.

Key Features:

• A 4.25% interest rate is applied to your balance for an unlimited period
• A minimum of EUR 10,000 is requested to open an account
• A maximum of EUR 100,000
• Interest is paid annually so you can’t benefit from compounded interest
• Free account maintenance fees
• Funds placed can be withdrawn within 4 bank working days
• Interest rate is variable 
• Deposits up to EUR 100,000 are guaranteed via European statutory deposit insurance.
• There is no withholding tax in Italy

Trading 212

Founded in 2006 and with over 2 million funded accounts, Trading 212 is a fintech based in London that aims to democratize the entire investment process through a simple mobile application by allowing anyone to invest in more than 10,000 stocks and ETFs plus CFDs on Stocks, ETFs, Indices, Forex, and Commodities. It offers a free share worth up to €100!

Key Features:

• A 4.20% interest rate is applied to your balance for an unlimited period
• Free maintenance fees on your account
• Daily interest accruals and accessible any time
• No maximum amount limitation
• Interest rates can change without prior notice

Trade Republic

Trade Republic is a German broker founded in 2015. Keen to onboard new customers, Trade Republic was quick to offer customers 4% interest on their uninvested cash. As Trade Republic is a broker, you’ll have the added benefit of being able to invest in stocks, ETFs, and many other financial instruments.

Key Features:

• A 4.00% interest rate is applied to your balance for an unlimited period
• Free maintenance fees on your account
• Daily interest accruals and accessible any time
• Maximum amount of €50,000
• Interest rates can change without prior notice

Wise Flexible savings account

Wise, formerly known as TransferWise, is a foreign exchange financial technology company based in the UK. It primarily targets people looking to send and receive money internationally cost-effectively. With Wise, you can hold your money in cash, stocks, or interest. By choosing the interest form, your funds will be invested in government-backed short-term loans and bank deposits, and the interest earned will be passed to you.

Key Features:

• 3.66% interest rate paid with no period limitation.
• Interest is paid monthly, so you can benefit from compounded interest
• No restrictions or limits on the interest earned
• Interest rate is variable
• A deposit guarantee scheme does not cover deposits, but the company has some safeguards for customer funds on European accounts.

Interactive Brokers IBKR PRO account

Interactive Brokers (IB) is a well-known online brokerage company that offers individual and institutional clients various financial services. Stocks, options, futures, FX, and fixed-income instruments are among the many investment products and services that Interactive Brokers provides. IB offers different types of accounts, including a flexible cash account.

Key Features:

• A 3.402% interest rate is applied to your balance for an unlimited period
• A minimum of EUR 10,000 is required
• Free maintenance fees on your account
• Daily interest accruals paid monthly into your account
• No maximum amount limitation
• Interest rates can change without prior notice

LeaBank Flexible savings account

Lea Bank ASA (formerly BRA Bank) is an online bank with offices in Oslo, Norway. It specialises in consumer loans and provides deposits in the Norwegian and Finnish markets at highly competitive interest rates. In Spain, customers can open a savings account with them through the Raisin platform.

Key Features:

• A 3.30% interest rate is applied to your balance for an unlimited period
• A minimum of EUR 5,000 is requested to open an account
• A maximum of EUR 100,000
• Interest is paid monthly so that you can benefit from compounded interest
• Free account maintenance fees
• Funds placed can be withdrawn within 4 bank working days
• Interest rate is variable 
• Deposits up to NOK 2,000,000(Approximately EUR 177,000) are guaranteed by the Norwegian Deposit scheme
• There is no withholding tax in Norway

Klarna Flexible savings account

The Swedish fintech startup Klarna Bank AB, also known as Klarna, offers various financial services, primarily focusing on online payments and lending options. Since its founding in 2005, Klarna has become one of Europe’s biggest and most well-known fintech firms, providing services to individuals and businesses. Klarna offers savings accounts with competitive interest rates. In Spain, customers can open a savings account with them through the Raisin platform.

Key Features:

• A 3.29% interest rate is applied to your balance for an unlimited period
• No minimum is requested to open an account
• A maximum of EUR 85,000
• Interest is paid quarterly, so you can benefit from compounded interest
• Free account maintenance fees
• Funds placed can be withdrawn anytime
• Interest rate is variable 
• Deposit is secured up to SEK 1,050,000 (around EUR 88,000) by Swedish state deposit insurance
• There is no withholding tax in Sweden

Lightyear

Lightyear is a European investment app that operates via the entity Lightyear Europe AS, authorized and regulated by the Estonian Financial Supervision Authority (EFSA – license number 4.1-1/31), with clients’ assets covered up to €20,000.

Key Features:

• A 3.25% interest rate is applied to your balance for an unlimited period
• Free maintenance fees on your account
• Daily interest accruals and accessible any time
• No maximum amount
• Interest rates can change without prior notice

N26 Flexible savings account

N26 is a German digital banking platform that offers various financial services through its mobile app. It was established in 2013 and has since ranked among the top neobanks in Europe. Customers can access numerous financial services, manage their accounts, and conduct transactions using the N26 mobile app.

Key Features:

• A 2.26% interest rate is applied to your balance for an unlimited period.
• No minimum is requested to open an account
• A maximum of EUR 50,000
• Interest is paid monthly, so you can benefit from compounded interest
• Free account maintenance fees
• Funds placed can be withdrawn anytime
• Interest rate is variable 
• Deposits up to EUR 100,000 are guaranteed by the German Deposit Guarantee Scheme.

Fixed-term saving accounts in Spain Reviewed

Banca Progetto fixed-term savings account

Banca Progetto is an Italian bank that offers in Spain, retail banking services, such as deposit accounts, payment services, and other banking products. In addition to flexible saving accounts, the bank offers fixed-term saving accounts with competitive interest rates in the Spanish market. Accounts can be opened in Spain through the Raisin platform.

Key features:

• 3.50% interest rate applied on your deposit locked for 3 and 6 months
• 3.60% and 3.59% interest rates applied on your deposit locked for 12 and 24 months, respectively
• Minimum EUR 10,000 to open a fixed-term account
• Maximum EUR 100,000
• Free account maintenance fees
• Deposits up to EUR 100,000 are guaranteed by the Italian Deposit Guarantee Fund
• The account can be opened within a few seconds
• No withholding tax in Italy
• No access to your funds before the end of the term

Banca Sistema fixed-term savings account

Banca Sistema is an Italian Bank that focuses on offering financial services and retail solutions to workers in the public sector in Italy. Recently, the bank expanded its operations to Spain, now offering fixed-term saving options with competitive interest rates. You can open an account with Banca Sistema in Spain through the Raisin platform.

Key features:

• 3.70% interest rate applied on your deposit locked for 12 months (the highest in our comparison for 12 months)
• 3.59% interest rate applied on your deposit locked for 24 months
• Minimum EUR 20,000 to open a fixed-term account
• Maximum EUR 100,000
• Free account maintenance fees
• Deposits up to EUR 100,000 are guaranteed by the Italian Deposit Guarantee Fund
• The account can be opened within a few seconds
• No withholding tax in Italy
• No access to your funds before the end of the term

Haitong Bank fixed-term savings account

Haitong Bank SA is a European bank located in Lisbon, Portugal, and is mainly active in Europe and Asia with a special focus on Spain, Portugal, Poland, Brazil, and India. The bank’s Spanish branch is part of Haitong Securities, and it offers a wide range of financial products, including fixed-term deposits. The bank operates in Spain through the Raisin platform.

Key features:

• 3.60% interest rate applied on your deposit locked for 6 months
• 4.10% and 4.22% interest rates are applied on your deposit locked for 12 and 24 months, respectively
• Minimum EUR 10,000 to open a fixed-term account
• Maximum EUR 100,000
• Free account maintenance fees
• Deposits up to EUR 100,000 are guaranteed by the Portuguese Deposit Guarantee Fund
• A bit complicated account opening ( need to provide proof of employment status and source of funds)
• No access to your funds before the end of the term

Bai Europa Bank fixed-term savings account

Headquartered in Lisbon, Banco BAI Europa was founded as a branch of “Banco Angolano de Investimentos” and became an independent entity supervised by the Portuguese Central Bank in 2002. In Spain, the bank offers innovative banking solutions for individuals and businesses.

.Key features:

• 3.60% interest rate applied on your deposit locked for 6 months 
• 3.60% interest rate applied on your deposit locked for 12 months
• 0.50% interest rate applied on your deposit locked for 24 months 
• Minimum EUR 10,000 to open a fixed-term account
• Maximum EUR 100,000
• Free account maintenance fees
• Deposits up to EUR 100,000 are guaranteed by the Portuguese Deposit Guarantee Fund
• The bank does not have a Spanish Branch, a withholding tax in Portugal is applied (a 28%  tax rate is applied on the interest generated by deposits)
• Funds can be available between 28 to 5 days before the end of the term

OpenBank Fixed-term savings account

Openbank is a digital bank that offers various financial products and services to individuals and businesses. It is a subsidiary of the Spanish bank Grupo Santander, one of the largest banking groups in the world. OpenBank is a 100% online bank that provides retail products, including credit cards and saving accounts, through its website and mobile application.

Key features:

• 3.05% interest rate applied on your deposit locked for 6 months
• 3.05% interest rate applied on your deposit locked for 12 months
• Minimum EUR 25,000 to open a fixed-term account
• No maximum amount limitation
• Free account maintenance fees
• Deposits up to EUR 100,000 are guaranteed by the Spanish Deposit Guarantee Fund
• You can cancel the fixed-term deposit in advance with no penalty, obtaining the money deposited in this case with a return of 0.20%

Opening a savings account in Spain is usually fast and easy. When choosing your bank or financial institution, several criteria must be considered depending on your preferences and financial goals. Look for costs, interest rates, fees, account features, and ease of access. If you’re a foreigner, you must look for English-speaking services. Spanish banks usually offer Spanish-only information and support; you should turn to online/international banks instead.

Requirements differ whether you choose to open a savings account with an online or traditional bank:

Opening an account with a traditional bank in Spain

Saving accounts can be opened with traditional banks within 1 to 5 working days. However, account details and documentation need around 2 weeks to be sent to you by mail. Some banks offer the possibility to open a savings account online others request you to make an appointment with your nearest branch. 

There are a few documents that you need to prepare ahead to save time and facilitate the procedure: 

• Proof of identity (e.g., passport)
• Spanish foreigner identification number (NIE) and certificate (número de identificación de extranjeros)
• Proof of address
• Proof of employment status (student card, employment contract, unemployment documentation)

Opening an account with an online bank/Fintech in Spain

Digital banking is steadily rising in Spain, making it easy to manage your savings from your mobile. With online Banks and financial institutions, the account opening procedure is usually faster than traditional banks. Some financial institutions only require proof of address, an email address, and a mobile phone number to link to your account. Other digital banks may require, in addition, proof of residency and a tax identification number.

Despite the rise in interest rates implemented by the European Central Bank to control inflation, the rate of return on saving accounts in Spanish banks is much behind that of European banks and financial institutions, where profits can exceed 4%. Online banks have transformed the traditional banking industry in Spain by providing a wide range of digital financial services that appeal to younger, tech-savvy clients. 

We hope that this article will assist you in your search for the best savings account in Spain that matches your aims and long-term saving ambitions.