The best high-yield savings accounts in Spain
Finding a high-interest savings account in Spain may be a little harder than in your home country, but there are numerous options available with Spanish banks that are worth considering.
Finding a high-yield savings account in Spain can often be a little more difficult than you might imagine.
Whereas in the UK or US 5 or even 6 percent yield rates are relatively easy to come by, in Spain that's not the case and almost all savings accounts max out at the 2.5-3 percent level.
There are banks that offer higher initial rates (more on that below) but they usually come with extra conditions.
It's also important to remember that any gains from a cuenta remunerada, as high-yield accounts are called in Spanish, must be declared to the Spanish taxman.
Nevertheless, at a time of high inflation that has turned staples into luxuries and is making many of us count every penny (or euro cent), knowing where to find the best savings accounts in Spain can be a big help.
Here's what you need to know about the best high-interest accounts in Spain as of October 2023.
READ ALSO: Bank overdraft in Spain: What are the risks and penalties?
HIGHEST RETURNS
Ibercaja Vamos Account: This account offers a 5 percent TIN (Nominal Interest Rate) in the first year for new customers and 3 percent for the second year, which puts it far ahead of most Spanish savings accounting terms of rates. Ibercaja also recently increased its maximum balance €6,000 to €10,000. Though it is one of the more profitable savings accounts you can find in Spain (beyond the first year) and has no commissions, this Ibercaja account does have more requirements to be approved, including providing payroll information, pension or unemployment documents, if applicable, and conditions on the use of the card and direct debit receipts.
Yoigo MoneyGo Savings Account: The Spanish telecoms company Yoigo also offers a savings account at a pretty high 5 percent rate. The downside is this offer is only applicable up to €5,000.
Welcome Savings Account with Openbank: Santander's Open Bank also offers 5 percent TIN the first year but it drops pretty dramatically to 0.2 percent the second.
Bankinter's Payroll Account: this account offers 4.94 percent TIN the first year and 1.99 percent the second.
Unicaja: The Málaga-headquartered offers 4.91 percent TIN for two years, but only up to €2,000.
READ ALSO: How to open a bank account in Spain if you're not a resident
BEST SAVINGS ACCOUNT OVERALL
N26 Savings Account: This account offers relatively high return of 2.26 percent APR with no maximum amount limits, is free, has no maintenance fees, commissions, and can be opened and managed entirely online. However, in order to get an N26 online savings account must first open a checking account and then can apply for the savings account through the N26 app.
Sabadell Online Savings: The Sabadell Online Account for new customers offers 2.5 percent yield in the first year for the first €30,000 deposited. In order to get that 2.5 percent you just have to open an account - there are no other requirements. You can also earn up to €750 gross and if you deposit your pension or unemployment benefit of at least €700 per month, you receive an extra €200 as a bonus.
EVO Bank - Smart Account: The EVO Banco Smart Account is one of the better overall accounts offering a solid 2.5 percent APR up to €30,000 if you are a new customer. An added bonus is that EVO allows you to use this account for savings and day-to-day use. It has no commissions and you get a free Debit and Credit Smart Card.
READ ALSO: Spanish bank accounts: Why you shouldn't leave them inactive for too long
Targobank - Cuenta Próxima: Targobank offers a savings account called Cuenta Próxima. Like with EVO, you'll need to open a checking account in order to get the savings account. Other downsides include an €8 per month maintenance fee, however that can be waived if you meet one of the following three requirements: have a balance of €10,000 have a mortgage, a loan or insurance with a premium of more than €250 or a payroll of more than €600. Targo banks offers a pretty standard 2.53 percent APR, but the positive is that this rate stays the same over the years and valid up to balances of €30,000.
OTHER GOOD HIGH-YIELD ACCOUNTS IN SPAIN
Banca Progetto has improved its interest rates on its main Savings Account, going from 3 percent to 3.25 percent.
Lea Bank has also recently raised the interest on its Savings Account and now pays 3.05 percent.
EBN has increased the rates on its Paid Account, going from 1.24 percent to 2.97 percent.
Renault Bank has increased the interest on its Contigo Account, boosting it to 2.70 percent from 2.60 percent.
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Finding a high-yield savings account in Spain can often be a little more difficult than you might imagine.
Whereas in the UK or US 5 or even 6 percent yield rates are relatively easy to come by, in Spain that's not the case and almost all savings accounts max out at the 2.5-3 percent level.
There are banks that offer higher initial rates (more on that below) but they usually come with extra conditions.
It's also important to remember that any gains from a cuenta remunerada, as high-yield accounts are called in Spanish, must be declared to the Spanish taxman.
Nevertheless, at a time of high inflation that has turned staples into luxuries and is making many of us count every penny (or euro cent), knowing where to find the best savings accounts in Spain can be a big help.
Here's what you need to know about the best high-interest accounts in Spain as of October 2023.
READ ALSO: Bank overdraft in Spain: What are the risks and penalties?
HIGHEST RETURNS
Ibercaja Vamos Account: This account offers a 5 percent TIN (Nominal Interest Rate) in the first year for new customers and 3 percent for the second year, which puts it far ahead of most Spanish savings accounting terms of rates. Ibercaja also recently increased its maximum balance €6,000 to €10,000. Though it is one of the more profitable savings accounts you can find in Spain (beyond the first year) and has no commissions, this Ibercaja account does have more requirements to be approved, including providing payroll information, pension or unemployment documents, if applicable, and conditions on the use of the card and direct debit receipts.
Yoigo MoneyGo Savings Account: The Spanish telecoms company Yoigo also offers a savings account at a pretty high 5 percent rate. The downside is this offer is only applicable up to €5,000.
Welcome Savings Account with Openbank: Santander's Open Bank also offers 5 percent TIN the first year but it drops pretty dramatically to 0.2 percent the second.
Bankinter's Payroll Account: this account offers 4.94 percent TIN the first year and 1.99 percent the second.
Unicaja: The Málaga-headquartered offers 4.91 percent TIN for two years, but only up to €2,000.
READ ALSO: How to open a bank account in Spain if you're not a resident
BEST SAVINGS ACCOUNT OVERALL
N26 Savings Account: This account offers relatively high return of 2.26 percent APR with no maximum amount limits, is free, has no maintenance fees, commissions, and can be opened and managed entirely online. However, in order to get an N26 online savings account must first open a checking account and then can apply for the savings account through the N26 app.
Sabadell Online Savings: The Sabadell Online Account for new customers offers 2.5 percent yield in the first year for the first €30,000 deposited. In order to get that 2.5 percent you just have to open an account - there are no other requirements. You can also earn up to €750 gross and if you deposit your pension or unemployment benefit of at least €700 per month, you receive an extra €200 as a bonus.
EVO Bank - Smart Account: The EVO Banco Smart Account is one of the better overall accounts offering a solid 2.5 percent APR up to €30,000 if you are a new customer. An added bonus is that EVO allows you to use this account for savings and day-to-day use. It has no commissions and you get a free Debit and Credit Smart Card.
READ ALSO: Spanish bank accounts: Why you shouldn't leave them inactive for too long
Targobank - Cuenta Próxima: Targobank offers a savings account called Cuenta Próxima. Like with EVO, you'll need to open a checking account in order to get the savings account. Other downsides include an €8 per month maintenance fee, however that can be waived if you meet one of the following three requirements: have a balance of €10,000 have a mortgage, a loan or insurance with a premium of more than €250 or a payroll of more than €600. Targo banks offers a pretty standard 2.53 percent APR, but the positive is that this rate stays the same over the years and valid up to balances of €30,000.
OTHER GOOD HIGH-YIELD ACCOUNTS IN SPAIN
Banca Progetto has improved its interest rates on its main Savings Account, going from 3 percent to 3.25 percent.
Lea Bank has also recently raised the interest on its Savings Account and now pays 3.05 percent.
EBN has increased the rates on its Paid Account, going from 1.24 percent to 2.97 percent.
Renault Bank has increased the interest on its Contigo Account, boosting it to 2.70 percent from 2.60 percent.
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