Best savings accounts in Latvia

Interest has been taxed at 25.5% since January 2025. A Latvian bank withholds it, a bank in another country does not, so that interest goes in appendix D11 of your annual declaration with credit for anything paid abroad.

Best rates available in Latvia

Checked on 28 September 2026. 11 savings accounts, term deposits and money market funds from 10 providers accept someone resident in Latvia. The three highest rates:

bunq, Easy Savings at 3.01%, instant access, no minimum, deposit guarantee: Netherlands, up to €100,000.
Trade Republic, Interest on cash at 3.00%, instant access, no minimum, deposit guarantee: Germany, up to €100,000.
Trading 212, Interest on cash (Trading 212 Markets Ltd) at 2.50%, instant access, no minimum, investor compensation: Cyprus ICF, up to €20,000, which is not a deposit guarantee.

7 of the 11 are covered by a national deposit guarantee scheme. The best rate you can withdraw at any time is 3.01% at bunq, and the best fixed term is 2.50% at BluOr Bank. Rates are variable unless the entry says the term is fixed.

What to know if you live in Latvia

Deposits are covered up to €100,000 per depositor per bank or credit union, in every currency. On top of that, up to €200,000 more, so €300,000 in all, is covered where the money comes from the sale of residential property, from state social benefits, or from compensation for damages or a wrongful conviction, and reached the account in the three months before the claim (Latvijas Banka).

Interest is taxed at 25.5% since 1 January 2025. A Latvian bank withholds it at source. A bank in another country does not, so the interest goes in appendix D11 of your annual declaration, with credit for tax paid abroad. Interest on government and municipal bonds issued by EU or EEA states is exempt (VID).