Best savings accounts in Spain

Spain
Interest goes into the savings base of your IRPF, taxed on a scale that starts at 19% and reaches 30%. A Spanish bank withholds 19% on account. Once your accounts abroad pass €50,000 you also file the informative Modelo 720.
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Best rates available in Spain

Checked on 28 September 2026. 14 savings accounts, term deposits and money market funds from 13 providers accept someone resident in Spain. The three highest rates:

  • Raisin, Deposit marketplace at 4.25%, fixed term, no minimum, deposit guarantee: the partner bank's national scheme, up to €100,000.
  • Trading 212, Interest on cash (Trading 212 EU GmbH) at 4.20%, instant access, no minimum, deposit guarantee: Germany, up to €100,000.
  • bunq, Easy Savings at 3.01%, instant access, no minimum, deposit guarantee: Netherlands, up to €100,000.

11 of the 14 are covered by a national deposit guarantee scheme. The best rate you can withdraw at any time is 4.20% at Trading 212, and the best fixed term is 4.25% at Raisin. Rates are variable unless the entry says the term is fixed.

What to know if you live in Spain

Deposits are covered up to €100,000 per person per bank by the Fondo de Garantía de Depósitos de Entidades de Crédito. Money from a home sale, a redundancy or retirement lump sum, an inheritance or an insurance payout is guaranteed in full for three months, with no ceiling (art. 10 RDL 16/2011).

Interest goes into the savings base of your IRPF and is taxed on a scale: 19% up to €6,000, 21% to €50,000, 23% to €200,000, 27% to €300,000 and 30% above that (Agencia Tributaria). A Spanish bank withholds 19% on account. A bank in another country withholds nothing for Spain, so the whole amount goes in your Modelo 100, and once your accounts, securities or property abroad pass €50,000 in any one of those categories you also file the informative Modelo 720 (Agencia Tributaria).