However, the rise in inflation after the pandemic has prompted central banks to change monetary policy. In Europe, the general rate already exceeds 4.5% and this has caused deposits to once again offer positive returns, attracting Spanish clients.

Spanish deposits, the least profitable in Europe

Although some entities, a few, have begun to market and relaunch this type of products, the truth is that Spain continues to lag behind the rest of the countries in the Euro Zone. In fact, in Spain the average profitability has already climbed to 2.5%, reaching maximums not seen since 2014, according to the latest data for the month of August 2023. Although, it continues to remain notably behind the European Union average . However, It is likely that in the coming months yields will begin to fall taking into account that the market outlook indicates that the ECB will begin to reduce interest rates.

The reason for this is none other than the excess liquidity it has. the large Spanish banks after several years of ultra-expansive monetary policy. In fact, it is estimated that the amount of liquidity that is averaged in excess is 250 billion euros. Something that means that the main entities are not forced to remunerate their clients for providing them with liquidity.

However, this is starting to change in recent months. Smaller entities, neobanks and Fintech have begun to launch very attractive deposit offers for clients, which in some cases exceed 4% APR. While the large ones are betting more on paid accounts.

Features before hiring a deposit

Before hiring a deposit, there are some characteristics that should be kept in mind. The first of them is found in the importance of the deadline. There are deposits for six months, twelve months, eighteen months, twenty-four months, thirty-six months, and even more. Therefore, the time frame must be clear. The reason is because most deposits penalize the customer if they cancel early. This being the case, you should know that, if you take out a deposit for eighteen months, during that time you will not be able to use the money if you want to avoid the penalty.

On the other hand, it is also important to know that interest is usually paid either monthly or upon maturity of the deposit. If you have contracted a deposit at a 2% APR for twenty-four months, we will receive 4% on the amount contributed when the term ends.

Finally, taxation is also an element to consider, since, if the profits are less than 6,000 euros, 19% of the profit will be paid, but more can be paid – between 21 and 23% – if this is exceeded. profit barrier.

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The most profitable deposits in Spanish banks in 2024

MyInvestor at 4%

The first place goes to MyInvestor, which offers two different deposits. The first of them is that it offers a 4% APR for three months when contracting an automated portfolio on the platform and making monthly contributions from 150 euros. The second offers 3% for three months without having to contract this product.

Finantia Bank at 3.60%

Banco Finantia with its 12-month deposit with 3.60% APR is placed at the top of the table. This bank has also increased the remuneration of this deposit compared to the previous month. Interest is paid upon maturity, but yes, it has a minimum investment of 100,000 euros and a maximum of 500,000 euros. That is, it is less accessible due to the high initial amount. The entity offers other deposits from 12 to 36 months, with interests ranging from 3.25% to 2.70% APR. For these, the minimum investment is 50,000 euros.

Renault Bank at 3.44%

Third place is occupied by Renault Bank's TĂș+ Deposit, marketed by its branch in Spain. With a 3.44% APR, the bank has reduced its profitability from the 3.85% APR from which it started. It is a 24-month deposit with a quarterly interest payment and with minimum limits of 500 euros and maximum limits of 1,000,000 euros. In addition, it is marketed by its branch in Spain, which means it has the support of the Spanish Deposit Guarantee Fund.

Pibank at 3.14%

Pibank is another Spanish entity that has launched itself into the deposit war, although in a more subdued way than the two previous entities. In this case, it offers a single twelve-month deposit with a 3.14% APR. The difference is that they do not ask for a minimum amount. So you can hire from any level and up to a maximum of 100,000 euros. The entity has lowered its profitability compared to the previous month, in which it offered a 3.34% APR.

EBN Bank at 3.10%

EBN Banco has simplified the profitability of all its deposits to 3.10% APR for all terms. From your deposit for three months, to the one you offer for 36 months. In any case, all of them can be hired from 5,000 euros and up to a maximum of 400,000 euros. Interest is paid upon maturity. In the last month, the bank has chosen to reduce its profitability and standardize it for all terms and deposits offered.

Banca March at 3.10%

In the case of Banca March and its twelve-month deposit, it has registered an increase in profitability to 3.10% APR, compared to the previous 3%. This deposit is focused on assets between 10,000 and two million euros. The most positive part of this deposit is that it allows early cancellation with some conditions. In addition, the maximum deposit limit has increased from 500,000 to two million euros to attract the highest assets.

Selfbank at 3.06%

One of the latest entities to make it onto this list is Selfbank, a subsidiary of Singular Bank. In this case, the bank offers a six-month deposit at 3.06% APR. The deposit is focused on assets of between 1,000 and 1 million euros and does not allow automatic renewal. The entity has reduced the minimum amount, which started at 15,000 euros and has increased the maximum, which was 500,000. Selfbank also markets other deposits with different terms from 3 to 24 months and the returns range from 3.02% to 2.75%.

Open Bank at 3.05%

The subsidiary of Banco Santander has slightly reduced the profitability of its deposit to 3.05% APR for twelve months as long as certain conditions are met, which are summarized in the direct debit of the payroll or having monthly income of 600 euros. For those who do not want to change their payroll or bank income, the entity also offers the Welcome Deposit with a lower profitability, 2% APR without the need to direct deposit anything for those who only want to subscribe to this product without changing banks.

TargoBank at 3%

TargoBank, another entity covered by the Spanish Deposit Guarantee Fund, offers a 3% APR for its 24-month deposit. It can be contracted from 10,000 euros, but it is required to have an account opened with the entity. In addition, they also offer other deposits at 18 and 12 months. For these cases, the profitability is 2.85% and 2.75% APR respectively. They have kept the offer unchanged in the last month.

Wizink at 3% APR

The Wizink entity with a 3% APR Wizink for its twelve-month deposit is placed on this list. In this last month, the entity has increased the profitability of its deposits in recent months. Regarding its conditions, the minimum assets to be deposited are 5,000 euros and the maximum is 250,000 euros. Wizink also offers other deposits for twenty-five months at 2.30% APR, for eighteen months with 2.75% and the longest term, thirty-six months, with 2.5% APR. The entity has not modified its offer in recent weeks.

CaixaBank at 1% APR

The largest bank in Spain has launched itself into the deposit market with one to twelve months in which it remunerates the balance with a 1% APR, with the possibility of rising to 2% if other products and services from the banking entity are contracted. The minimum income to be able to contract it is 5,000 euros and the cancellation is flexible, that is, you do not have to wait for its expiration to be able to withdraw the money.

Other banking entities such as Bankinter, Abanca, Kutxabank or BBVA offer deposits with different remunerations, but different characteristics. They are not fixed-term deposits, but are either indexed to the German stock market, are remunerated in kind, are in dollars or are associated with the contracting of another banking product such as an investment fund.


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