The Reality of Spain's Major Banks in 2026
BBVA, Banco Santander, and CaixaBank have a combined total of more than 60 million customers in Spain. These are the banks where most Spaniards have their paychecks, utility bills, and mortgages set up. But when it comes to earning interest on savings, the story is different.
BBVA: No interest on checking accounts, deposits with conditions
BBVA’s No-Fee Online Account offers 0% APR. No interest, no returns. It is a transactional account, not a savings product.
BBVA does have a savings product: the 13-Month Combined Deposit. The problem is that to access the highest rate (up to 0.65% APR), you must invest part of the capital in a BBVA investment fund. If you don’t want the fund, the return on the deposit alone is minimal (0.15% APR). In practice, it’s a strategy to attract customers to actively managed funds.
BBVA Summary: 0% on checking accounts. Combined deposit up to 0.65% APR if you agree to invest in funds.
Santander: negotiated deposit rates, not published
Santander’s No-Fee Online Account also offers 0% APR.
Santander offers term deposits, but does not publicly list them on its website. These are negotiated products offered in branches or through private banking for amounts above a certain threshold:
- From €15,000: up to 1.75% APR for 6 months
- From €50,000: up to 2% APR for 6 months
If you don’t have that minimum capital, you won’t qualify for these rates. And if you do, there are better alternatives available with no strings attached (see table below).
Santander Summary: 0% on checking accounts. Negotiated deposits starting at €15,000 with rates below market levels.
CaixaBank: the deposit rate depends on how many insurance policies you purchase
CaixaBank’s Day-to-Day Account: 0% APR.
The 12-Month Bonus Deposit works like this:
- Base rate (with no additional conditions): 0.10% APR
- With direct deposit of paychecks: +0.50% APR
- For each insurance policy taken out (up to 4): +0.25% APR
- Maximum achievable: ~1.10% APR — only if you have your paycheck deposited directly and 4 active CaixaBank insurance policies
The minimum deposit is €5,000, and early withdrawal results in no interest. In practice, this product is designed to retain customers with direct deposit, not to maximize savings returns.
CaixaBank Summary: 0% on checking accounts. Deposit rates ranging from 0.10% to 1.10% APR, contingent on additional banking products.
The real alternative: what others are offering right now
While the big three offer between 0% and 1.10% APR with conditions, these are the alternatives available today with no account linkage requirements:
| Bank | Product | APY | Term | Minimum | Guarantee |
|---|---|---|---|---|---|
| Klarna Bank (Raisin) | 2-year deposit | 2.56% | 2 years | €1 | EU DGS |
| Bigbank | 12-month deposit | 2.50% | 12 months | No minimum | EU DGS |
| Klarna Bank (Raisin) | 1-year deposit | 2.46% | 12 months | €1 | EU DGS |
| Banca Progetto (Raisin) | 6-month deposit | 2.45% | 6 months | €1 | EU DGS |
| Ibercaja | Vamos Account | 5.09% | No term | No minimum | FGD Spain |
| MyInvestor | Interest-bearing account | 2.10% | No term | No minimum | FGD Spain |
The difference is significant: a customer with €10,000 earns €250 gross per year with Klarna/Raisin compared to €10 with CaixaBank’s basic deposit account.
Why do big banks pay so little?
It’s no secret: big banks don’t need to attract retail deposits to finance themselves. They have access to wholesale financing and ECB funding at lower rates. Neobanks and European banks specializing in deposits (like Raisin) compete for retail savings because it’s their main source of funding, which is why they offer better rates.
That said, having an account at a traditional bank isn’t a mistake—it’s necessary for day-to-day transactions. The mistake is leaving your savings sitting idle and unprofitable in those accounts.
The usual strategy: splitting
Most savvy savers in Spain use two accounts:
- Transaction account at a traditional bank (BBVA, Santander, Caixa): paycheck, bills, mortgage.
- Savings or deposit account at a specialized institution: MyInvestor, Trade Republic, Bigbank, Raisin.
This way, you maintain your day-to-day operations with your long-standing bank while maximizing the returns on your savings without switching banks.
You can compare all available options on the APYData comparison tool and filter by security, liquidity, and currency.