The key difference: liquidity vs. return
The choice between an interest-bearing account (or savings account) and a fixed-term deposit boils down to a classic trade-off in finance: liquidity versus returns.
- Interest-bearing account: You can withdraw the money whenever you want without penalty. In exchange, the APR is usually lower or may vary over time.
- Fixed-term deposit: You commit to keeping the money tied up for a fixed period (3, 6, 12, 24 months…). In exchange, you get a guaranteed APR that doesn’t change throughout the term.
Returns in 2026: How much do they pay?
As of March 2026, these are the best products in each category available in Spain:
Best interest-bearing accounts (immediate access):
- Ibercaja Cuenta Vamos: 5.09% APR (first 3 months) →
- Bankinter Salary Account: 5.00% APR (requires direct deposit) →
- Raisin Welcome Account: 3.33% APR (no conditions) →
- XTB Savings Account: 3.50% APR (3-month promo) →
Best term deposits (locked-in funds):
- Raisin 2-Year Deposit: 2.56% APR →
- Raisin 12-Month Deposit: 2.46% APR →
- WiZink Account (flexible): 2.10% APR →
The 2026 Paradox: Ibercaja and Bankinter’s flexible accounts outperform the best term deposits. This is because banks have excess liquidity and do not need to attract long-term deposits.
Guarantees: Is there a difference?
In terms of protection, there is no significant difference. Both products (interest-bearing account and term deposit) are protected by the Deposit Guarantee Fund (FGD) up to €100,000 per account holder and bank, provided the bank is a member of the FGD.
The difference lies in counterparty risk: if the bank fails while you have a term deposit, you’ll recover your principal via the FGD but may lose any accrued interest that hasn’t yet been paid out. With a flexible account, you can withdraw your money before a problem arises.
Taxation: Are they taxed the same way?
Yes. Both interest on savings accounts and on term deposits are taxed in Spain as investment income:
- Up to €6,000: 19%
- Between €6,000 and €50,000: 21%
- Between €50,000 and €200,000: 23%
- Over €200,000: 28%
Spanish banks withhold 19% at source, and you adjust this on your tax return. For deposits in foreign banks (for example, via Raisin), you must report them yourself without prior withholding.
When should you choose an interest-bearing account?
- If you might need the money in the short term (emergency fund, upcoming payments).
- If you think interest rates are going to rise—this way you can lock in better rates in the future.
- If you want simplicity and don’t want to manage multiple maturity dates.
When should you choose a term deposit?
- If you won’t need the money during the term and want to lock in the APR against potential rate cuts by the ECB.
- If you have a large amount of capital (over €50,000) and want to diversify across several banks with maximum security.
- If interest rates are high and you think they’re going to drop—you lock in the current APR for longer.
The optimal strategy in 2026
With rates gradually declining in the eurozone, the most sensible strategy is usually a combination:
- Emergency fund (3–6 months of expenses) → flexible interest-bearing account.
- Medium-term savings → 12–24-month deposit to lock in the APR.
- Remaining savings → compare using our comparison tool and choose based on your profile.