Why save in dollars if you live in Spain?
The Federal Reserve (Fed) kept interest rates higher than the ECB for longer, resulting in USD savings accounts with yields of 3.75%–4.00% APR—higher than most euro deposits available in Spain.
Saving in dollars can make sense if:
- You receive income in USD (remote work, freelance work for American clients).
- You have recurring expenses in USD (subscriptions, travel, investments in the U.S. stock market).
- You want to diversify your currencies and not keep all your wealth in euros.
The main risk is the exchange rate: if the dollar depreciates against the euro while you have your money in USD, you could lose more on the conversion than you earned in interest.
Best USD savings options available from Spain
For maximum returns: investment platforms
Freedom24 Smart Cash USD: 5.37% APR
Freedom24 is a broker regulated in Europe (CySEC) that offers a dollar cash account with a 5.37% APR. It does not have FGD coverage, but it is a regulated option with a good reputation. Ideal for investors who already have an account with Freedom24. View product →
For maximum security: U.S. banks accessible to non-residents
Several U.S. institutions allow non-residents to open accounts or do so through intermediary platforms:
- SoFi Savings Account: 4.00% APY — U.S. bank with FDIC insurance up to $250,000. View product →
- Marcus (Goldman Sachs) HYSA: 3.90% APY — Backed by Goldman Sachs, FDIC. View product →
- Ally Bank HYSA: 3.80% APY — No fees, no minimum. View product →
- Discover Online Savings: 3.75% APY — FDIC-insured, highly rated. View product →
Options accessible directly from Europe
The reality is that opening a U.S. bank account as a resident of Europe is difficult without a U.S. Social Security number (SSN). The most accessible options for Europeans are:
- Freedom24: EU-regulated, USD account, 5.37%. The simplest option.
- Interactive Brokers: global brokers that allow you to hold balances in multiple currencies with interest. View their EUR option →
- Wise or Revolut in USD: offer IBANs in multiple currencies, although the interest rate is lower.
What guarantees do these products offer?
| Product | APY | Guarantee | Limit |
|---|---|---|---|
| Freedom24 USD | 5.37% | CySEC (private) | — |
| SoFi | 4.00% | FDIC | $250,000 |
| Marcus US | 3.90% | FDIC | $250,000 |
| Ally Bank | 3.80% | FDIC | $250,000 |
Tax Considerations
Interest earned on USD accounts is taxed in Spain the same way as any other interest: as investment income. However, there is an important caveat: if there is a gain or loss due to exchange rate fluctuations when converting USD to EUR, this may also be taxed (or reduce the taxable base) as a capital gain.
Example: If you deposit $10,000 when €1 = $1.10 and withdraw it when €1 = $1.05, you have realized an additional exchange rate gain. That gain is also taxable.
Conclusion
For Europeans seeking exposure to USD, Freedom24 is the most accessible option with the best yield (5.37%). If FDIC-style guarantees similar to those in Europe are a priority, U.S. banks like SoFi or Marcus are excellent options—though they require more paperwork for non-residents. View all USD accounts on APYData →