N26, Revolut, and Wise are the three neobanks with the strongest presence in Spain. All three have excellent apps, operate without physical branches, and offer euro accounts that pay some form of interest on your balance. However, their business models differ, and there are significant differences in returns, security, and fees that determine which one is the best fit for your needs.
Executive Summary
| Feature | N26 | Revolut | Wise |
|---|---|---|---|
| License | Bank (BaFin) | Bank (Lithuania) | EMI (FCA) |
| FGD | ✓ €100,000 | ✓ €100,000 | Segregated (no FGD) |
| Best savings APY | 1.30% (Metal) | 2.27% (promo) | 1.72% |
| Free plan | Yes | Yes | Yes |
| Domestic transfers | Free SEPA | Free SEPA | Best exchange rate on the market |
| Best for | Main EU account | Travel + savings | Currencies + interest |
N26: the German neobank with a full banking license
N26 holds a banking license from Germany’s BaFin. Account balances are covered by the German Deposit Guarantee Fund up to €100,000 per account holder.
- Standard (free): 0.30% APR with no conditions.
- You (€9.90/month): 0.50% APR. Includes travel insurance.
- Metal (€16.90/month): 1.30% APR. Highest APY available at N26.
N26 offers the lowest APY of the three, but the greatest stability and a complete banking ecosystem: Mastercard, instant SEPA transfers, and customer service in Spanish.
Revolut: the most versatile and the one that pays the most (for now)
Revolut has held a Lithuanian banking license since 2022. Deposits are covered by the Lithuanian Deposit Guarantee Fund (FGD) up to €100,000. It is the app with the most features: currency exchange, investing in stocks and crypto, travel insurance, and cashback.
- Interest-bearing Account (2026 welcome promo): 2.27% APR for new customers. With deposit insurance coverage.
- Flexible Cash Funds EUR: ~2.03% via BlackRock/Goldman Sachs money market funds. No deposit insurance (these are funds, not deposits), daily liquidity, available in all plans.
The difference is important: the 2.27% interest-bearing account has FGD coverage; the 2.03% Cash Funds are money market funds without FGD coverage.
Wise: the king of international transfers with interest
Wise is an Electronic Money Institution (EMI) regulated by the FCA. It does not have FGD coverage. Funds are held in segregated accounts separate from Wise’s capital.
Wise Interest: ~1.72% net APR (after a 0.29% p.a. fee). Funds held in JP Morgan Cash + BlackRock MMF. Optional activation, available to all users in the EEA.
Where Wise is irreplaceable: interbank exchange rates with minimal fees. Essential if you receive payments in foreign currencies or work with international clients.
Which one should you choose based on your situation?
- Highest APY with deposit insurance: Revolut (2.27% promo) or Bigbank (2.40%, no conditions)
- Maximum security: N26 Metal (1.30%, German FGD) or Klarna (1.90%, Swedish FGD)
- Daily use + savings + travel all in one: Revolut
- Frequent international transfers: Wise (best exchange rate on the market)
- Free account only: N26 Standard (0.30%) or Revolut Standard
Can I use all three at the same time?
Yes. A common combination: Wise for receiving foreign currency and international transfers, Revolut for travel and the cash fund, and a neobank with deposit insurance (N26, Klarna, Bigbank) for your main savings. There is no legal limit on the number of bank accounts in Spain.