Which are the best high-yield accounts in 2026? Protect yourself against inflation

In October 2026, the highest-paying savings account in Spain that does not require you to pay in your salary is Revolut (3.51% AER for 4 months, up to €25,000), followed by B100 Health Account (3.15%, with usage requirements), Raisin (3.10% for 3 months, up to €60,000) and Trade Republic (3.04%, up to €50,000, no conditions and no end date). If you pay your salary in, Ibercaja pays 5.10% AER for the first year on up to €20,000 and Bankinter pays 5% on up to €10,000.

The figure that changes the picture: Spain's flash CPI for September stands at 4.9% (INE). No account without a salary requirement makes up for that rise in prices after tax. To break even with 4.9% inflation, an account would need to pay around 6.05% gross AER. Interest-bearing accounts protect your liquidity and reduce the loss; they do not grow your savings in real terms.

What has changed since the last update

The previous version of this article (November 2025) was written with interest rates falling and inflation close to 3%. The situation is now different:

• ECB: raised the deposit facility rate to 2.50%, effective 16 September 2026, after another rise in June. The next meeting is on 29 October.
• Inflation: Spain's flash CPI for September is 4.9% year on year, six tenths higher than in August. Core inflation stands at 3.1%.
• 12-month Spanish Treasury bills (Letras del Tesoro): 2.846% at the 1 September auction, up from 2.679% in August.

When the ECB raises rates, banks have room to pay more on deposits, but they are not required to pass it on. Spain's large traditional banks still do not offer competitive interest-bearing accounts; the best offers continue to come from neobanks, brokers and banks looking to win new customers.

Interest-bearing accounts compared: October 2026

Data as of 1-6 October 2026, based on information published by the banks and compiled by Finect and HelpMyCash. Offers change frequently: always check the conditions on the bank's website before signing up.

No salary required

Salary or other requirements

Outside the table, several offers ended on 7 October (Sabadell, Cetelem and Renault Bank). If you are reading this later, bear in mind that in this market an offer from two months ago may no longer exist.

AER versus real return: the calculation almost nobody does

The AER is a gross, nominal figure. What matters is how much purchasing power you have left after a year, once tax and rising prices are taken into account.

Example with €20,000 over one year, applying the 19% withholding tax on interest and assuming inflation over the next twelve months stays at today's 4.9% (an assumption, not a forecast):

Three conclusions:

1. An interest-bearing account halves the loss compared with leaving the money idle. That is why it is worth opening one.
2. It does not eliminate it. With CPI at 4.9%, you would need a gross AER of 6.05% just to break even.
3. Short promotions are misleading over a full year. Revolut's 3.51% only lasts four months: if you then move to the 1.15% free plan, €20,000 earns about €387 gross over the year, less than a stable account at 2.50%.

What to check before opening an interest-bearing account

• How long the rate lasts. Many high AERs are welcome rates (3, 4, 6 or 12 months). Work out the return for the full year, not the first month.
• Maximum balance earning interest. Above the limit, your money earns less or nothing. If you exceed the cap, spread it across banks.
• Requirements. Salary, direct debits, minimum card purchases or Bizum. If you will not meet them, the advertised AER is not yours.
• Deposit guarantee scheme. Deposits are covered up to €100,000 per depositor per bank. Neobanks licensed in another EU country are covered by that country's scheme; the amount is the same, but the procedure if the bank fails depends on a different body.
• Tax. In Spain, interest is taxed as income from movable capital in the savings base of personal income tax (IRPF): 19% up to €6,000, 21% up to €50,000, 23% up to €200,000, 27% up to €300,000 and 30% above that. Spanish banks withhold 19% when they pay; foreign banks without a tax branch in Spain usually pay gross and you have to declare it. If you hold more than €50,000 in accounts abroad, you must also file form 720.
• Rate changes. The bank can change the rate on an instant-access account with prior notice. Accounts that publish a "guaranteed rate" date (Bankinter, Unicaja) are more predictable.

Interest-bearing account, fixed-term deposit or Treasury bills

With the ECB raising rates, locking in a rate for twelve months has an opportunity cost if rates keep rising, and an advantage if they level off or fall. Nobody knows today what the ECB will decide on 29 October; the prudent approach is not to bet everything on a single scenario.

What an interest-bearing account is for, and what it is not for

An interest-bearing account is the right place for money you need to have available: your emergency fund (usually 3 to 6 months of expenses, more if your income varies) and money you will use in the coming weeks or months.

For money you will not need in the short term, the example above shows it in figures: leaving it all in the account means accepting a real loss of 2% to 3% a year at current inflation. That is where diversifying into products with a higher expected return comes in, which also carry more risk and less liquidity.

You may also be interested in: what an emergency fund is and why you need one before investing.

The next step: investing in company invoices

One alternative for the part of your savings you do not need right away is financing invoices and promissory notes issued by companies. This is how it works at Inversa:

• What you finance: invoices and promissory notes already issued by SMEs and self-employed professionals who want to get paid sooner. When the debtor pays at maturity, you get your capital back.
• Terms: from 30 to 180 days.
• Minimum amount: from €20, which lets you spread your investment across many invoices.
• Fees for investors: 0%.
• Interest payment: paid upfront. In the example published by the platform itself, €100 invested at 6% a year earns €6 (on an annual basis) before maturity. It is a worked example, not a guaranteed return: each invoice has its own discount rate, shown before you invest.
• Safekeeping of funds: funds are held in segregated accounts in each client's name at Paymatico Payment Institution, a payment institution registered with the Bank of Spain under number 6861. Inversa has no direct access to that money.

How it differs from an interest-bearing account

What the risks are and how they are managed

Zero risk does not exist in any investment, and here the risk is specific: the company that owes the payment may not pay, may pay late, or there may be a commercial dispute over the invoice. These are the measures Inversa applies:

• Every invoice goes through three checks before it is published: an external credit report (Informa D&B), a financial analysis of the company assigning the invoice, and its payment history on the platform.
• The company assigning the invoice remains contractually liable until the amount financed has been repaid. To see how this protection works, read with recourse or without recourse: who bears the risk of non-payment (in Spanish).
• Some invoices are published as "insured": a credit insurer pays if the debtor becomes insolvent. That insurance does not cover non-payment due to commercial disputes or fraud.
• The Inversa team invests in every invoice it publishes.

None of these measures eliminates the risk. Spreading your investment across many different invoices and debtors reduces the impact of any single default; that is what being able to invest from €20 is for.

How to organise your savings in three layers

There is no split that works for everyone. It depends on your income, your expenses, your time horizon and how much fluctuation you can tolerate. A useful framework for thinking about it:

1. Liquidity: your emergency fund, in one or more interest-bearing accounts covered by a deposit guarantee scheme. Availability matters more than return here.
2. Short and medium term: money you will not touch for months. Deposits, Treasury bills or invoice financing at 30-180 days, depending on how much liquidity and risk you are willing to accept.
3. Long term: money for more than five years, where index funds or equities fit, with more volatility and a higher expected return.

To see how each layer grows over time, try the compound interest calculator (in Spanish). And if you have more than €100,000 in a single bank, also read about the risks of going over the deposit guarantee limit (in Spanish).

See the invoices available to invest in

Frequently asked questions

What is the best interest-bearing account without a salary requirement in October 2026?

It depends on how much money you have and for how long. For a full year with no conditions, Trade Republic (3.04% AER up to €50,000) and Bankinter Digital Account (3% AER up to €100,000, guaranteed until April 2027, available until 28 October) are the most stable options. Revolut (3.51%) pays more, but only for four months and up to €25,000.

Do interest-bearing accounts protect against inflation?

With Spain's flash CPI for September 2026 at 4.9%, not entirely. An account at 3% AER roughly halves the loss of purchasing power compared with an account that pays nothing, but the balance still loses real value. To offset 4.9% after 19% withholding, you would need a gross AER of around 6.05%.

How much tax do you pay on interest from an interest-bearing account in Spain?

Interest is taxed in the savings base of personal income tax (IRPF): 19% up to €6,000, 21% from €6,000 to €50,000, 23% from €50,000 to €200,000, 27% from €200,000 to €300,000 and 30% above that. Spanish banks withhold 19% when they pay the interest.

Is it safe to open an interest-bearing account with a foreign neobank?

If the bank holds a banking licence in the European Union, deposits are covered up to €100,000 by the guarantee scheme of its home country. Check which scheme it is, whether the account has a Spanish IBAN and whether the bank withholds tax; if it does not, you will have to declare the interest yourself.

What will happen to interest-bearing accounts if the ECB raises rates again on 29 October?

A rise gives banks room to improve what they pay, but does not oblige them to. Indexa Capital, for example, links its account to the ECB deposit rate minus 0.50 points; most banks set the rate as a commercial decision. There is no way of knowing today what the ECB will decide.

Can I lose money investing in invoices?

Yes. If the debtor does not pay and the contractual guarantees or insurance (where it exists) do not cover the amount, you can lose part or all of the capital in that invoice. That is why it makes sense to spread your investment across many invoices and not to use your emergency fund for this product.

Updated on 7 October 2026. Sources: INE (flash CPI estimate, 29/09/2026), Bank of Spain (ECB monetary policy decision, September 2026), Raisin (result of the Treasury bill auction on 1/09/2026), Finect and HelpMyCash (account conditions, 1 and 6 October 2026), inversa.es (platform conditions). This article is for information only and does not constitute financial or tax advice.