Spanish banks raise deposit yields and payroll bonuses to lure savers

Several Spanish banks have launched new high‑interest savings products as the European Central Bank lifted its deposit facility rate to 2.25 %. Openbank, Bunq and Cajamar highlighted accounts offering up to a 3 % nominal interest rate (TIN) and a 2.50 % annual percentage rate (TAE) for deposits kept for a year. Other lenders such as Ibercaja, Revolut and Bankinter promoted accounts that pay as much as 5 % TAE on the first €5,000 for new customers, usually conditional on salary or other income being credited to the account.

Banks are also coupling cash rewards for payroll direct‑deposit with the higher interest offers. Campaigns from Bankinter, BBVA, Sabadell and others promise bonuses of up to €3,100 for customers who domicile their salary, alongside deposit rates of up to 2.5 % TAE. The combined incentives aim to attract household liquidity that rose sharply after the pandemic, as Spaniards’ saving rate reached 12 % of disposable income in 2025. The competition marks a shift from the zero‑interest environment that dominated the previous decade.