The recent interest rate hike by the European Central Bank, which in June raised the deposit facility rate to 2,25% , has boosted the profitability of bank deposits. Several institutions have decided to improve the interest rates on their fixed-term deposits, raising them to 3% APR or even exceeding that figure. This move reflects the competition to attract customer savings, especially in a context where inflation is impacting fixed-term deposits and remains a concern for many.
The best 12-month deposits
Among the top options for a one-year deposit, the Deutsche Bank DB Confianza Más Deposit stands out as one of the most comprehensive. It offers up to 3,25% APR for investments between €25.000 and €150.000, although its maximum return is conditional on direct deposit of salary, card use, and investment in funds. If all requirements are met, the saver can receive up to €4.875 gross at maturity. Furthermore, it allows for early withdrawal with a penalty, providing added flexibility.
Another interesting alternative is the Volkswagen Bank deposit , which has adjusted its offer in recent weeks. Although some comparison sites list it at 2,80% APR, sources updated in mid-July indicate that it has risen to 3,15% APR for twelve months, with no direct deposit or other requirements. However, early withdrawal reduces the interest rate to 1,00% APR, so it's important to be sure you won't need the money during that year. It is backed by the German Deposit Guarantee Scheme.
For those seeking a 12-month deposit with more flexible terms, Self Bank offers a 2,75% APR starting at €6.000, with quarterly interest payments. If you also invest in the bank's funds, the return rises to 3% APR. Meanwhile, Openbank pays 2,25% APR for direct deposit of monthly income of at least €900, and Cetelem maintains a 2,27% APR for existing customers with a minimum deposit of €1.
18 and 24 month deposits: medium-term profitability
If you prefer to lock in a good rate for a longer period, WiZink's 18-month fixed-term deposit remains one of the most popular among Spanish savers. It offers a 2,85% APR for amounts from €5.000 to €250.000, with interest paid quarterly. One of its advantages is that it allows early withdrawal by returning the interest already earned, instead of applying a penalty. It is covered by the Spanish Deposit Guarantee Fund.
For a two-year term, Haitong Bank's deposit account, marketed through Raisin, stands out with a 3,05% APR . It can be opened with amounts ranging from €10.000 to €100.000, and the money is protected by the Portuguese deposit guarantee fund. Early withdrawal is not permitted, so the account holder must be certain they will not need the capital for 24 months. Even so, the return is very competitive: by investing the maximum amount, you can earn more than €6.000 gross in two years.
Another 24-month option is offered by Novum Bank , which provides a 3,10% APR for amounts between €10.000 and €100.000, backed by the Maltese Deposit Guarantee Scheme. Cetelem also offers a two-year deposit at 2,78% APR starting from €1, although with promotional terms. Many are wondering if long-term deposits are worthwhile given the current volatility.
Short-term deposits: 3, 6 and 9 months
For those who don't want to commit their money for long periods, short-term deposits also offer attractive returns. ING welcomes new customers with a three-month deposit at 3% APR , for amounts up to €50.000. This offer is exclusive to those who open an Orange Account and allows for early withdrawal. With the maximum amount, you can earn up to €370 gross in just three months.
Another entity competing in this segment is MyInvestor , which offers up to 3% APR for three-month deposits in its Premium version, although this requires subscribing to the Premium Plan for €7,99 per month. For clients with automated portfolios, there is an option at 2,25% APR, and for everyone else, a standard 2,05% APR. All these deposits are protected by the Spanish deposit insurance fund.
Within six months, Banco Mediolanum offers its Triple Deposit at 3% APR for amounts from €10.000 to €100.000, provided a salary or pension of at least €700 is directly deposited. Gross interest can reach €1.490. Cetelem also has a six-month deposit at 2,05% APR starting from €1, and Self Bank at 1,75% APR starting from €6.000.
For a nine-month term, BFF Bank's Facto Deposit offers a 2,779% APR with quarterly interest payments, from €5.000 up to €3 million. Early cancellation is not permitted, but the backing of the Italian deposit guarantee fund provides peace of mind.
Interest-bearing accounts: the flexible alternative
Not everyone wants to sacrifice liquidity. For those who prefer to have their money available at any time, savings accounts compete head-to-head with the best deposits. Trade Republic offers a 3,04% APR with no balance limit, no direct deposit required, and no minimum term, with a Spanish IBAN and German deposit guarantee coverage. It's a convenient option to start making your savings grow without any strings attached.
Other notable accounts include Revolut , which offers up to 3,51% APR for new customers with a balance of up to €25.000, and Bankinter's Digital Account , which offers 2,50% APR up to €100.000 guaranteed until December 31, 2026. Openbank also has an account with a 2,50% APR interest rate for the first year for new customers, with no balance limit.
The decision between a fixed-term deposit and a savings account depends on individual needs. Fixed-term deposits offer slightly higher interest rates and a fixed interest rate, but they lock in your money. Savings accounts offer slightly lower interest rates in exchange for liquidity. Before signing up, it's advisable to review the guarantee fund that covers the balance, when interest is paid, and what happens at the end of the agreed period. And don't forget that interest is taxed as capital gains under personal income tax (IRPF), with withholdings ranging from 19% to 28% depending on the amount.
In short, the bank deposit market in July 2026 offers opportunities for all types of savers: from those seeking the highest one-year return with Deutsche Bank to those who prefer the flexibility of a savings account like Trade Republic. The key is to compare, read the fine print, and choose the option that best suits your individual financial needs. With rising interest rates and still-pressure inflation, leaving money idle in a checking account means missing out on potential gains.
