Saving is back in fashion. With inflation soaring and the ECB taking action, bank deposits have become the preferred safe haven for Spanish families . According to the latest data from the Bank of Spain, households hold more than €1,1 trillion in banks, a figure that continues to grow despite the ups and downs of the summer.
In this context, financial institutions are waging a real battle to attract savers' money . Offers exceeding 3% APR have become commonplace, and terms are tailored to suit all types of profiles. We review the most attractive options currently available and what you should consider before signing up.
The best bank deposits to make your money grow
Among the most eye-catching offers is the Deutsche Bank DB Trust Plus Deposit, which boasts a 3,25% APR for 12 months , although it requires meeting several eligibility requirements. Without these conditions, the APR drops to 2,25%, so it's advisable to read the fine print before signing up.
Renault Bank, for its part, offers a 3,24% APR for 36 months starting from just €500, with no need to have your salary paid into the account or purchase any additional products. It's the most attractive option for those seeking long-term deposits with guaranteed returns, although the money remains locked in for three years.
EBN Banco offers a combined deposit account with investment funds that reaches 3,20% APR over 12 months , but be aware: this return only applies to half of the capital, because the other half goes into an unsecured fund. With €20.000, the gross interest is around €316, or 1,58% of the total.
Among European banks, SME Bank offers an annual percentage rate (APR) of 3,51% for 12 months , while BluOr Bank offers 3,40% APR, also for one year. Both are available through Raisin and are protected by the deposit guarantee schemes of Lithuania and Latvia, respectively.
ING and MyInvestor are focusing on short-term deposits. ING's Welcome Deposit offers a 3% APR for 3 months for new customers, and MyInvestor also offers a 3% APR on its 3-month deposit for Premium customers, although the subscription costs €7,99 per month.
Spanish households are maintaining their savings cushion
According to the Bank of Spain, households reduced their deposits by €4.700 billion in July , coinciding with vacations and increased spending. However, the total balance continues to grow: €1,109 trillion, 3,85% higher than a year ago.
Companies also withdrew €14.800 billion in July, but their balance is up 7,93% year-on-year . The underlying trend is clear: savings continue to accumulate, although the summer months always bring some temporary dips.
Inflation and the ECB shape the future of deposits
Spanish inflation soared to 4,3% in August , the highest level since February 2023. This puts pressure on the ECB to raise interest rates at its next meeting on September 10, and the market is already pricing in a 25-basis-point increase to 2,50%. Analyzing how inflation affects deposits is crucial for savers.
If interest rates rise, deposits will continue to offer better returns. That's why many experts recommend staggering maturities instead of locking up all your savings for the long term. The predictability of a deposit is its greatest advantage, but also its main limitation.
Bank deposits remain one of the safest options for making savings grow, with returns already around 3,5% APR in the best European offers . The key is to compare terms, conditions, and requirements, and not to be blinded by a high APR that hides linked products. With the ECB in easing mode, the market promises to continue to be competitive.
