Smart saving
Interest-bearing accounts pay over 3% again: October's ranking and the small print to check
With the ECB hiking, banks are fighting for savers' money again: up to 3.25% AER on accounts and 3.51% on deposits. But each offer hides a different condition worth checking before moving your money.
Source: market comparisons as of October 2026 and ComparadorBancario's AER observatory.
Key takeaways
The difference between leaving 10,000 euros at 1% or at 3.25% is 225 gross euros a year: more than many households' winter electricity bill.
- Openbank (3.25% AER for 12 months), B100 (3.15%) and Raisin (3.10% for three months only) lead October's accounts; deposits reach 3.51% AER.
- The panel's average deposit AER already tops 3.30%, its highest level of the year, pushed by the ECB's rate rise.
- Interest is taxed as capital income (19-28%) and the deposit guarantee fund covers up to 100,000 euros per holder and bank.
The offers leading October
Openbank pays 3.25% AER for twelve months to new customers using its promo code and bringing Bizum over, with no cap on remunerated balance. B100 offers 3.15% but tied to card use (eight purchases and 200 euros a month), and Raisin 3.10% that expires after three months.
Among deposits, offers stretch up to 3.51% AER at institutions like HoistSpar on 12-month terms. The comparator panel's average already nears 3.30%, unthinkable a year ago.
The small print that changes the ranking
The headline rate almost never tells the whole story. Check how long the promotional interest lasts (3 versus 12 months), the maximum remunerated balance (B100 caps at 50,000 euros) and what requirement must be met, because an account demanding eight monthly purchases is not free money for everyone.
Always compare AER, not nominal rates: the former includes compounding frequency. And when the promo ends, money usually drops into a standard savings account paying much less, so mark the expiry date.
Quick tips
- Note when the promotion expires and set a reminder: that is the real moment to decide whether to stay or switch banks.
- Do not exceed 100,000 euros per holder in a single institution: that is the limit covered by the Deposit Guarantee Fund.
Account or deposit? And what the tax office takes
An account pays with full availability; a deposit pays slightly more in exchange for locking the money. For an emergency fund liquidity rules; for savings you know you will not touch for a year, the deposit usually wins.
Interest is taxed in the savings base: 19% up to 6,000 euros of returns, 21% up to 50,000, 23% up to 200,000 and rising rates beyond. The bank withholds 19% at source, except on deposits booked via foreign platforms, where you declare the outcome yourself.
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