Nearly half of deposits in Spain still earn 0% by mid-2026
Between 40% and 50% of household deposits in Spain yield no more than 0.5% APR. Among those over 65, the figure rises to 60-70%. Neobanks offer up to 3%.
English · Original discussion in Spanish · Published
Nearly half of deposits in Spain still earn 0% by mid-2026
By mid-2026, Spanish banks are still keeping a huge share of household savings at 2022 levels: between 40% and 50% of total deposit volume still fails to exceed 0.5% APR, according to data from Banco de Spain (Spain's central bank) in its Financial Stability Report. Among those over 65, the gap is even starker: six out of every ten euros they hold generate next to nothing.
85% of the money sits in accounts that pay nothing
The official figures for May 2026 speak for themselves. Of the €1,110,631 million that households held between current accounts and term deposits, 85.1% (€945,650 million) was in current accounts, paying an average of just 0.15% APR. Term deposits – which do usually offer something – amounted to only €164,981 million, with an average yield of 1.53% on the existing stock and 1.86% on new contracts. The OCU (Spain's consumer organisation), in its June 2026 report, put the average one-year return at 1.78%, below the European average.
The passive customer is the bank's best business
The debate over whether it is the customer who won't move or the bank that is taking advantage has two sides. While institutions like MyInvestor offer up to 3.25% for new money, the big traditional banks barely pressure the passive saver. A recurring example: grandparents with €200,000 or €300,000 in deposits earning less than 0.5%. "It's a disgrace that a grandparent's €200,000 deposit doesn't even earn 0.5%," reads the analysis. Customer passivity – especially among older people with little financial literacy – fuels a context in which banks feel comfortable maintaining obscene spreads between what they lend at (personal loans now hover around 9%) and what they pay on deposits.
Inflation eats even 3%
The elephant in the room is inflation. With a preliminary CPI of 3.2% in June, even deposits at 3% lose purchasing power (–0.19% real gross). Those at 1.86% lose 1.3% in real terms. The "monetary destruction" that some gurus put at 8% a year worsens the diagnosis: keeping money in the bank, at any positive rate, still means a negative return in real terms.
Alternatives and antiestéticars
Neobanks and fintechs have captured the most active customers, but older savers distrust anything without a physical branch. "Try telling a 70-year-old to move their money to an online bank and see where they send you," is how the experience is summed up. Meanwhile, others are betting on hard assets (gold, silver, investment funds) or on paying off their mortgage. What nobody disputes is that, with 85% of savings in accounts that yield next to nothing, the system rewards inertia and punishes those who don't inform themselves.
The open question is whether regulatory pressure or competition will eventually move the needle. For now, nearly half of deposits remain anchored at 0%. And inflation keeps rolling on.
By mid-2026, Spanish banks are still keeping a huge share of household savings at 2022 levels: between 40% and 50% of total deposit volume still fails to exceed 0.5% APR, according to data from Banco de Spain (Spain's central bank) in its Financial Stability Report. Among those over 65, the gap is even starker: six out of every ten euros they hold generate next to nothing.
85% of the money sits in accounts that pay nothing
The official figures for May 2026 speak for themselves. Of the €1,110,631 million that households held between current accounts and term deposits, 85.1% (€945,650 million) was in current accounts, paying an average of just 0.15% APR. Term deposits – which do usually offer something – amounted to only €164,981 million, with an average yield of 1.53% on the existing stock and 1.86% on new contracts. The OCU (Spain's consumer organisation), in its June 2026 report, put the average one-year return at 1.78%, below the European average.
The passive customer is the bank's best business
The debate over whether it is the customer who won't move or the bank that is taking advantage has two sides. While institutions like MyInvestor offer up to 3.25% for new money, the big traditional banks barely pressure the passive saver. A recurring example: grandparents with €200,000 or €300,000 in deposits earning less than 0.5%. "It's a disgrace that a grandparent's €200,000 deposit doesn't even earn 0.5%," reads the analysis. Customer passivity – especially among older people with little financial literacy – fuels a context in which banks feel comfortable maintaining obscene spreads between what they lend at (personal loans now hover around 9%) and what they pay on deposits.
Inflation eats even 3%
The elephant in the room is inflation. With a preliminary CPI of 3.2% in June, even deposits at 3% lose purchasing power (–0.19% real gross). Those at 1.86% lose 1.3% in real terms. The "monetary destruction" that some gurus put at 8% a year worsens the diagnosis: keeping money in the bank, at any positive rate, still means a negative return in real terms.
Alternatives and antiestéticars
Neobanks and fintechs have captured the most active customers, but older savers distrust anything without a physical branch. "Try telling a 70-year-old to move their money to an online bank and see where they send you," is how the experience is summed up. Meanwhile, others are betting on hard assets (gold, silver, investment funds) or on paying off their mortgage. What nobody disputes is that, with 85% of savings in accounts that yield next to nothing, the system rewards inertia and punishes those who don't inform themselves.
The open question is whether regulatory pressure or competition will eventually move the needle. For now, nearly half of deposits remain anchored at 0%. And inflation keeps rolling on.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (61 replies).
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