Spain's Best Remunerated Accounts 2024: Ibercaja's 5% vs. Zero Yield

Remunerated accounts: From Ibercaja's 5% to zero yield on excess

A 5% return sounds like a bargain. Until you read the fine print: only for the first year, capped at €10,000, and requiring direct deposit of a salary or pension over €600, six card transactions per semester, six direct debits per semester, and digital banking enrollment. This is Ibercaja’s offer, summarizing the real state of the Spanish market for remunerated accounts in 2024: high headline rates, but conditions that erode actual returns.

The safety cushion—money not invested and available for withdrawal at any time—is the flagship product of retail banking. The core debate isn't which bank pays more, but how much of that interest survives requirements, balance caps, and tax hits.

How much does each account really pay in 2024?

Rankings circulating among savers place Trade Republic at 4%, Bank Norwegian at 3.70%, and EVO Banco, Bankinter’s digital subsidiary, at 2.85% with a €30,000 cap. MyInvestor offers 2.5% on accounts and term deposits at 3% for 3, 6, and 12 months, rising to 4% for three-month terms if a self-managed portfolio of €150 is contracted. Wizink provides 2.30% without limits or ties, while Openbank has weakened its savings account so much that some clients have migrated to money market funds like La Française Trésorerie to scrape together just over 3% annually.

The recurring trap is the cap. Ibercaja pays 5% only on the first €10,000, then drops to 3%. Yoigo Money advertises 4.89% nominal interest (TIN) up to €5,000, but above €5,000.01, the rate plummets to 1.49% TIN, resulting in a 2.65% annual equivalent rate (APR) for an average balance of €15,000. If no telecom bill is direct-debited, the APR falls to 1.5%. The question many ask—what happens to money exceeding the bonus tier—has an uncomfortable answer: often, nothing. Zero.

The 19% tax and entity risk

All profits must be reduced by the 19% tax paid to the Spanish Tax Agency (Hacienda). A 3% deposit nets 2.43%; a 4% one nets 3.24%. Domestic banks and much foreign banking apply withholding automatically, but some platforms do not, forcing users to declare interest in their income tax return to avoid issues later. Bank Norwegian is the cited case: it pays at year-end, effectively turning the account into a disguised term deposit.

The other flank is solvency. Trade Republic is German and covered by the German guarantee fund; bunq is Dutch, with a Dutch fund, boasting years of profitability. Freedom24 and Trade212 offer 3.88% on euros and up to 5.81% on 12-month deposits under €100,000, covered up to €20,000, but they place cash in money market funds. That means it’s not classic bank interest: it’s investment vehicle yield. The industry warning is clear: above 4.25%, scrutinize who is behind the offer.

Accounts that don’t add up

With half-point spreads, moving money from one bank to another barely compensates. The calculation is simple: on €10,000, 0.5% is €50 gross per year, about €40 net. Hence, part of the retail saver argues that, except for large portfolios, switching accounts isn’t worth it. The counter-argument also has logic: those who ignored this advice in the past lost hundreds of euros due to inertia.

The falling-rate scenario adds another layer. If money is expected to cost zero again, locking in a fixed-rate deposit or remunerated account now gains traction against money market funds, whose performance depends on the market. If rates plunge, money funds suffer; if they hold, flexibility remains. There is no single answer, and anyone selling one is lying.

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With the showcase 5% reduced to a small tier and one year, the question is no longer which account pays most, but how much of that rate survives the first statement. Is it worth changing banks for €40 net per year?