The profitability of checking accounts in Spain continues to decline, making them less attractive to savers. In a market characterized by low or nonexistent interest rates, only three banks stand out by offering an Annual Equivalent Rate (AER) higher than 2%: Sabadell, Openbank, and Trade Republic. This situation occurs in the midst of the stabilization of interest rates by the European Central Bank, which follows a period of aggressive adjustments.
Banco Sabadell offers a 2% APR for balances up to €20,000, supplemented by additional bonuses. Openbank, for its part, tries to attract new customers through a Welcome Account that offers a 2.27% APR during the first six months. Meanwhile, Trade Republic offers a 2.27% APR with no time limit and monthly interest settlement. Nevertheless, these offers are exceptions in a market that tends more toward improving the digital experience, removing fees, and adding services, rather than offering high returns.
In this context, savers seeking higher returns should explore alternatives such as savings accounts subject to specific conditions, term deposits with rates above 3%, and other investment options such as funds and fixed income. Although these alternatives may involve conditions or risks, they offer better opportunities to increase the value of the savings. This is especially relevant in an environment where keeping money in unprofitable checking accounts could amount to a loss, given the inflationary pressures.
