The fundamental difference: liquidity vs yield
The choice between an interest-bearing savings account and a fixed-term deposit comes down to the classic finance trade-off: liquidity versus return.
- Savings account: withdraw whenever you want with no penalty. In exchange, the AER is typically lower or variable.
- Fixed-term deposit: you commit to keeping money locked away for a set period (3, 6, 12, 24 months…). In return, you get a guaranteed AER that won't change during the term.
Rates in 2026
A 2026 paradox: some flexible savings accounts in Spain currently offer higher AER than fixed-term deposits. This happens because banks have excess liquidity and aren't aggressively competing for long-term deposits.
Best flexible accounts: Ibercaja (5.09% AER, first 3 months), Raisin Welcome Account (3.33% AER, no conditions). View →
Best fixed-term deposits: Raisin 2-year deposit (2.56% AER). View →
When to choose a savings account
- If the money may be needed short-term (emergency fund, upcoming payments).
- If you think interest rates will rise — you'll capture better rates later.
When to choose a fixed-term deposit
- If you won't need the money during the term and want to lock in the current AER.
- If you think rates will fall — you lock in today's rate for longer.
- If you have a large capital to spread across multiple banks for maximum guarantee coverage.
The optimal strategy in 2026
- Emergency fund (3-6 months expenses) → flexible savings account.
- Medium-term savings → 12-24 month fixed deposit to lock in the rate.
- Remaining savings → use our comparison tool to optimise.