Why save in USD if you live in Europe?
The Federal Reserve kept rates higher than the ECB for longer, resulting in USD savings accounts yielding 3.75%-4.00% AER — above most euro deposits available in Spain.
Saving in dollars makes sense if you receive USD income, have recurring USD expenses, or want to diversify away from euros.
The main risk is exchange rate: if the dollar depreciates against the euro, you could lose more on conversion than you gained in interest.
Best USD savings options accessible from Europe
- Freedom24 Smart Cash USD: 5.37% AER — EU-regulated broker, the most accessible option for Europeans. View →
- SoFi: 4.00% APY — FDIC insured up to $250,000. View →
- Marcus by Goldman Sachs: 3.90% APY — Goldman Sachs backing, FDIC. View →
- Ally Bank: 3.80% APY — No fees, no minimum. View →
- Discover: 3.75% APY — FDIC, highly rated. View →
Tax considerations for Europeans
Interest earned on USD accounts is taxed in Spain as capital income. Any currency gain or loss on conversion from USD to EUR may also be taxable as a capital gain or deductible as a capital loss.
Conclusion
For Europeans seeking USD exposure, Freedom24 is the most accessible option with the best yield (5.37%). If FDIC-level guarantees are the priority, US banks like SoFi or Marcus are excellent — though they require more paperwork for non-residents. View all USD accounts on APYData →