N26, Revolut and Wise are the three neobanks with the greatest presence in Spain. All three have excellent apps, operate without branches and offer euro accounts with interest on balances. But their models are different — there are important differences in yield, security and fees that determine which one fits your profile best.
Executive summary
| Feature | N26 | Revolut | Wise |
|---|---|---|---|
| Licence | Bank (BaFin) | Bank (Lithuania) | EMI (FCA) |
| DGS | ✓ €100,000 | ✓ €100,000 | Segregated (no DGS) |
| Best savings APY | 1.30% (Metal) | 2.27% (promo) | 1.72% |
| Free plan | Yes | Yes | Yes |
| Best for | Main EU account | Travel + savings | FX + interest |
N26: the German neobank with a full banking licence
N26 holds a full banking licence from BaFin. Balances are covered by the German DGS up to €100,000 per depositor. Plans: Standard (free, 0.30%), You (€9.90/mo, 0.50%), Metal (€16.90/mo, 1.30%).
Revolut: the most versatile and highest-paying (for now)
Lithuanian banking licence since 2022; DGS coverage up to €100,000. Two savings products: Savings Account (2.27% welcome promo, DGS-covered) and Flexible Cash Funds (~2.03%, money market funds, no DGS). The distinction matters.
Wise: international transfers king with interest
Wise is an EMI, not a bank. No DGS coverage. Funds in segregated accounts. Wise Interest: ~1.72% APY net (after 0.29% p.a. fee). Where it excels: mid-market FX rate with minimal fees — irreplaceable for international freelancers or multi-currency users.
Which one to choose?
- Maximum APY with DGS: Revolut (2.27% promo) or Bigbank (2.40%, no conditions)
- Maximum security: N26 Metal (1.30%, German DGS) or Klarna (1.90%, Swedish DGS)
- Daily use + savings + travel: Revolut
- International transfers: Wise
- Free account: N26 Standard or Revolut Standard