Openbank is the Santander Group’s digital bank, with over 2 million customers in Spain and a presence in Germany, the Netherlands, Portugal, and Argentina. In 2026, it offers a savings account with an APR of 2.02% with no strings attached, positioning itself as a solid alternative to Trade Republic, Revolut, and MyInvestor.
Quick Overview: Openbank 2026
| Overview | Details |
|---|---|
| Savings Account | 2.02% APR — no conditions, no minimum |
| Checking account | €0 fee, no direct deposit required |
| Debit card | Free (physical and virtual) |
| Deposits | Not currently available |
| Mortgages | Yes — fixed and variable rates |
| Investments | Santander Funds, ETFs (through OpenBroker) |
| Guarantee | Spanish Deposit Guarantee Fund (FGD) up to €100,000 |
| Supervision | Bank of Spain / Santander Group |
Openbank Savings Account: 2.02% APR
The Openbank Savings Account offers 2.02% APR on the balance, with no payroll requirement, no minimum balance, and full liquidity. The rate closely mirrors the ECB rate (currently 2.00%).
Key points:
- Immediate availability: withdraw whenever you want, with no penalty
- No announced minimum or maximum balance
- No minimum term requirements
- Interest is paid monthly
- Taxation: 19–28% on interest (automatic withholding of 19%)
How does it compare to the competition?
| Account | APR | Terms | Guarantee |
|---|---|---|---|
| Revolut | 2.27% | None (Standard Plan) | E-money (non-bank) |
| Openbank | 2.02% | None | FGD Spain (real bank) |
| Trade Republic | 2.02% | None | FGD Germany (BaFin/CNMV) |
| Openbank | 2.02% | None | FGD Spain |
| MyInvestor Premium | 2.10% | Minimum deposit €2,000 | FGD Spain |
| N26 Metal | 2.05% | €16.90/month | German Deposit Guarantee Fund |
The big advantage of Openbank over Trade Republic or Revolut is that it is a bank regulated by the Bank of Spain, with Spanish DGS coverage up to €100,000. For large amounts or for those who value the extra security of a Spanish bank, this is a real advantage.
Openbank Checking Account: No Real Fees
The Openbank checking account is free with no strings attached, including a free Visa debit card, Bizum, free SEPA transfers, and access to ATMs. The app is smooth and features advanced tools like expense tracking by category and real-time alerts.
Who is Openbank the best option for?
- Conservative investors who want a “real” bank: The combination of a free checking account + a 2.02% savings account + Spanish Deposit Guarantee Fund (FGD) is hard to beat without taking on risk
- Santander customers looking to boost their returns: Openbank is part of the same group, and transfers are instant
- Those who prefer to avoid foreign neobanks: Checking account + savings account, supervised by the Bank of Spain
Limitations of Openbank
- It does not offer its own fixed-term deposits (you have to go to Raisin or other institutions to lock up capital)
- The 2.02% APR may drop if the ECB continues to cut rates
- The investment offering (OpenBroker) is more limited than Trade Republic or XTB
- No physical branches (though it uses Santander’s network for urgent transactions)
Conclusion
Openbank is one of the best options for conservative savings in Spain in 2026. The 2.02% APR with no strings attached, the Spanish Deposit Guarantee Fund (FGD) protection, and the strength of the Santander Group behind it make it a serious alternative to European neobanks—especially for those who value Spanish regulation over German regulation or the e-money license.
If you’re looking for slightly higher returns and don’t mind foreign regulation, Revolut offers 2.27%. If you want a fixed-term deposit, check out our recommended deposits.