What is the WiZink Account?
WiZink is a Spanish digital bank specializing in savings products. Its WiZink Account currently offers an APR of 2.10% on the balance, with no direct deposit requirement, no maintenance fees, and immediate access to funds. The balance is covered by the Spanish Deposit Guarantee Fund up to €100,000.
Key Terms
- Return: 2.10% APR (nominal interest rate 2.084%)
- Minimum deposit: no minimum
- Liquidity: immediate; you can withdraw at any time
- No direct deposit required
- No fees
- Guarantee: Spanish Deposit Guarantee Fund (FGD) up to €100,000
How much does €10,000 earn in the WiZink Account?
With €10,000 for 12 months at 2.10% APR, you earn approximately €210 in gross interest (before 19% withholding tax). There is no monthly compounding—interest is paid at the end of each period.
WiZink vs. other savings accounts in Spain
In the current market, WiZink’s 2.10% is in line with the average for Spanish interest-bearing accounts. Trade Republic offers 2.02%, MyInvestor 2.10%, and Revolut 2.27%. For those seeking higher returns without a fixed term, Revolut and Raisin’s products are alternatives worth considering.
If you’re willing to lock up your capital for 12 months, term deposits (such as those available through Raisin) exceed 2.40% APR, which makes a significant difference for large amounts.
Who is this for?
The WiZink Account is a good fit for those who want to earn interest on their emergency savings or liquidity fund without compromising access to their money. It isn’t the highest-yielding option on the market, but it combines deposit insurance, simplicity, and immediate access.
Conclusion
WiZink is a solid and safe option for short-term savings in Spain. The 2.10% APR is in line with the competition, although there are slightly more profitable alternatives. Compare WiZink with Trade Republic and MyInvestor in our comparison tool to see which best fits your profile.