Savings Account vs Fixed-Term Deposit in 2026 2026

The most common dilemma among European savers: savings account or fixed-term deposit? The answer depends on when you need the money, the yield you seek, and whether you prefer flexibility or rate certainty. In 2026, both products offer attractive returns. We compare the best of each category and explain when each makes sense.

Products compared

5.09%

Best APY available

2.77%

Average APY

#	Entity	Product	APY	Score	Risk	Liquidity	View
1	Ibercaja	Cuenta Vamos	5.09%	8.5	Low	Instant	View →
2	Bankinter	Cuenta Nómina	5.00%	8.4	Low	Instant	View →
3	EVO Banco	Deposito a 12 meses	2.85%	7.0	Low	—	View →
4	Achmea Bank	Achmea Bank — Depósito 7 años (Raisin)	2.80%	5.8	Low	Locked	View →
5	N26	N26 Instant Savings Metal (2,76% TAE)	2.76%	7.8	Low	Instant	View →
6	Klarna Bank	Klarna Bank — Depósito 2 años (Raisin)	2.56%	5.7	Low	Locked	View →
7	SME Bank	SME Bank — Depósito 1 año (Raisin)	2.56%	5.9	Low	12-month term	View →
8	N26	N26 Instant Savings You (2,56% TAE)	2.56%	7.7	Low	Instant	View →
9	BTG Pactual	BTG Pactual — Depósito 3 años (Raisin)	2.54%	5.7	Low	Locked	View →
10	Bigbank	Bigbank Depósito 12 meses EUR (2,50% TAE)	2.50%	5.9	Low	12-month term	View →
11	Klarna Bank	Klarna Bank — Depósito 1 año (Raisin)	2.46%	5.9	Low	12-month term	View →
12	Younited Credit	Younited Credit — Depósito 2 años (Raisin)	2.46%	5.7	Low	Locked	View →
13	Banca Progetto	Banca Progetto — Depósito 6 meses (Raisin)	2.45%	5.1	Medium	6-month term	View →
14	Nordax Bank	Nordax Bank — Depósito 2 años (Raisin)	2.44%	5.7	Low	Locked	View →
15	SME Bank	SME Bank — Depósito 2 años (Raisin)	2.42%	5.7	Low	Locked	View →
16	Bigbank	Bigbank Cuenta de Ahorro EUR (2,40% TAE)	2.40%	7.7	Low	Instant	View →
17	Banca Progetto	Banca Progetto — Depósito 9 meses (Raisin)	2.39%	4.4	Medium	Locked	View →
18	SME Bank	SME Bank — Depósito 3 años (Raisin)	2.38%	5.7	Low	Locked	View →
19	Banca Sistema	Banca Sistema — Depósito 2 años (Raisin)	2.37%	5.7	Low	Locked	View →
20	Banca CF+	Banca CF+ — Depósito 6 meses (Raisin)	2.37%	6.3	Low	6-month term	View →

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Frequently asked questions

Which pays more: a savings account or a fixed deposit?

In 2026, fixed-term deposits generally offer slightly higher yields (2.3%–2.8% APY at 12 months) versus savings accounts (1.9%–2.5% APY). However, some conditional accounts (requiring payroll, bills) exceed deposits — reaching 5% APY in the first year on limited amounts.

Can I withdraw money early from a fixed deposit?

It depends on the bank. Most fixed deposits allow early cancellation with a penalty (partial or full loss of interest). Some deposits — such as those on Raisin — do not allow early withdrawal at all. Always confirm the redemption terms before signing up.

Are savings accounts and deposits taxed the same way?

Yes. Both are taxed as capital income (savings base): 19% up to €6,000, 21% between €6,000–€50,000. Banks withhold 19% automatically at source. The only difference is timing: savings accounts typically pay interest monthly, deposits at maturity.

Do they carry the same guarantee?

Yes, if both are at an authorised bank in Spain or the EU. The Deposit Guarantee Fund (DGS) covers up to €100,000 per holder per institution, for both savings accounts and fixed-term deposits.