Openbank raises its interest-bearing account to twelve months up to 3.25% APR with no maximum limit, an offer for new customers activating Bizum. The entity responds to the advance of Revolut, Trade Republic, and Myinvestor.
The savings war in Spain is intensifying. Openbank, the 100% digital entity of Santander, has raised the remuneration of its account to twelve months up to 3.25% APR, with no maximum limit, according to Hispanidad. The offer is aimed at new customers who activate Bizum.
This move responds to the pressure from neobanks, which have gained ground with more aggressive savings offers while traditional banks focused their efforts on products like mortgages. The bank also maintains a bonus of up to 200 euros for those who set up at least two monthly direct debits. The account has no opening, maintenance, or cancellation fees.
Competition in mortgages has become complicated with skyrocketing housing prices. In July, the number of mortgage loans fell by 3.5% compared to the same month in 2025, according to the INE. This cooling pushes entities to attract deposits by rewarding savings.
Among the neobanks best positioned to withstand the challenge, Revolut offers 3.51% APR to new customers for the first four months, while Trade Republic pays 3.04% APR. The latest to react has been Myinvestor, which has raised the profitability of its six-month deposit to 3% APR.
The paradox of the moment: while traditional banks are closing branches, neobanks are opening them. Revolut will soon open its first public service office in Spain, specifically in Barcelona.
If the ECB meets expectations and continues to raise interest rates to curb inflation, the pressure on entities to elevate their offers will persist. The battle for deposits has only just begun.
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