Revolut raises its Spanish savings account to 3.51% AER, topping the no-payroll market after the ECB's first rate hike in three years

Revolut has raised the rate on its standard savings account in Spain to 3.51% TAE for new customers, the highest offer on the market that does not require payroll domiciliation. The move comes five days after the European Central Bank lifted its deposit facility rate to 2.25% on 11 June, its first increase since a long pause that began in mid-2025, and intensifies a three-way contest among digital-first providers.

The three contenders

Three accounts now pay above the ECB's 2.25% floor without demanding a salary commitment. Bankinter's Cuenta Digital offers 2.50% TAE on balances up to €100,000, guaranteed until 31 December 2026, and is backed by the Spanish deposit guarantee fund. Trade Republic pays 3.04% TAE for new clients (existing clients earn around 2.02% unless they join the referral plan), with no stated balance cap and a German banking licence that provides coverage up to €100,000 under the German FGD. Revolut's 3.51% TAE is the highest of the three but applies only to the first €25,000 and only for new accounts opened between 16 June and 16 August.

Revolut (up to €25,000)3.51

Trade Republic (no cap)3.04

Bankinter (up to €100,000)2.5

Revolut (up to €25,000)

3.51 % TAE

Trade Republic (no cap)

3.04 % TAE

Bankinter (up to €100,000)

2.5 % TAE

Data from the article text

The fine print on Revolut's offer

The promotional window runs from today, 16 June, until 16 August 2026 for sign-ups, and the 3.51% rate is guaranteed until 16 October 2026, giving a maximum four-month benefit period for those who join on day one. On a €25,000 balance the gross return works out to roughly €292 (about €235 after taxes). After the promotion ends, the rate reverts to a variable yield tied to the customer's plan. The account carries no maintenance or cancellation fees, calculates interest daily, and deposits are insured up to €100,000 per depositor. The offer is available from a minimum deposit of €1, though the promotional rate only applies to the first €25,000.

Market context and expansion

Revolut has just crossed 6.5 million customers in Spain and captures one in five new banking users in the country, according to El Confidencial. The company is in the middle of a physical expansion: it is opening its first brick-and-mortar store in Barcelona, plans new offices in Madrid and Barcelona, aims to create 800 jobs by 2030, and intends to deploy a network of 200 ATMs across Spain before the end of the year. The fintech's global customer base stands at 75 million.

“Los españoles son cada vez más exigentes con la forma en la que gestionan y hacen crecer su dinero. El ahorro está hoy en el centro de la conversación financiera en España y creemos que los usuarios merecen una alternativa que combine rentabilidad competitiva, flexibilidad y una experiencia simple y transparente.”

What the comparators say

HelpMyCash notes that the savings-account war has reactivated after a quiet period, calling the renewed competition "excellent news" for savers. The comparator highlights that not all high-rate accounts are equal: some cap the remunerated balance, others require new-customer status, and a few demand payroll or minimum-balance commitments. Revolut's offer leads on headline rate but trails on balance ceiling compared to Bankinter's €100,000 cap and Trade Republic's uncapped structure.