The banks offering to pay you up to €2,375 just for switching your salary

It is not every day that a bank attempts to Fill your pockets rather than empty them, but that’s exactly what’s happening across Spain right now – and savvy savers are cashing in.

Spain’s digital banks and neobanks are experimenting with new ways to attract customers, as the interest rate falls across the Eurozone. Swap and ditch. What is the prize? Cold, hard cash – up to €2,375 in one yearAll this without paying a penny in fees.

But before you start packing your financial bags, there’s more than meets the eye – and we’ve crunched the numbers to help you make sense of the best deals out there.

Ibercaja, Bankinter and other headlines on TAE

Ibercaja & Bankinter have the largest banners in terms of TAE – that’s the annual equivalent interest rate.

Ibercaja offers a tempting 5.09% TAE on balances up to €20,000 in the first year. Bankinter isn’t far behind, with 5% TAE on up to €10,000. These eye-catching figures only tell part the story.

In the second year, both banks have reduced their generosity to just 2%. Over 80% of the TAE is offered by both banks in year two. A period of 24 monthsThe maximum gross earnings limit is set at:

€1,400 from Ibercaja

€683.50 from Bankinter

But wait – there’s more…

Pibank is the quiet king. Real Estate You can return to your home by using the following number:

If you are looking to buy a bigger pot, then you can. actual euros in your accountIf you are unsure, please ask. Pibank It is a good idea to use a bilingual translator The dark horse Galloping ahead of your pack.

Run by Ecuadorian parent Banco Pichincha, Pibank’s offer is a little different – but a lot more rewarding.

This is how it works

The first €5,000 in your account earns nothing.

There is no maximum limit on the interest rate charged for every euro that exceeds this amount.

Apply the maths to the €100,000 deposit protected by Spain’s deposit guarantee fund (FGD), and you’d walk away with €2,375 gross in 12 months – the biggest return on the market.

There’s a twist: the effective TAE is 2.40%, but unlike others, it pays interest monthly, and you don’t even need to bring your salary over straight away – you get three months to try it out.

Metal money Revolut’s The offer is for new users

UK-founded RevolutThe fintech darling is shaking up the scene.

Their current offer (valid until May 31) pays 2.27% TAE on balances up to €100,000 – just shy of Pibank’s return, but still solid.

You’ll need to bring in a salary of at least €1,200 per month, and in return, new customers can earn up to €2,270 gross in a year. As a bonus, you get 12 months free on their Metal plan, which usually costs €15.99/month and includes travel insurance and subscription perks.

Customers can still sign up, but will only receive six months free on the Metal plan.

Are you worried about hidden costs? Don’t be. You can cancel your subscription without any fees after 12 months.

Before you gamble, please read this warning

As attractive as these offers are, experts advise never keeping more than €100,000 in a single account – that’s the limit protected by the FGD.

Want more? Spread the wealth. Maximise your return by opening multiple high-yielding accounts.

Don’t forget about the taxman. The interest earned on savings products is taxed in Spain.

19% on the first €6,000

21% from €6,000 to €50,000

While your bank may be wooing you, Hacienda Will still want its piece of the pie.

Bottom line

With zero fees, monthly interest, and bonus perks, these bank account offers are more than just window dressing – they could be a small financial facelift You can save money by using your credit card.

Remember: Total return is not TAE. It is important to read all the fine print and do some math.

You can also get paid by your current bank diddly-squat? Maybe it’s time to say “adiós” and make your money Work for you.

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Disclaimer: This article is intended for entertainment and information purposes only. You can also check out our other blog posts. Advice on financial matters is referred to as financial advice. We encourage readers to make their own financial decisions. Why not? Before making any financial decision, it is best to consult a financial advisor.  .