Compare Banks in Spain

For a no-fee, no-strings account: BBVA or Openbank (€0 account and card). For branch network: CaixaBank or Santander. For savings: Openbank (2.75% APY for a year) or ING's welcome deposit (3% APY for 3 months). Above all, compare bonus conditions: most require keeping your salary paid in for 24 months.

Bizum is the Spanish mobile payment system that allows instant money transfers via phone number. It's integrated into virtually all Spanish banks. Transfers are free and instant, up to EUR1,000 per transaction. Bizum is built into the apps of nearly every Spanish bank, works with just the recipient's phone number and settles in seconds, with a daily cap set by each bank, typically around a thousand euros.

Yes, N26 and Revolut accept EU residents with a passport. Traditional banks (CaixaBank, BBVA, Santander) usually require a NIE (foreign ID number) and proof of address. An NIE remains essential for any major transaction, notably a property purchase or a loan; without one, the bank will at best open a non-resident account with limited services.

Yes, the Fondo de Garantia de Depositos (FGD) protects up to EUR100,000 per depositor per bank, in accordance with the EU Deposit Guarantee Directive. The guarantee applies per depositor and per institution, so a joint account is covered for twice the amount, and splitting large savings between banks remains the only full protection.

BBVA is often cited among the best banking apps, notably for budgeting and the Aqua card. Openbank, ING and neobanks (Revolut, N26) also offer full-featured apps. The right choice depends on the features you use daily: Bizum, card controls and notifications.

A Cuenta Nomina is a current account linked to direct deposit of your salary. In exchange, the bank waives maintenance fees and offers perks (free card, bonuses, preferential savings rates). This is the dominant model in Spain. In exchange, the bank usually requires a minimum salary to be paid in and a few direct debits kept active; if the condition lapses, the fees return from the next quarter.

In August 2026, new home loans averaged 2.76% fixed for over 10 years and 3.23% variable (ECB/Banco de España), with 12-month Euribor at 3.247% in September. Online banks (Openbank, ING) offer fully digital deals, branch banks (CaixaBank, Santander, BBVA) in-branch support. Rate discounts tied to salary and insurance weigh heavily on the final rate.

N26 holds a German banking license (BaFin) and deposits are protected up to EUR100,000. Revolut holds a European banking license (Bank of Lithuania) with the same protection. Both comply with European regulations. These providers offer no branch network and no easy way to deposit cash, and they do not lend for property in Spain, which limits them to everyday banking.