Current account with interest: The flexible alternative to savings accounts

Among the diverse range of options for savers, the interest-bearing current account offers an especially flexible way to increase the amount of money going directly to your account. In this article you'll learn how an interest-bearing current account works and what benefits it can offer you in your everyday life.

With a current account that pays interest, your balance has a variable interest rate that is usually calculated annually. This way you can earn interest without having to forgo direct access to your money. Unlike with a daily savings account, you can use the interest-bearing current account for your daily payment transactions – such as for transfers, card payments and direct debits.

Acquiring interest means your money doesn't just sit unused in your account, but can help to partially offset any loss of value due to inflation. Without interest your savings lose purchasing power over time. However, banks rarely offer interest on current accounts – a daily savings account is more common for interest-bearing savings without fixed terms. It's important to note that interest rates on current accounts are often lower than those on daily savings accounts, regular savings accounts, or fixed-term deposit accounts. 

BBVA does not currently offer a separate daily savings account. However, the current account has a similar function, as it allows you to accumulate interest based on your balance. Simple, flexible and immediately usable.

The bank applies an annual interest rate to the account balance. These interest payments are calculated and credited periodically (monthly, quarterly, semi-annually or annually) depending on the bank's terms and conditions.

With BBVA, interest is calculated daily. For the calculation, you divide the annual gross interest rate of 3.75% proportionally over each day (3.75% x daily balance/365 days). The total interest amount earned during the month will be credited to your account at the beginning of the following month once taxes are deducted.

BBVA's digital Savings Box is a smart additional feature included in BBVA's current account. It offers a modern and flexible way to set aside money directly in your current account and earn interest in the process. As an integral part of BBVA's interest-bearing current account, it is available free of charge and enables you to have up to five separately definable savings goals.

Particularly practical: You can set automatic Savings Rules, such as a fixed percentage of your income or rounding up purchases, with the difference going directly into the Savings Box. This way saving money becomes part of your everyday life, without any effort.

The balance in the Savings Box earns interest at the same rate as the rest of the current account. This is currently 3.75% p.a. for the first 6 months. After that, a variable interest rate applies that is based on market conditions. The customer is notified of this every quarter.

Before you open an interest-bearing current account, it is important to consider a few factors:

• Interest rate: Compare different offers to find the best available interest rate.
• Fees: Some current accounts include account maintenance fees or other costs. Review the terms and conditions carefully.
• Terms and conditions: Some accounts require a minimum balance, others require regular salary deposits. There are other terms and conditions in order to earn interest or avoid fees. Make sure that you are aware of these requirements.
• Accessibility: Review how easy it is to access your funds, for example, through cash withdrawals or transfers.
• An alternative to savings accounts: Consider whether an interest-bearing current account is the best choice for you. Other savings products such as savings accounts or fixed-term deposits may offer a better return.

BBVA's free-forever current account offers you the opportunity to increase your account balance easily, securely, and automatically, without tying up your capital. For the first 6 months you benefit from 3.75% interest p.a. on your balance, with no payroll deposit or a minimum amount.

After the first 6 months, a long-term interest rate continues to be guaranteed, and every 3 months you will be informed of the current interest rate in accordance with the conditions applicable at that time.

A current account with interest is particularly suitable for those who want to have access to their money at any time and do not want to miss out on interest. Before opening an interest-bearing current account, review how the available offers fit your financial needs and savings goals.

*This offer requires that a BBVA current account be opened for the first time starting on September 15, 2026 or later and is valid for the first 6 months after opening an account. The gross interest rate is 3.75% p.a. for balances up to €200,000, with no minimum amount. For balances above €200,000 and up to €500,000, the gross interest rate is 2.5% p.a.; Balances exceeding €500,000 do not accrue interest. Interest is calculated daily based on your account balance at the end of each day and is credited monthly. interest after the first 6 months: After the promotional period has ended, a variable gross interest rate will apply to balances up to €500,000. Currently, this is 2.5% p.a. without further requirements or 3% p.a. for monthly payroll or pension payments to the BBVA current account or for monthly payments with your BBVA debit card and/or BBVA credit card(s) totaling over €1,500. Balances exceeding €500,000 do not accrue interest. Interest rates are reviewed quarterly and may be adjusted. Regardless, the interest rate is always at least 25% of the ECB's applicable interest rate for its deposit facility. Only transfers marked accordingly are regarded as payroll or pension payments; Transfers from one's own account and transfers from private individuals are not taken into account. The following are excluded: fee-related BBVA card payments to the credit of financial companies and banks, cryptocurrencies, gambling and betting, payments to debt collection agencies, and cash withdrawals.