ING's new three-month deposit pays 3.5% TAE on new funds and is available until June 30. The offer is capped at 50,000 euros per customer, as Spanish banks adjust their savings products after the European Central Bank raised interest rates to 2.5%. TAE is an annualised measure, so depositors do not earn 3.5% of the principal over the three-month term.
The express deposit is one part of a wider reshaping of ING's savings portfolio. The bank has also raised returns across its Naranja deposit range. Rates now range from 1.45% to 1.90% TAE for 12-month terms, from 1.80% to 2.20% for 18 months, and from 2.15% to 2.30% for 24 months. ING has extended the availability of its four-month deposit for new money, which pays 2.5% TAE on balances up to 50,000 euros until June 30. New clients can also open a welcome deposit at 3% TAE for three months.
The ECB's deposit facility rate is 2.50%. Its basic refinancing rate is 2.65%, while the marginal lending facility rate is 2.90%. Banco de España lists the 2.50% deposit rate as effective from 16 September 2026. The ECB says its rate decisions reflect its assessment of the inflation outlook, incoming economic and financial data, underlying inflation, and the strength of monetary-policy transmission. It raised basic rates by 25 basis points in June and by a further 25 basis points in September 2026.
ING's new 3.5% deposit comes as competition in the sector picks up. Fintech Revolut recently raised the yield on its remunerated account to 3.51% TAE for balances up to 25,000 euros, valid until October 16. Banks and digital platforms are offering more attractive terms as the cost of money rises across the eurozone.
Other major players are adjusting their offers, too. Santander has improved its deposit rates, allowing customers to earn up to 2% or 1.745% of the total deposit on amounts above 50,000 euros. MyInvestor has raised its rate to 2.25%. Trade Republic now offers existing customers 2.27% of the total deposit and keeps a 3.04% rate for new customers, with no upper limit on the deposit amount. The changes reflect intensifying competition between banks and neobanks for new savings.
Spanish households have traditionally favored short-term deposits when interest rates rise, seeking flexibility and higher returns, information from recent data. The current wave of rate adjustments followed the ECB's efforts to curb inflation, which drove a impressive rise in returns on savings products across the country. For many depositors, the new offers provide a chance to earn higher returns without tying up funds in long-term products. Banks, meanwhile, are seeking liquidity amid stronger competition.
