Business · Economy · 18 hrs ago
Spanish savers lose value as €942 billion sits in low-paying accounts
Nearly €942 billion is held in Spanish current accounts, which pay an average interest rate of just 0.16%.
With prices rising, the money loses purchasing power even though its balance may not fall.
The article estimates inflation will reduce the value of these savings by €36.7 billion this year.
Many Spanish savers keep money in current accounts rather than moving it into term deposits or investments.
A private banking executive says many are cautious and may not recognise how inflation affects what their savings can buy.
The Spanish government has included a new tax-favoured savings and investment account, called Caife, in a housing decree.
It is intended to encourage people to invest in European companies, but the article gives no further details on when it will be available.
Nearly €942 billion is held in Spanish current accounts that earn little interest, according to La Vanguardia.
The balances earn an average of 0.16%, while inflation is expected to average 3.9% this year, the article reports.
The article estimates that inflation will reduce the value of savings by €36.7 billion this year.
It says Spanish savers hold much more money in current accounts than in fixed-term deposits.
The Spanish government has included a tax-advantaged savings and investment account in a housing decree to encourage investment in European companies.
- Who
- Spanish savers, who hold money in low-paying current accounts.
- What
- Their savings are losing value to inflation while earning little interest.
- When
- The article was published on October 11, 2026, and discusses figures and forecasts for this year.
- Where
- Spain.
- Why
- Current accounts offer an average return of 0.16%, while inflation is higher.
This story does not have two clearly opposing sides.
If that money earned returns, GDP would grow.
Spanish savers are very conservative and do not consider inflation a risk.
Fixed-term deposits were more common than current accounts until this year, when the balance shifted.
Prices rose by 4.9%, according to the article.
La Vanguardia published its report on savings held in low-paying accounts.
- Current-account balances
- €941.609 billion
- Average current-account return
- 0.16%
- Forecast average inflation
- 3.9% this year
- Estimated loss in savings value
- €36.7 billion this year
- Fixed-term deposits
- €168.166 billion
Sources
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