Banco Sabadell is stepping into a new phase of its strategy to win a larger slice of the savings market. In a move announced on Monday, the bank revealed the relaunch of its online account, a product first launched in April of the previous year to gain traction against its bigger peers. The standout feature is an interest approach described as variable and linked to a reference rate, with a balance cap of 20,000 euros. The bank acknowledged that the rate is not guaranteed and will adjust as market conditions evolve, but it promises a competitive yield that can respond to shifts in the interest-rate environment. This marks a notable departure from the flat, predictable returns seen previously, signaling Sabadell’s intent to compete more aggressively on deposits. (Source attribution: Banco Sabadell press materials)
Already, other banks offer paid accounts with higher interest. Sabadell’s move is significant because it positions the lender as a major Spanish player willing to escalate its offers, potentially luring customers who might otherwise overlook smaller or lesser-known institutions. There is no time limit attached to this product, and it is not contingent on payroll localization. A temporary 2% rate may be charged during a defined promotional window as small and medium-sized businesses begin to take advantage of the scheme. For example, Sabadell has floated a proposal offering 2.5% up to 30,000 euros for the first year, plus a direct debit bonus of €200 for payroll, pension, or unemployment benefit exceeding €700. (Source attribution: Banco Sabadell announcements)
New Sabadell online accounts, available from October 27, come without mandatory commissions or linking conditions such as direct debit receipts, card usage, or bundled insurance. The offering also includes 3% on electricity and gas bills with no cap, free debit and credit cards, and unlimited access to a network of 1,221 offices and ATMs. Existing customers will receive the same benefits, along with any promotions they can leverage, while traditional account holders may need to negotiate individual terms to access a similar package. (Source attribution: Banco Sabadell product briefing)
With the online account relaunch, Sabadell aims to capture market share in a context of higher interest rates, economic uncertainty, and a slowing economy. These conditions have pressured individual and SME lending margins, yet the bank has reported a solid first half, noting that the broader margin improvement supports greater income from customer deposits and lending. In the first half of the year, the bank posted earnings growth while the customer margin—the gap between lending rates and savings rates—edged higher. (Source attribution: Banco Sabadell quarterly results)
CEO César González-Bueno declined to provide specific numbers on how many customers the new product might attract or the precise financial impact on business accounts. He stressed that the product would be profitable from the outset and that the bank would manage costs realistically. He indicated that Sabadell can balance higher pay on deposits with other product lines and government securities to maintain overall profitability. (Source attribution: Banco Sabadell leadership remarks)
The executive also framed the product as broader in appeal than a simple deposit scheme. He argued that it targets a wider audience in Spain, where about 36 million people hold ordinary accounts, and around 2.7 million customers have deposits of varying sizes. He suggested these figures could grow, though he did not anticipate the number of high-balance savers doubling beyond five million. He pointed to a scenario where current account balances, which have slipped year over year, may continue to fall as savers migrate toward higher-yield options, while deposits rise among those with larger balances. The strategy, he added, is designed to help Sabadell attract a broader segment of savers who are re-evaluating where to park their money as rates fluctuate. (Source attribution: Banco Sabadell executive remarks)