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Interest accrues daily, but if your net interest is less than 0.01 in the corresponding savings currency, it won't be paid until the cumulative interest exceeds this amount.

As required by Spanish law, we'll deduct a 19% withholding tax from any interest before it's credited to your Instant Access Savings. For more details about the tax on your Instant Access Savings, read this FAQ.

Consider a balance of €1,000 with a 2.5% p.a., 2.53% Annual Equivalent Rate (AER), compounded daily, and subject to 19% tax withholding:

• Interest accrued: €1,000.06 * 2.50%/365 = €0.0684973
• Payable interest: €0.06
• Tax accrued: €0.06 * 19% = €0.0114000
• Tax withheld: €0.01
• Interest paid after tax: €0.06 - €0.01 = €0.05
• New balance: €1,000 + €0.05 = €1,000.05

The remaining amount of interest and tax keep accruing until it becomes €0.01.

• Interest accrued: €1,000.05 * 2.50%/365 = €0.0684966
• Payable interest: €0.06 + €0.01* = €0.07
• Tax accrued: €0.07 * 19% = €0.0133000
• Tax withheld: €0.01 + €0.01 = €0.02
• Interest paid after tax: €0.07 - €0.02 = €0.05
• New balance: €1,000.05 + €0.05 = €1,000.10

*Accrued interest from Day 1: €0.0084932 and Day 2: €0.0084966

The Annual Equivalent Rate (AER) on your Instant Access Savings will depend on your plan. To see all applicable rates, visit our Instant Access Savings page on our website.