Tax on Instant Access Savings
Tax deduction from Instant Access Savings
As required by Spanish tax law, we'll deduct tax from any interest before it's credited to your Instant Access Savings account.
The deductible tax needs to reach €0.01 before we begin withholding this tax. In cases where it's less than this amount, we'll continue to accrue your interest until it reaches €0.01 (at which point it's deducted from your next interest payment).
As a result, the tax rate for each interest payment may be different. To see the tax withheld on your total interest payments, you can use your combined savings statements.
Read this article to learn how to calculate interest and tax on Instant Access Savings.
Tax responsibility
If you have any questions regarding your tax responsibilities, you should seek independent advice from a professional tax adviser.
Savings account statement
To access your savings account statement in-app:
- Go to your Instant Access Savings account
- Tap 'More' (...)
- Tap 'Statement'
- Choose the time period you wish to generate a statement for
- Tap 'Generate'
The statement will include deposits, withdrawals, interest paid, and taxes withheld.