Best EU Cash Interest Accounts 2026: Trade Republic vs Raisin vs Wise vs Bunq vs Lightyear

TL;DR

For EUR cash in 2026, the five most-used pan-EU platforms — Trade Republic, Raisin, Wise, Bunq, Lightyear — offer rates between 3.16% and 4.50% depending on product type, balance, and currency. Lightyear leads on flexible EUR (4.30%) and USD (5.05%), Trade Republic offers 4.00% with full DGS protection, Raisin tops out at 4.50% on 24-36 month fixed-term deposits, Wise wins multi-currency (3.55% EUR / 4.31% USD / 3.79% GBP), and Bunq stands out as the only real bank in the set (Dutch DGS + sub-accounts + spending features). The single biggest decision is deposit protection vs raw yield: Trade Republic, Raisin, and Bunq are bank deposits with €100k DGS each; Wise and Lightyear are money-market fund investments without DGS coverage. There is no universal "best" — it depends on your currency mix, balance size, and tolerance for fixed-term lockup.

Why this comparison exists in 2026

Two years ago there were maybe two or three credible EU-wide platforms paying meaningful interest on cash. By 2026 there are at least a dozen, and the consumer challenge has flipped from "where can I find any yield?" to "which of these mostly-similar 3-4% products actually fits my situation?".

This guide compares the five most widely used cash-yield platforms in the EEA, with attention to mechanics, tax treatment in the four largest savings markets (Germany, Netherlands, Spain, Poland), and the trade-offs that don't show up in the headline rate.

The ECB's deposit facility rate sits around 3.0-3.25% in early 2026, so any product offering noticeably above that is doing one of: passing through a money-market fund yield (Wise, Lightyear), packaging a smaller bank's wholesale funding need (Raisin partner banks), or subsidising the rate from other revenue (Trade Republic, Bunq subscriptions).

Side-by-side overview

How each platform actually generates the yield

The rate alone tells you almost nothing without understanding the underlying mechanics — they determine your real risk profile and the worst-case scenario for your cash.

Trade Republic — segregated bank deposits at partner banks

Cash is allocated across Deutsche Bank, JP Morgan, Citi, and Société Générale in segregated client accounts. Trade Republic earns the ECB deposit rate on those balances and adds a promotional spread to attract customers (currently funding the 4.00% headline). You are a depositor at the partner bank — German DGS protects up to €100k per bank, and the four-bank split theoretically gives you up to €400k of coverage if cash spreads evenly. The catch: the allocation is opaque, you cannot direct it, and the rate moves with ECB policy.

Raisin — direct deposits at chosen partner banks

You pick a specific bank and term from the marketplace, and your cash lands as a real deposit at that bank in your name. DGS protection is from the partner bank's national scheme (German FGDS, French FGDR, Bulgarian BDIF, etc.), each capped at €100k. Smaller EU banks pay higher rates because they need wholesale funding and Raisin gives them efficient retail distribution. Fixed-term deposits cannot be broken without forfeiting interest, but they let you lock in today's rate for up to 60 months — useful as ECB cuts loom.

Wise Interest — BlackRock money-market fund investment

When you switch on Interest, your e-money balance is moved into a BlackRock-managed MMF (typically ICS Euro/USD/Sterling Government Liquidity Fund). Daily yield from short-dated government securities is paid through to you minus a ~0.10-0.15% fund fee. No DGS protection — this is an investment in a fund, not a deposit. In normal conditions MMFs are extraordinarily stable, but in a severe credit event the NAV could in theory move below 1.00.

Bunq Easy Savings — own balance sheet at a Dutch bank

Bunq is a fully licensed Dutch bank under DNB and ECB supervision. Deposits sit on Bunq's own balance sheet and are protected by the Dutch DGS up to €100k per depositor. The yield is funded partly by traditional deposit-and-lend banking economics and partly subsidised by the monthly subscription fee — which is why higher-tier paid plans pay higher rates.

Lightyear Cash — money-market fund investment via Estonian broker

Similar mechanic to Wise: cash is invested in money-market funds (US Treasury MMF for USD, EUR government MMF for EUR, GBP for GBP). Lightyear is an Estonian-licensed investment firm, so the Estonian Investment Compensation Fund (ICF) applies — but the cap is only €20,000, materially lower than the €100k DGS level. The yield is among the highest in the market (4.30% EUR / 5.05% USD) because Lightyear keeps less of a spread than competitors.

Real-world example: 12-month yield by balance

Assume rates hold for 12 months (they likely won't — ECB will probably move). Gross annual interest:

EUR deposits

But Bunq plans cost money. Net of subscription:

Bunq net of monthly subscription

USD deposits

GBP deposits

Tax considerations by country

Same gross yield, very different net depending on where you live.

Poland (19% Belka)

Flat 19% on interest and investment fund income. Self-report on PIT-38 (no withholding by foreign platforms). On €400 of interest at Trade Republic, €76 owed.

Germany (Abgeltungsteuer ~26.375%)

Flat 25% + 5.5% Soli + church tax. Sparerpauschbetrag €1,000 per person per year is exempt. Trade Republic and German banks withhold at source. Bunq, Raisin (foreign-bank routing), Wise, Lightyear typically require self-reporting on Anlage KAP.

Netherlands (Box 3 deemed return)

The actual interest is irrelevant — what matters is the asset value at 1 January, and a deemed return rate set annually. For 2026, deposits are taxed at deemed ~1.4-1.6% × 36% = effective ~0.5-0.6% on the balance. Investments (Wise MMF, Lightyear MMF) are taxed at the higher deemed ~6% × 36% = effective ~2.2% on the balance — meaning MMF-based products are tax-disadvantaged in the Netherlands vs bank deposits. This is a big consideration for Dutch residents.

Spain (base del ahorro)

• Up to €6,000: 19%
• €6,000-€50,000: 21%
• €50,000-€200,000: 23%
• €200,000-€300,000: 27%
• Above €300,000: 28%

Modelo 720 disclosure required for foreign assets above €50,000 — relevant for almost all platforms in this comparison.

France (PFU 30%)

Flat 12.8% income tax + 17.2% social contributions = 30% on interest and investment income. Optional progressive election available.

Italy (26% imposta sostitutiva)

Flat 26% on foreign deposit interest and foreign investment income. Quadro RW disclosure required for foreign accounts.

Pros and cons of each

Trade Republic

Pros: unlimited rate, no fee, German DGS, easy-to-use broker app, available in 17 EEA countries. Cons: EUR-only, variable rate (no lock-in), opaque allocation across partner banks.

Raisin

Pros: rate certainty up to 60 months, ability to spread DGS across multiple jurisdictions, top rates in market. Cons: illiquid (no early withdrawal without penalty), top offers come from smaller EU banks, Modelo 720 / Quadro RW reporting overhead.

Wise Interest

Pros: multi-currency yield, instant access, integrated with global multi-currency account. Cons: investment not deposit (no DGS), Box 3 investment band penalty in NL, eligibility varies by country.

Bunq Easy Savings

Pros: real Dutch bank with full DGS, sub-account organisation, instant SEPA, multi-currency capability. Cons: monthly subscription fee, headline rate below Lightyear/Trade Republic at base tier.

Lightyear Cash

Pros: highest headline EUR/USD rates, multi-currency, no fee, instant access. Cons: ICF €20k cap (much lower than DGS €100k), MMF investment not deposit, Estonian regulator less familiar to Western European customers.

Who should use which platform

Emergency fund (€10-30k EUR, accessible within days)

Trade Republic 4.00% — rate, DGS protection, and broker convenience all align. Bunq Easy is a strong runner-up if you value sub-accounts and SEPA Instant.

Large EUR holdings (€100-500k) wanting full deposit protection

Raisin — spread across partner banks in different EU jurisdictions to stack DGS coverage. Each bank is €100k protected.

Locking in today's rate before further ECB cuts

Raisin — pick 24-36 month fixed-term deposits at 4.10-4.30%.

Multi-currency freelancer or remote worker

Wise Interest — already paid into Wise multi-currency, so no conversion friction. Or Lightyear for slightly higher rates.

Highest USD yield in the EU

Lightyear 5.05% USD — beats Wise's 4.31%. Trade-off is the lower €20k ICF protection.

Yield + budgeting + spending in one app

Bunq Premium+ above €20k balance — the subscription is justified by the bundled bank features.

Dutch residents wary of Box 3 investment band

Bunq, Trade Republic, or Raisin — all bank deposits, qualifying for the lower deposit deemed return.

Germans wanting automatic tax withholding

Trade Republic — withholds Abgeltungsteuer at source for German residents.

People with under €5k in cash

Trade Republic or Lightyear — both have no fee, so the entire yield accrues to you. Avoid Bunq plans at this balance level.

FAQ

Q: Which platform is the absolute safest? "Safest" depends on definition. Bunq is the only real bank with full DGS in the set. Trade Republic offers DGS via four partner banks (theoretically up to €400k coverage). Raisin offers DGS at the chosen partner bank. Wise and Lightyear are MMF investments — extremely stable in normal conditions but technically not deposit-protected.

Q: Can I use multiple platforms simultaneously? Yes — many investors use 2-4 platforms to spread yield, currency exposure, and DGS coverage. Just remember that funds in transit between platforms (SEPA delays) earn nothing.

Q: What happens to all these rates when the ECB cuts? Trade Republic, Lightyear, Wise, and Bunq all adjust within days of an ECB move (typically dropping the headline by similar amount). Raisin fixed-term deposits hold their rate to maturity — that is their key advantage in a falling-rate environment.

Q: Is there one platform that does everything? No. Each has a specific strength. Most active savers run a combination: Trade Republic for emergency fund, Raisin for medium-term locked deposits, Wise or Lightyear for multi-currency, Bunq for spending + savings combined.

Q: Are any of these available outside the EEA? Wise has the broadest global footprint (175+ countries). The rest are EEA-focused, with country-by-country availability — check each platform's signup flow for your specific country.

Q: Do any pay a welcome bonus for opening an account? Trade Republic occasionally runs €25-€50 referral bonuses. Raisin runs cash bonuses on first fixed-term deposit. Bunq waives first-month subscription occasionally. Lightyear has run free-share promos but rarely cash bonuses on Cash. Always read T&Cs.

Tracking blended yield across platforms

If you spread €60k across Trade Republic, Raisin (3 deposits), Bunq, and Lightyear, calculating your true blended after-tax yield is genuinely tedious. Freenance lets you log each balance with its rate, currency, maturity date, and applicable tax — then see consolidated yield, upcoming maturities, and net annual interest projection in one place.

Compliance disclaimer

Rates change with central bank decisions. Headline figures (Trade Republic 4.00%, Lightyear 4.30%, Raisin up to 4.50%, Wise 3.55%/4.31%/3.79%, Bunq 3.16-4.16%) are current as of Q1 2026. Verify the live rate on each platform's website before depositing. Deposit guarantees (DGS €100k, ICF €20k) apply per depositor per institution. Money-market fund investments (Wise, Lightyear) are not deposit-guaranteed. This article is informational and is not financial advice. Tax treatment varies by country — consult a local tax advisor.

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