Real yield is your actual return after accounting for both taxes and inflation. It represents how much your purchasing power truly grows (or shrinks). For example, a 3% savings account with 28% tax and 2.5% inflation gives a real yield of -0.34% — you earn interest and still lose purchasing power. Real yield = Gross Yield × (1 - Tax Rate) - Inflation Rate.

Why is real yield more important than gross yield?

Banks advertise gross yields to attract customers, but that's not what you actually earn. Taxes take a significant cut (19-33% in most EU countries), and inflation silently erodes the rest. A high gross yield can still result in negative real returns if taxes and inflation are high. Real yield tells you if your savings are actually growing in purchasing power terms — the only metric that truly matters for long-term wealth preservation.

How do you calculate real yield?

The formula is simple: Real Yield = (Gross Yield × (1 - Tax Rate)) - Inflation Rate. First, subtract taxes to get your after-tax yield. Then subtract inflation to see if you're gaining or losing purchasing power. Example: 3.5% gross yield, 19% tax, 2.5% inflation → (3.5% × 0.81) - 2.5% = 2.835% - 2.5% = +0.335% real yield. Use our free calculator to compute this instantly for any product.

What's the difference between gross yield, net yield, and real yield?

Gross yield is the advertised rate before any deductions. Net yield (or after-tax yield) is what you keep after taxes are withheld — this is the money that hits your account. Real yield goes one step further by subtracting inflation, showing whether your money is actually gaining or losing purchasing power. Example: 3% gross → 2.16% net (28% tax) → -0.34% real (2.5% inflation). Only real yield tells you if you're winning or losing.

Which European countries have the best real yields in 2026?

Real yield is gross yield minus tax minus inflation, so inflation usually decides it rather than tax. Spain has one of the euro area's lower savings taxes at 19%, but 3.8% inflation leaves it near the bottom in real terms; Portugal taxes interest at 28% and still ranks near the top. As of August 2026 the strongest real yields are in Portugal, Italy and Greece. France leads the table today only on a two-month promotional rate — which is why these figures are recomputed daily rather than published as a list.

How does inflation affect my savings?

Inflation erodes the purchasing power of your savings. If inflation is 2.5% per year, you need to earn at least 2.5% after taxes just to maintain your current purchasing power. Anything less means you're effectively losing money — your account balance grows nominally, but buys less than before. This is why many German savers with 2% accounts (26.375% tax, 2.3% inflation) are actually experiencing negative real yields of -0.83%, losing purchasing power every year. Real yield analysis reveals these hidden losses.

Best European Real Yields After Tax

ECB Rate (€STR)

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Live ECB €STR Overnight Rate

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EU Inflation (HICP)

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Eurozone HICP YoY — Live

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Local Inflation

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Spain YoY — Live

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Tax Rate

19.0%

Capital Gains Tax (up to €6k)

On interest / savings income

🏆 -1.26% — MyInvestor Super Deposit (1M Premium)📊 0 of 54 products beat inflation

Live official data: ECB/ESTR and yield curve data from ECB, inflation from Eurostat HICP, ETF prices from market quotes. Tax rates are simplified comparison assumptions; see methodology.

ECB Watch Tool — Live ECB Rate Probabilities

Market-implied expectations for European Central Bank interest rate changes

European Fixed Income Analysis — After-Tax Real Returns vs. Inflation

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Institution / Product	Gross Yield	After Tax	Real Yield	Details
MyInvestor Super Deposit (1M Premium)Savings Accounts · ES	4.00%	3.24%	-1.26%	1-month term, €1k-€5k only, requires Premium Plan (€7.99/mo), 4.00% TAE
Banco BiG - Gran Depósito (1M)Savings Accounts · ES	4.00%	3.24%	-1.26%	3.93% TIN (4.00% TAE) for 1 month, new clients, Portuguese Deposit Guarantee Fund, April 2026
Bono del Estado 10YGovernment Bonds · ES	3.63%	2.94%	-1.56%	10-year Spanish government bond, long-term benchmark
Palmer Square EUR CLO Senior (PCLD)CLO ETFs · EU	3.66%	2.76%	-1.74%	TER: 0.25%, Passive AAA/AA EUR CLO Index, passive management
State Street Blackstone Euro AAA CLO UCITS ETF (ECLO)CLO ETFs · EU	3.61%	2.72%	-1.78%	TER: 0.25%, actively managed AAA EUR CLOs, Blackstone Credit sub-advised
Invesco EUR AAA CLO (CLOD)CLO ETFs · EU	3.56%	2.68%	-1.82%	TER: 0.25%, AAA-rated EUR CLOs, floating rate
Invesco EUR AAA CLO Acc (CLOA)CLO ETFs · EU	3.56%	2.68%	-1.82%	TER: 0.25%, AAA-rated EUR CLOs, accumulating, ISIN: IE000Y2JPPS4
Janus Henderson EUR AAA CLO UCITS ETFCLO ETFs · EU	3.56%	2.68%	-1.82%	TER: 0.25%, AAA-rated EUR CLOs, tracked via JCL0
UBS EUR AAA CLO UCITS ETF (CHSJ)CLO ETFs · EU	3.56%	2.66%	-1.84%	TER: 0.28%, AAA EUR CLO tranches, semi-annual distribution
iShares € AAA CLO Active (EUCL)CLO ETFs · EU	3.51%	2.64%	-1.86%	TER: 0.25%, actively managed AAA CLOs
Bono del Estado 2YGovernment Bonds · ES	3.25%	2.63%	-1.87%	2-year Spanish government bond, fixed rate
Banco BiG - Gran Depósito (6M)Savings Accounts · ES	3.25%	2.63%	-1.87%	3.22% TIN (3.25% TAE) for 6 months, Portuguese Deposit Guarantee Fund, April 2026
Deutsche Bank Depósito Confianza (12M)Savings Accounts · ES	3.00%	2.43%	-2.07%	12-month term, €10k-€300k, bonuses for nómina + card
Banco BiG - Gran Depósito (3M)Savings Accounts · ES	3.00%	2.43%	-2.07%	2.97% TIN (3.00% TAE) for 3 months, Portuguese Deposit Guarantee Fund, April 2026
Letras del Tesoro 12MGovernment Bonds · ES	2.99%	2.42%	-2.08%	Zero-coupon 12-month Spanish Treasury bill, benchmark asset
Letras del Tesoro 6MGovernment Bonds · ES	2.89%	2.34%	-2.16%	Zero-coupon 6-month Spanish Treasury bill, sold at discount
Amundi Prime Euro Gov Bonds 0-1YShort-Term Bond ETFs · EU	2.92%	2.32%	-2.18%	TER: 0.05%, YTM ~2.45%, ultra-short eurozone government bonds
EBN Banco (12M with investment)Savings Accounts · ES	2.85%	2.31%	-2.19%	12-month term, €10k min, requires investment product
Vanguard EUR Eurozone Gov Bond 0-1YShort-Term Bond ETFs · EU	2.92%	2.31%	-2.19%	TER: 0.07%, ultra-low cost, passive eurozone sovereign 0-1Y
iShares € Govt Bond 0-1yr (IEGE)Short-Term Bond ETFs · EU	2.92%	2.29%	-2.21%	TER: 0.09%, YTM ~2.45%, eurozone sovereign debt 0-1Y duration
Openbank Open 4M (w/ conditions)Savings Accounts · ES	2.78%	2.25%	-2.25%	4-month term, salary €900+ required, else 1.76%
Xtrackers II EUR Corporate Bond 0-1YShort-Term Bond ETFs · EU	2.90%	2.25%	-2.25%	TER: 0.12%, YTM ~2.90%, eurozone corporate bonds 0-1Y
Renault Bank Tú+ (36M)Savings Accounts · ES	2.63%	2.13%	-2.37%	36-month term, interests at maturity
Volkswagen Bank (12M)Savings Accounts · ES	2.55%	2.07%	-2.43%	12-month term deposit via Raisin
Scalable Capital SavingsSavings Accounts · ES	2.50%	2.02%	-2.48%	Variable 2.50% for all customers since Mar 2026, no plan required
Trading 212 Flexible SavingsSavings Accounts · ES	2.40%	1.94%	-2.56%	UK fintech, investor protection ~€20k, instant access
Banca March AVANTIO (12M)Savings Accounts · ES	2.30%	1.86%	-2.64%	12-month term, €30k-€300k, online via AVANTIO
Bunq Easy Savings (Weekly)Savings Accounts · ES	2.26%	1.83%	-2.67%	Weekly compound, higher balances get 2.26%, base 1.51%
Trade Republic Cash AccountSavings Accounts · ES	2.25%	1.82%	-2.68%	Instant access, pays ECB deposit rate (2.25% since Jun 2026), €100k deposit guarantee per partner bank
MyInvestor Deposit (3M Premium)Savings Accounts · ES	2.25%	1.82%	-2.68%	3-month term, requires Premium Plan (€7.99/mo), up to 2.25% TAE
Cetelem Depósito 24MSavings Accounts · ES	2.25%	1.82%	-2.68%	24-month term, €1-€250k, quarterly interest, BNP Paribas group
Banco Santander 12M TermSavings Accounts · ES	2.20%	1.78%	-2.72%	12-month term deposit, €10k minimum
Lyxor EUR 2-10Y Inflation ExpectationsShort-Term Bond ETFs · EU	2.45%	1.78%	-2.72%	TER: 0.25%, inflation-linked bonds, hedges inflation risk
MyInvestor Remunerated Account (Premium)Savings Accounts · ES	2.10%	1.70%	-2.80%	Requires Premium Plan (€7.99/mo), up to €70k, instant access
iShares € Ultrashort Bond (ERNE)Money Market ETFs · EU	2.19%	1.70%	-2.80%	TER: 0.09%, distributing, very short duration bonds
Cetelem Depósito 12MSavings Accounts · ES	2.10%	1.70%	-2.80%	12-month term, €1-€250k, quarterly interest, BNP Paribas group
Xtrackers EUR Overnight Rate (XEON)Money Market ETFs · EU	2.19%	1.69%	-2.81%	TER: 0.10%, tracks €STR, accumulating, liquid daily
Amundi Smart Overnight Return (CSH2)Money Market ETFs · EU	2.19%	1.69%	-2.81%	TER: 0.10%, accumulating, liquid daily
Amundi Prime Euro LiquidityMoney Market ETFs · EU	2.19%	1.69%	-2.81%	TER: 0.10%, distributing, T+1 liquidity
HSBC GIF Euro LiquidityMoney Market ETFs · EU	2.19%	1.69%	-2.81%	TER: 0.10%, AAA-rated MMF, institutional quality
JPMorgan Euro Liquidity FundMoney Market ETFs · EU	2.19%	1.68%	-2.82%	TER: 0.11%, government MMF, daily liquidity
Invesco Euro LiquidityMoney Market ETFs · EU	2.19%	1.68%	-2.82%	TER: 0.12%, accumulating, daily liquidity
Amundi Euro LiquidityMutual Funds · ES	2.19%	1.68%	-2.82%	TER: 0.12%, T+1 liquidity
HSBC Euro Liquidity FundMutual Funds · EU	2.19%	1.67%	-2.83%	TER: 0.13%, T+1 liquidity, institutional
MyInvestor Super Deposit (1M)Savings Accounts · ES	2.05%	1.66%	-2.84%	1-month term, €10k-€100k, no conditions, Q2 2026: 2.05% TAE
BlackRock ICS Euro LiquidityMoney Market ETFs · EU	2.19%	1.65%	-2.85%	TER: 0.15%, institutional money market fund
Goldman Sachs Euro Liquid ReservesMoney Market ETFs · EU	2.19%	1.65%	-2.85%	TER: 0.15%, prime MMF, T+1 liquidity, AAA-rated
N26 Savings AccountSavings Accounts · ES	2.00%	1.62%	-2.88%	Metal plan only (€16.90/mo), instant access
N26 Metal SavingsSavings Accounts · ES	2.00%	1.62%	-2.88%	Requires Metal plan (€16.90/mo), instant access, ECB-linked
Lightyear Cash AccountSavings Accounts · ES	1.91%	1.55%	-2.95%	Estonian broker — investor protection €20k, NOT deposit guarantee; Vault holds money market funds
Revolut Savings VaultSavings Accounts · EU	1.85%	1.50%	-3.00%	Premium/Metal plans, instant access, up to €100k
Openbank Cuenta NóminaSavings Accounts · ES	1.80%	1.46%	-3.04%	Santander subsidiary, salary required, instant access
B100 Cuenta SaveSavings Accounts · ES	1.75%	1.42%	-3.08%	Instant access, up to €50k, monthly interest, neobank
Bunq EasyBank SavingsSavings Accounts · ES	1.56%	1.26%	-3.24%	Instant access, Dutch deposit guarantee, monthly interest

⚠ Disclaimer: This dashboard is for informational purposes only and does not constitute financial advice. Tax rates shown are simplified approximations. Actual tax treatment varies by individual circumstances, income brackets, and product structures. Always consult with a qualified tax advisor. Past performance does not guarantee future results. Data sources: ECB, Eurostat, bank websites.

Real Yield Dashboard

ECB Watch Tool — Live ECB Rate Probabilities

European Fixed Income Analysis — After-Tax Real Returns vs. Inflation

Browse by Country

	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
EU Average	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Spain	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Portugal	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Germany	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
France	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
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Finland	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Greece	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Lithuania	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Estonia	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Latvia	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Slovenia	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Slovakia	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs