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 you a real yield of only +0.66% — your money barely keeps pace with rising prices. 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?

As of March 2026, Spain and Portugal offer competitive real yields on savings accounts and government bonds, thanks to relatively low tax rates on interest income (19% and 28% respectively) and favorable gross yields. However, the best choice depends on your tax residence, investment amount, and liquidity needs. Our dashboard compares hundreds of products across 17 European countries, updated with live market data, so you can find the best real yield for your specific situation.

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

🏆 -0.36% — MyInvestor Super Deposit (1M Premium)📊 0 54 products beat inflation

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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Type	Institution / Product	Gross Yield	After Tax	Real Yield	Status	Details
Savings Accounts	MyInvestor Super Deposit (1M Premium) ES	4.00%	3.24%	-0.36%	Loses to Inflation	1-month term, €1k-€5k only, requires Premium Plan (€7.99/mo), 4.00% TAE
Savings Accounts	Banco BiG - Gran Depósito (1M) ES	4.00%	3.24%	-0.36%	Loses to Inflation	3.93% TIN (4.00% TAE) for 1 month, new clients, Portuguese Deposit Guarantee Fund, April 2026
Government Bonds	Bono del Estado 10Y ES	3.50%	2.83%	-0.77%	Loses to Inflation	10-year Spanish government bond, long-term benchmark
CLO ETFs	Palmer Square EUR CLO Senior (PCLD) EU	3.65%	2.75%	-0.85%	Loses to Inflation	TER: 0.25%, Passive AAA/AA EUR CLO Index, passive management
CLO ETFs	State Street Blackstone Euro AAA CLO UCITS ETF (ECLO) EU	3.60%	2.71%	-0.89%	Loses to Inflation	TER: 0.25%, actively managed AAA EUR CLOs, Blackstone Credit sub-advised
CLO ETFs	Invesco EUR AAA CLO (CLOD) EU	3.55%	2.67%	-0.93%	Loses to Inflation	TER: 0.25%, AAA-rated EUR CLOs, floating rate
CLO ETFs	Invesco EUR AAA CLO Acc (CLOA) EU	3.55%	2.67%	-0.93%	Loses to Inflation	TER: 0.25%, AAA-rated EUR CLOs, accumulating, ISIN: IE000Y2JPPS4
CLO ETFs	Janus Henderson EUR AAA CLO UCITS ETF EU	3.55%	2.67%	-0.93%	Loses to Inflation	TER: 0.25%, AAA-rated EUR CLOs, tracked via JCL0
CLO ETFs	UBS EUR AAA CLO UCITS ETF (CHSJ) EU	3.55%	2.65%	-0.95%	Loses to Inflation	TER: 0.28%, AAA EUR CLO tranches, semi-annual distribution
Savings Accounts	Banco BiG - Gran Depósito (6M) ES	3.25%	2.63%	-0.97%	Loses to Inflation	3.22% TIN (3.25% TAE) for 6 months, Portuguese Deposit Guarantee Fund, April 2026
CLO ETFs	iShares € AAA CLO Active (EUCL) EU	3.50%	2.63%	-0.97%	Loses to Inflation	TER: 0.25%, actively managed AAA CLOs
Savings Accounts	Deutsche Bank Depósito Confianza (12M) ES	3.00%	2.43%	-1.17%	Loses to Inflation	12-month term, €10k-€300k, bonuses for nómina + card
Savings Accounts	Banco BiG - Gran Depósito (3M) ES	3.00%	2.43%	-1.17%	Loses to Inflation	2.97% TIN (3.00% TAE) for 3 months, Portuguese Deposit Guarantee Fund, April 2026
Government Bonds	Bono del Estado 2Y ES	2.85%	2.31%	-1.29%	Loses to Inflation	2-year Spanish government bond, fixed rate
Savings Accounts	EBN Banco (12M with investment) ES	2.85%	2.31%	-1.29%	Loses to Inflation	12-month term, €10k min, requires investment product
Savings Accounts	Openbank Open 4M (w/ conditions) ES	2.78%	2.25%	-1.35%	Loses to Inflation	4-month term, salary €900+ required, else 1.76%
Short-Term Bond ETFs	Xtrackers II EUR Corporate Bond 0-1Y EU	2.90%	2.25%	-1.35%	Loses to Inflation	TER: 0.12%, YTM ~2.90%, eurozone corporate bonds 0-1Y
Government Bonds	Letras del Tesoro 12M ES	2.64%	2.14%	-1.46%	Loses to Inflation	Zero-coupon 12-month Spanish Treasury bill, benchmark asset
Savings Accounts	Renault Bank Tú+ (36M) ES	2.63%	2.13%	-1.47%	Loses to Inflation	36-month term, interests at maturity
Savings Accounts	Volkswagen Bank (12M) ES	2.55%	2.07%	-1.53%	Loses to Inflation	12-month term deposit via Raisin
Government Bonds	Letras del Tesoro 6M ES	2.54%	2.06%	-1.54%	Loses to Inflation	Zero-coupon 6-month Spanish Treasury bill, sold at discount
Short-Term Bond ETFs	Amundi Prime Euro Gov Bonds 0-1Y EU	2.57%	2.04%	-1.56%	Loses to Inflation	TER: 0.05%, YTM ~2.45%, ultra-short eurozone government bonds
Savings Accounts	Scalable Capital Savings ES	2.50%	2.02%	-1.58%	Loses to Inflation	Variable 2.50% for all customers since Mar 2026, no plan required
Short-Term Bond ETFs	Vanguard EUR Eurozone Gov Bond 0-1Y EU	2.57%	2.02%	-1.58%	Loses to Inflation	TER: 0.07%, ultra-low cost, passive eurozone sovereign 0-1Y
Short-Term Bond ETFs	iShares € Govt Bond 0-1yr (IEGE) EU	2.57%	2.01%	-1.59%	Loses to Inflation	TER: 0.09%, YTM ~2.45%, eurozone sovereign debt 0-1Y duration
Savings Accounts	Trading 212 Flexible Savings ES	2.40%	1.94%	-1.66%	Loses to Inflation	UK fintech, investor protection ~€20k, instant access
Savings Accounts	Banca March AVANTIO (12M) ES	2.30%	1.86%	-1.74%	Loses to Inflation	12-month term, €30k-€300k, online via AVANTIO
Savings Accounts	Bunq Easy Savings (Weekly) ES	2.26%	1.83%	-1.77%	Loses to Inflation	Weekly compound, higher balances get 2.26%, base 1.51%
Savings Accounts	Trade Republic Cash Account ES	2.25%	1.82%	-1.78%	Loses to Inflation	Instant access, pays ECB deposit rate (2.25% since Jun 2026)
Savings Accounts	MyInvestor Deposit (3M Premium) ES	2.25%	1.82%	-1.78%	Loses to Inflation	3-month term, requires Premium Plan (€7.99/mo), up to 2.25% TAE
Savings Accounts	Cetelem Depósito 24M ES	2.25%	1.82%	-1.78%	Loses to Inflation	24-month term, €1-€250k, quarterly interest, BNP Paribas group
Savings Accounts	Banco Santander 12M Term ES	2.20%	1.78%	-1.82%	Loses to Inflation	12-month term deposit, €10k minimum
Short-Term Bond ETFs	Lyxor EUR 2-10Y Inflation Expectations EU	2.45%	1.78%	-1.82%	Loses to Inflation	TER: 0.25%, inflation-linked bonds, hedges inflation risk
Savings Accounts	MyInvestor Remunerated Account (Premium) ES	2.10%	1.70%	-1.90%	Loses to Inflation	Requires Premium Plan (€7.99/mo), up to €70k, instant access
Money Market ETFs	iShares € Ultrashort Bond (ERNE) EU	2.19%	1.70%	-1.90%	Loses to Inflation	TER: 0.09%, distributing, very short duration bonds
Savings Accounts	Cetelem Depósito 12M ES	2.10%	1.70%	-1.90%	Loses to Inflation	12-month term, €1-€250k, quarterly interest, BNP Paribas group
Money Market ETFs	Xtrackers EUR Overnight Rate (XEON) EU	2.19%	1.69%	-1.91%	Loses to Inflation	TER: 0.10%, tracks €STR, accumulating, liquid daily
Money Market ETFs	Amundi Smart Overnight Return (CSH2) EU	2.19%	1.69%	-1.91%	Loses to Inflation	TER: 0.10%, accumulating, liquid daily
Money Market ETFs	Amundi Prime Euro Liquidity EU	2.19%	1.69%	-1.91%	Loses to Inflation	TER: 0.10%, distributing, T+1 liquidity
Money Market ETFs	HSBC GIF Euro Liquidity EU	2.19%	1.69%	-1.91%	Loses to Inflation	TER: 0.10%, AAA-rated MMF, institutional quality
Money Market ETFs	JPMorgan Euro Liquidity Fund EU	2.19%	1.68%	-1.92%	Loses to Inflation	TER: 0.11%, government MMF, daily liquidity
Money Market ETFs	Invesco Euro Liquidity EU	2.19%	1.68%	-1.92%	Loses to Inflation	TER: 0.12%, accumulating, daily liquidity
Mutual Funds	Amundi Euro Liquidity ES	2.19%	1.68%	-1.92%	Loses to Inflation	TER: 0.12%, T+1 liquidity
Mutual Funds	HSBC Euro Liquidity Fund EU	2.19%	1.67%	-1.93%	Loses to Inflation	TER: 0.13%, T+1 liquidity, institutional
Savings Accounts	MyInvestor Super Deposit (1M) ES	2.05%	1.66%	-1.94%	Loses to Inflation	1-month term, €10k-€100k, no conditions, Q2 2026: 2.05% TAE
Money Market ETFs	BlackRock ICS Euro Liquidity EU	2.19%	1.65%	-1.95%	Loses to Inflation	TER: 0.15%, institutional money market fund
Money Market ETFs	Goldman Sachs Euro Liquid Reserves EU	2.19%	1.65%	-1.95%	Loses to Inflation	TER: 0.15%, prime MMF, T+1 liquidity, AAA-rated
Savings Accounts	N26 Savings Account ES	2.00%	1.62%	-1.98%	Loses to Inflation	Metal plan only (€16.90/mo), instant access
Savings Accounts	N26 Metal Savings ES	2.00%	1.62%	-1.98%	Loses to Inflation	Requires Metal plan (€16.90/mo), instant access, ECB-linked
Savings Accounts	Lightyear Cash Account ES	1.91%	1.55%	-2.05%	Loses to Inflation	Estonian broker, monthly interest, no limit
Savings Accounts	Revolut Savings Vault EU	1.85%	1.50%	-2.10%	Loses to Inflation	Premium/Metal plans, instant access, up to €100k
Savings Accounts	Openbank Cuenta Nómina ES	1.80%	1.46%	-2.14%	Loses to Inflation	Santander subsidiary, salary required, instant access
Savings Accounts	B100 Cuenta Save ES	1.75%	1.42%	-2.18%	Loses to Inflation	Instant access, up to €50k, monthly interest, neobank
Savings Accounts	Bunq EasyBank Savings ES	1.56%	1.26%	-2.34%	Loses to Inflation	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
Italy	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Netherlands	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Belgium	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Austria	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
Ireland	Savings Accounts	Money Market ETFs	Mutual Funds	Government Bonds	Short-Term Bond ETFs	CLO ETFs
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