The major Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) is shaking up the German banking market! With a brand new offer that was launched on June 26, 2025, the bank is enticing new customers with an attractive offer: 3% interest p.a. on current account balances and 3% cashback on purchases with the BBVA debit card – both for the first twelve months. Plus a fee-free account with no minimum deposit or hidden costs. Let’s take a look at the offer.
The BBVA offer includes a fully-fledged current account that requires no conditions such as a minimum deposit or salary and will remain free of charge beyond the first year. All balances up to a total of 500,000 euros earn an attractive interest rate of 3% p.a. in the first twelve months, without the need for a separate call money account as is the case with many other banks. This is significantly higher than the offers of many direct banks and fintechs, as our call money calculator shows.
In comparison: Many German banks such as ING* or DKB* only offer 0.75 to 1.0 % p.a. or no interest at all on their savings accounts. Even top offers such as comdirect* only offer new customers around 2.75%.
3 % interest and 3 % cashback
At BBVA, interest is calculated daily and credited monthly. This makes a small compound interest effect possible. After the first year, however, the interest rate falls to 25% of the ECB deposit facility rate, which is currently only 0.5% p.a.. This is significantly less attractive. If you want to benefit to the maximum, you should use the offer strategically and check whether it makes sense to switch to another call money provider after the promotional period has expired.
However, you should bear in mind that only the Spanish deposit guarantee applies. Deposits are protected up to 100,000 euros by the Spanish Fondo de Garantía de Depósitos. At only 8.27 billion euros, this has a low coverage ratio compared to the 924 billion euros in Spanish deposits. In the event of a banking crisis, the fund could be overwhelmed to compensate for any defaults. Should the Spanish state be obliged to intervene, its credit rating (Moody’s: Baa1, S&P: A) is also worse than Germany’s (AAA), which represents an additional risk.
The account includes a physical and virtual debit card from Mastercard. The physical version does not have a card number printed on it, which increases security in everyday life. The data is only made available in the app or via the bank’s web interface. There is also a dynamic CVV code that changes every ten minutes to further reduce the risk of data misuse. The card can also be blocked at any time with just one click.
In the first year, there is a 3% cashback on all purchases. This means that for every euro you spend using the card, you will receive 3 cents back – up to a monthly purchase value of 250 euros and therefore a maximum of 7.50 euros per month. If you take full advantage of the offer, you can earn an additional 90 euros per year. For all other purchases above this threshold, simply use another cashback card, such as the one from Crypto.com.
The cashback is transferred directly to your current account every month and applies to both online and offline purchases in supermarkets or online shopping. Payments to financial institutions, cryptocurrencies, gambling, debt collection agencies or cash withdrawals are excluded. In the BBVA app or in online banking, you can see exactly which transactions have generated cashback.
Modern banking
Otherwise, the BBVA current account offers modern, digital banking. This includes real-time transfers, contactless payments, Pay&Plan for installment payments, a savings box with automatic savings rules and even an overdraft facility (9.95% p.a.) for which, however, a SCHUFA check is carried out. Cash withdrawals are free of charge four times a month from 150 euros at Mastercard ATMs within the EU; in Spain, the minimum amount is waived at all BBVA ATMs. Later in the year, it will be possible to make deposits via retail partners for a fee of 1.4%. It will also be possible to top up the current account by credit card. There is 24/7 customer service in German by phone or chat.
Conclusion: The BBVA current account offer is a real highlight for anyone who wants to benefit to the maximum in the first twelve months. 3 % interest on up to 500,000 euros and 3 % cashback (up to 90 euros per year) are unbeatable, especially as no conditions such as receipt of salary are required. The modern app, innovative security features and 24/7 support round off the package.
Anyone who wants to try out the BBVA account and uses the referral code “77560315044641” will receive an additional 20 euros credited within 90 days of their first Mastercard purchase!
