Compare Savings Accounts in Bulgaria

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What is a savings account in Bulgaria?

A savings account (спестовна сметка) lets you set money aside while keeping access to it, earning interest without locking the funds away as a fixed deposit does. In Bulgaria these accounts suit an emergency fund or short-term goal where you want flexibility. Interest is typically lower than on a term deposit in exchange for that access. Accounts are held in lev or euro, and many banks pair them with a linked current account for easy transfers.

How the Bulgarian market works

Savings accounts are offered by banks supervised by the Bulgarian National Bank. Rates have historically been low, tracking euro-area conditions under the currency board peg of 1.95583 to the euro, with euro adoption planned. Banks compete on interest, minimum balances and access terms, and increasingly on digital account opening. Some accounts pay tiered rates based on balance, or bonus rates for customers who also hold a salary or current account.

Benefits

Access to funds — withdraw when you need to, unlike a locked fixed deposit.

Interest on balance — earn a return on money you would otherwise leave in a current account.

Deposit guarantee — balances are protected up to 196,000 BGN / €100,000 per depositor per bank.

Goal saving — a separate account helps ring-fence money for a specific purpose.

How to choose

Compare the interest rate and how it is calculated — some accounts pay tiered or bonus rates conditional on balance or holding a linked account. Check any minimum balance, limits on free withdrawals, and whether the rate is promotional and drops after an introductory period. Consider whether you want lev or euro given planned euro adoption, and whether the account can be opened and managed fully online.

Leading providers in Bulgaria

UniCredit Bulbank and DSK Bank (OTP), the two largest banks, offer savings accounts alongside their current accounts. Central Cooperative Bank, Allianz Bank Bulgaria, Municipal Bank, Postbank (Eurobank) and First Investment Bank (Fibank) also provide savings products with varying rates and access terms. All are BNB-supervised and covered by the national deposit guarantee, and most support online opening and management.

What it costs

Savings accounts are usually free to open and maintain, with no monthly fee in most cases. The trade-off is a lower interest rate than a fixed deposit, and some accounts limit the number of free withdrawals or require a minimum balance to earn the headline rate. Interest income for individuals may be subject to withholding tax, so the net return can be lower than the advertised rate.

Protections and regulation

Banks offering savings accounts are supervised by the Bulgarian National Bank, and eligible balances are covered by the Bulgarian Deposit Insurance Fund up to 196,000 BGN / €100,000 per depositor per bank. Because cover is per bank, spreading large balances across institutions keeps more within the protected limit. Terms on rates, minimum balances and withdrawals must be disclosed before you open the account.

Common questions

Savings account or fixed deposit? A savings account keeps your money accessible at a lower rate; a fixed deposit pays more but locks the funds.

Is the balance guaranteed? Yes, eligible balances are protected up to 196,000 BGN / €100,000 per depositor per bank.

Is interest taxed? Interest for individuals may be subject to withholding tax, reducing the net return.

Savings Accounts in Bulgaria — FAQ