Compare Savings Accounts in Luxembourg
Live offers across tracked providers in Luxembourg — updated daily from the Giraffy database.
Live offers
- Raiffeisen Lux Épargne
- BGL BNP Paribas Épargne
- ING Luxembourg Compte Épargne
- POST Livret E
- Spuerkeess Livret B
What are Savings Accounts in Luxembourg?
A savings account in Luxembourg is a deposit account that pays interest while keeping your money accessible, used by residents and cross-border workers to build a cushion separate from a current account. In a country with high living costs and a strong saving culture, these accounts sit alongside regulated tax-advantaged products and are a first step before longer-term investing. Balances are held in euro and interest is typically credited monthly, quarterly or annually.
How the Luxembourg market works
Rates in Luxembourg track the European Central Bank's policy stance, so returns rose sharply during the 2023-24 tightening cycle and vary as policy shifts. Domestic banks such as Spuerkeess (BCEE), BGL BNP Paribas, ING Luxembourg, Raiffeisen and POST Finance offer instant-access and notice savings, while pan-European app banks like Trade Republic and bunq compete on headline rates. Some banks offer regulated youth or housing-savings schemes. Interest is paid gross, and residents declare it in their tax return.
Benefits
Liquidity — Instant-access accounts let you withdraw when needed, ideal for an emergency fund.
Capital safety — Deposits are protected and, unlike investments, the balance does not fall in value.
Competitive rates — App-first banks have pushed rates higher, rewarding savers who shop around.
Automation — Standing orders and round-ups make regular saving effortless.
How to choose
Compare the interest rate but read the conditions: some headline rates are promotional, capped to a balance ceiling, or require the account to be a new relationship. Decide whether you need instant access or can accept notice for a higher return. Check how interest is calculated and paid, whether there are balance tiers, and whether the provider is covered by Luxembourg or another EU deposit guarantee. For cross-border workers, confirm the account accepts your residence status.
Leading providers in Luxembourg
Spuerkeess (BCEE), BGL BNP Paribas, ING Luxembourg and Raiffeisen are the core domestic options, with POST Luxembourg offering savings through its financial arm. Trade Republic and bunq have become popular for higher variable rates delivered through an app. Traditional banks pair savings with branch access and bundled current accounts, while the challengers focus on rate and simplicity.
What it costs
Savings accounts are generally free to hold, and the relevant figure is the interest you earn rather than a fee. Advertised rates in the market span roughly 0.4% up to around 4.33% depending on the provider, whether the rate is promotional, and prevailing ECB conditions. Watch for balance caps above which the top rate no longer applies, and for introductory rates that step down after a few months.
Protections and regulation
Banks are authorised and supervised by the CSSF. Eligible deposits are guaranteed by the Fonds de Garantie des Dépôts Luxembourg (FGDL) up to €100,000 per depositor, per bank. Pan-European banks passporting into Luxembourg are covered by their home-country scheme (for example the German guarantee for a Berlin-based app bank) up to the equivalent €100,000, so check which scheme applies before concentrating large balances.
Common questions
Is savings interest taxed in Luxembourg? Interest is generally taxable and residents declare it; a domestic withholding regime applies to certain resident interest, so check your situation.
Can frontalier workers open a Luxembourg savings account? Many banks accept cross-border clients, though some products or promotional rates are limited to residents.
Are app-bank rates safe? The rate itself is not guaranteed and can change, but eligible deposits are protected up to €100,000 by the applicable EU scheme.
Instant access or notice? Instant-access accounts allow withdrawals at any time, while notice or regulated schemes may pay more in exchange for restrictions, so match the account to when you will need the money.
How often is interest paid? Depending on the provider, interest is credited monthly, quarterly or annually, and the compounding frequency affects the effective return over a year.
Savings Accounts in Luxembourg — FAQ
What is the highest savings rate in Luxembourg right now?
Giraffy tracks 5 savings accounts across Raiffeisen Luxembourg,BGL BNP Paribas Luxembourg,ING Luxembourg,POST Luxembourg,Spuerkeess BCEE providers in Luxembourg. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.
Is my money safe in a savings account?
Yes — AGDL protects up to €100,000 per person, per bank. Always confirm your institution is CSSF-regulated before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.
What does p.a. mean on a savings account?
p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.
What is the difference between easy access and fixed-rate savings?
Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.
Do I pay tax on savings interest?
Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.
Can I open multiple savings accounts at different banks?
Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (€100,000 under the AGDL per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.
How quickly can I access my money in an easy access savings account?
Most easy access accounts transfer funds to a linked current account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.