MyInvestor review Spain 2026: broker, index funds and full analysis
//11 min read
MyInvestor packs a bank, a broker and a fund supermarket into a single Spanish app: an interest-bearing account, index funds with no added fees and a stock broker that keeps custody in Spain. In 2026 it has become the home base of passive investing in Spain — and it is still not the right broker for everything. Here is where it shines and where it does not.
MyInvestor is a Spanish digital bank (backed by Andbank) whose strongest selling point is the combination: interest-bearing account + index funds with zero added fees + a broker with custody in Spain. Three things that usually require three different providers.
For anyone resident in Spain that means something very concrete: no Modelo 720 or D-6 filings, Spanish withholding applied at source, and your activity pre-filled in your annual tax draft. The same tax convenience as HeyTrade, with a much broader product range.
In this review I look at it from the perspective of a long-term, dividend-focused investor living in Spain, with a real account (I have even tested the beta of their new interface). This is not financial or tax advice; it is a practical guide.
Quick verdict: who MyInvestor is for
Investor profile
Fit
Why
Buy & hold index fund investor
Very high
Clean share classes with no custody or subscription fees
MyInvestor is a bank — not just a broker — regulated and supervised by the Bank of Spain and the CNMV. That activates a double guarantee:
Deposit Guarantee Fund (FGD): up to €100,000 per holder for cash.
FOGAIN: up to €100,000 per holder for securities, in case the entity becomes insolvent.
Behind it stands the Andbank group, with decades of private banking history. If you are coming from foreign brokers with €20,000 protection schemes, the jump in coverage is significant. As always: no guarantee covers market losses, only the failure of the intermediary.
On buys, sells and dividend collections in foreign currency
Investment and index funds
€0 added
Only the fund's own TER
Automated portfolios (robo-advisor)
~0.15% management
Plus the cost of the underlying funds
Premium plan (optional)
€7.99/month
2.5% AER on cash, USD account, lower fees
Quick read: for funds, unbeatable in Spain — clean classes with no custody, subscription or transfer fees. For stocks, fine for mid-sized orders (the €25 cap protects large buys), but the €3 minimum punishes small contributions: a €300 purchase pays an effective 1% (ETFs carry a €1 minimum, €0 with the Premium plan). Check current pricing on their site before opening an account.
The crown jewel: index funds without tolls
If your strategy is passive indexing, this section is the whole story. MyInvestor offers the big index providers (Vanguard, iShares, Fidelity and more) in clean share classes, with no custody fee, no subscription fee, and fund-to-fund transfers at zero cost and zero tax impact — the big advantage of Spanish funds over ETFs: transfers defer taxation.
On top of that come the automated portfolios (robo-advisor) for anyone who prefers not to pick funds, and the interest-bearing account for cash in transit: a promotional 2.5% AER on new money until 31/12/2026; the base rate is 1% AER the first year (0.30% afterwards) unless you qualify via commitments or the Premium plan.
The combo "salary account + interest on cash + monthly index fund contribution + tax-free transfers" explains why MyInvestor has become the default choice of Spain's passive-investing community.
Automated portfolios and pension plans
The automated portfolios work as a robo-advisor: you answer a risk questionnaire, get a matching portfolio of index funds, and the platform handles automatic rebalancing and invests your recurring contributions. Management fee around 0.15% — among the lowest in Spain — on top of the underlying funds.
The long-term cherry on top: indexed pension plans with the same lean costs, letting you use the tax deduction on contributions (within the current annual limits). Few places let you keep an emergency fund earning interest, an indexed portfolio, a pension plan and a stock broker under one Spanish regulatory roof.
There is also investment credit using your portfolio as collateral (leverage I would not recommend to most people, but it exists) and even mortgages — a reminder that MyInvestor is, above all, a bank.
The Premium plan: 2.5% on cash and a USD account
Since 2026 MyInvestor offers a Premium plan at €7.99/month, with no lock-in. What it adds for investors:
2.5% AER on cash (up to €70,000) in the account you link to the plan.
A USD account paying 2.5% AER: invest and collect dividends in dollars without touching currency exchange, neutralising the 0.30% FX toll on international income.
ETFs with no per-order minimum and currency exchange cut to 0.25%.
Extras: Premium deposits (promotional 3% AER at 3 months), 0.5% card cashback invested into your automated portfolio, a free Expansión subscription and priority support.
Worth it? Roughly €96 a year. With a few thousand euros of idle cash, the improved rate over the base one already covers it; and if you collect dollar dividends regularly, the USD account removes the broker's biggest friction. For small accounts with no USD activity, the free tier is still enough.
The fine print
Double withholding on foreign dividends: like every broker with Spanish custody, a US dividend suffers the 15% withholding at source plus the Spanish 19% at destination. The excess comes back through your tax return via the double taxation credit — months later. Full details in our dividend tax guide.
US REITs: 30% withholding. In my experience the W-8BEN is not enough for this type of company at MyInvestor — very relevant if your income portfolio includes REITs.
No fractional shares and a €3 minimum per stock order (€1 for ETFs, €0 with Premium): small recurring stock purchases are not its thing (funds, on the other hand, accept very small amounts).
Dividend reporting could be better: tracking your payments in detail is clunkier than at specialist brokers, though it keeps improving.
The remunerated account has conditions: the 2.5% AER is a new-money promotion (until 31/12/2026) or requires the Premium plan; otherwise the rate drops to 0.30% AER from the second year. Read the current terms.
MyInvestor for dividend investors
Index and distribution funds: excellent. Minimal costs and comfortable taxation.
Spanish dividend stocks: very reasonable — single 19% withholding, everything pre-filled, contained fees on mid-sized buys.
International dividend stocks: this is where it loses. A 0.30% FX charge on every buy and every payment, double withholding with delayed recovery, and the 30% REIT case. The Premium USD account removes the FX toll on dollar payments, though not the double withholding. For an international income portfolio, compare with Trade Republic or Interactive Brokers on our broker comparison.
A natural split: index funds and Spanish stocks at MyInvestor; international dividends at a foreign specialist. That is exactly the allocation we see most often among readers.
MyInvestor vs the alternatives
MyInvestor
HeyTrade
Trade Republic
Structure
Spanish bank (Andbank)
Agent of Beka Finance
German broker
Guarantee
FGD + FOGAIN (€100,000 each)
FOGAIN €100,000
German scheme
Index funds
Yes, clean classes at €0
No
No (ETFs only)
Stocks
0.12% min. €3
US €0; EU 0.1% min. €2
€1 per order
Modelo 720 / D-6
Not applicable
Not applicable
Your responsibility above thresholds
Automation
Robo portfolios
Basic
Investment plans
Foreign dividends
Double withholding (+30% REITs)
Double withholding
Withholding at source
My real experience with MyInvestor
My overall experience is positive: I have tested the beta of their new interface, I keep money on the platform, and at one point I enjoyed extras like the Expansión subscription (now bundled with the Premium plan) — a quirky perk I appreciated more than expected.
My personal conclusion has not changed: it is an excellent option for buy & hold index investing — probably the best in Spain on costs — but the rest of the feature set does not convince me enough to concentrate the bulk of my dividend portfolio there. I use it for what it does better than anyone, and manage international dividends elsewhere.
How to open an account
Fully online sign-up with your ID in a few minutes. No salary deposit required and no lock-ins for basic use. You can start with just the interest-bearing account and switch on the broker or the portfolios whenever you want:
Yes: it is a Spanish bank supervised by the Bank of Spain and the CNMV, member of the FGD (deposits) and FOGAIN (investments), each covering up to €100,000 per holder. The Andbank group stands behind it.
What does MyInvestor charge for stocks?
0.12% per trade with a €3 minimum for stocks (€1 for ETFs) and €25 maximum, plus 0.30% currency exchange (0.25% with Premium) when you buy, sell or collect dividends in a foreign currency. No custody or maintenance fees.
Are MyInvestor's index funds really free?
MyInvestor adds no fees (no custody, subscription or transfer): you only pay the fund's own TER, which is very low for index funds. The automated portfolios do carry an extra management fee (~0.15%).
What is the MyInvestor Premium plan?
An optional €7.99/month subscription with no lock-in: it pays 2.5% AER on the linked account (up to €70,000), adds a USD account at 2.5% to invest and collect dollar dividends without currency exchange, removes the ETF per-order minimum, cuts FX to 0.25% and includes extras like exclusive deposits, 0.5% cashback and a free Expansión subscription.
Do I need to file Modelo 720 with MyInvestor?
No. With custody in Spain, the foreign-asset reporting obligations do not apply and your activity shows up automatically in your pre-filled tax draft.
How are dividends taxed at MyInvestor?
Spanish dividends get the standard 19% withholding. Foreign ones also suffer withholding at source (15% in the US with a W-8BEN — note: ~30% for REITs), recoverable when you file your return. Full guide in our dividend tax section.
Does MyInvestor charge for withdrawals or inactivity?
No: transfers to your regular bank are free and there are no inactivity or maintenance fees. You can keep the account open just for the cash interest or the funds at no cost.
Can I transfer funds from another Spanish bank?
Yes — fund transfers between Spanish entities cost nothing and have no tax impact, and it is the most common move among people fleeing traditional banking fees.
MyInvestor has pulled off something rare: being both the cheap place to index and a full bank with Spanish guarantees. As an international stock broker it carries costs and friction that specialists avoid; as the home base for passive investing and Spanish stocks, it is hard to beat. Decide which role you want it to play — in many portfolios the right split is "MyInvestor for funds, a specialist for global dividends".
This article is educational content, not financial or tax advice. Fees and rates change: always check current conditions on the official website. The sign-up link is an affiliate link: it helps us keep the site free for you (transparency).
