The financial platform that combines a high-yield savings account and a broker. It offers accessible investing with low fees and a wide range of products for all profiles, along with a debit/credit card and mortgage options.
Today we are analyzing MyInvestor, a Spanish digital bank. Its main appeal lies in the simplicity of having both a savings account and a broker that deposits shares in Spain. This simplifies paperwork (avoiding Form 720) and tax issues with the Treasury, as it handles tax withholding at the source and reports movements directly to your tax draft.
💶 MyInvestor Fee Structure
It has simple and clear operating costs:
- No maintenance, custody, or inactivity fees.
- 0.12% commission for buying and selling stocks and ETFs (minimum €2, maximum €25 per trade).
- 0.3% currency exchange fee. When buying, selling, or receiving [dividends](/en/blog), a small spread is applied so your cash remains in Euros.
- Investment funds: No commissions (only those of the fund itself).
- Indexed portfolios: 0.15% fee.
Overall, it is quite competitive among local options while allowing you to benefit from a high-yield account simultaneously.
🔒 Broker Security
Regarding security, MyInvestor is a bank regulated and supervised by the Bank of Spain and the CNMV. It is a member of the Deposit Guarantee Fund (FGD) and the Investment Guarantee Fund (FOGAIN), meaning that in case of insolvency, up to €100,000 per holder is covered.
Note: Investing in stocks always carries inherent market risks. Investment value can fluctuate, and investors may not recover the total amount invested.
✅ Main Advantages
The main strengths of this broker are:
✅ Competitive local fees: For a local broker, margins are tight, though the €2 minimum requires larger purchase amounts.
✅ Tax and administrative simplicity: By depositing in Spain, there are no concerns with Form 720. Additionally, it handles tax withholdings, so your activity is automatically updated in your tax return.
✅ Simple interface and experience: They have a beta version aimed at improving the experience, though real-time data is less critical for long-term users.
✅ Remunerated (Savings) Account: To complement the return on uninvested cash.
✅ Investment Credit: You can increase leverage using your investments as collateral.
✅ Extra services: If you exceed €30,000, you get specialized legal advice and a premium subscription to Expansión and Orbyt.
⚠️ Points to Improve
For demanding investors, some features may be missing:
❌ Cheaper alternatives: Lower fees exist in other brokers, though they usually don't offer Spanish deposit advantages.
❌ 30% withholding on REITs: Currently, the W-8BEN form is not sufficient for these types of companies.
❌ Visual Reports and Dashboard: Improvements are being made, but tracking dividends in detail is harder than with competitors.
❌ Fractional shares: Along with the €2 minimum fee, this is a barrier for investors with trades under €200.
❌ AutoInvest: Simple automation and rebalancing methods (like M1 Finance or Trading212) would be a great "nice to have."
❌ Social participation: Lacks integration similar to brokers like Public, Trading212, or eToro.
❌ Interest rate: The savings account is at 0.30% (except for the first year or if specific investment conditions are met, which raises it to 2%).
❌ Double Taxation: An inherent disadvantage of local brokers is double taxation. You will have withholding at the source (e.g., USA 15%) and at the destination (Spain 19%). While it simplifies paperwork, it ties up more money until your next tax return.
My Experience with MyInvestor
My general experience is positive. I have tested the beta interface and keep some funds there. At one point, I had enough to use the Expansión subscription, which is quite interesting.
However, while I consider it an excellent option for Buy & Hold of indexed funds (zero cost), other features haven't convinced me enough to move the bulk of my [portfolio](/en/dashboard) there yet.
Start Investing
I recommend trying it for yourself to see if it fits your investment strategy. If you find it interesting, you can register to earn your first €20.