The bank accounts They still do not present very striking news. The changes are rather timid, but they make it possible to achieve some return without risk and even reduce – at least by half – the blow of inflation and the loss of purchasing power.
The Bankinter Payroll Account, one of the oldest in the Spanish market, continues to be the most profitable. It maintains the remuneration of up to 5% APR during the first year and up to 2% APR during the second up to a maximum of 5,000 euros. In those 24 months, the client would achieve 342 euros. To do this, you must domicile the payroll of at least 800 euros per month, three receipts and make card payments. It has no maintenance fees. The bank does not foresee any change in its flagship product, although it will be attentive to the competition and “if it is necessary to complement it with some other innovative product, we will do so”, he indicates.
Sabadell has eliminated the Expansión Plus Account, which rented up to 3% APR up to 10,000 euros. It has reordered its accounts and promoted the online option. To new users who open the Sabadell Online Account offers them 1% APR for the first 12 months until July 31. The maximum average remunerated balance is 30,000 euros. In case of maintaining it, the client will obtain 300 euros in a year. This digital product is free and exempt from binding. The entity hopes that 20% of new registrations in 2022 come from the digital route and that in 2023 they already represent 50%.
Sabadell gives 1% APR for the first year to new users of the online account
In Banco Mediolanum, the Evolution Account rent up to 1.41% APR for a maximum of 10,000 euros, and returns 1% of receipts. It is necessary to have 25,000 euros in products managed by the entity and to be part of the Mediolanum program tailored to you. It also highlights the Welcome Savings Account with Openbank Payrollwith 2.58% APR the first year up to 5,000 euros for only carrying a payroll of 800 euros per month.
The neobanks pay with lower rates, but with hardly any requirements for permanence or hiring. MyInvestor has improved its account by raising the maximum remunerated limit of 1% APR from 15,000 to 20,000 euros. In addition, it maintains the interest after the first year if the clients invest a minimum of 300 euros in the entity’s products. If not, the rate is 0.10%. It has no condition.
“We do not believe that the profitability of the accounts will improve significantly in the coming months despite the fact that the increase in the deposit facility will give banks a break, which will no longer have to pay for having liquidity in the ECB. The trillion euros in accounts and deposits have been remunerated at 0% for years and we hope that this will continue, with few exceptions. Entities that need a balance to lend or that use accounts as a strategy to attract customers could be more aggressive, ”says Javier Sánchez, head of accounts and mortgages at MyInvestor.
Orange Bank It has also raised the remunerated limit of its Savings Account to 0.5% APR, to 100,000 euros from 40,000. Y Renault Bank the return has risen slightly to 0.55% APR with no balance limit. pibank gives 0.30% APR in your Salary Account for direct debiting at least 1,000 euros per month and 0.20% APR in your Remunerated Account. Bank Norwegian has a savings account at 0.25% APR.
The CEO of ING Spain and Portugal, Ignacio Juliá, has been open to the entity reconsidering returning to remunerate the money that its clients keep in the Orange Account, once the most outstanding product of the orange bank, after the rises in interest rates. Currently, the APR that he offers is almost zero, 0.01%.
For Víctor Royo, head of commercial strategy at Ibercaja, “it is foreseeable that gradually, in the coming months or in the medium term, there may be a rise in interest.” Even with everything, in his opinion, there will not be a “great transformation of the offer of accounts and deposits, although there will be movements in the sector in certain strategies for attracting customers or as complementary measures to manage savings globally in the most profitable customers who demand this type of product”.
Some accounts do not offer interest, but they do cash for direct depositing the salary, such as the Abanca Clara Account, which gives up to 300 euros for direct depositing a salary of at least 1,200 euros per month and maintaining it for two years. If the income is lower, the gift reaches 150 euros. Santander has extended until September 30 the bonus of 100 euros gross for carrying the payroll for an amount of at least 600 euros per month. BBVA has the Va Contigo Payroll Account for young people between the ages of 18 and 29, which allows them to take 150 euros for direct debiting a minimum income of 800 euros per month. And Unicaja has extended until the end of the year the promotional campaign by which it rewards with 150 euros the direct debit of the salary for a monthly net amount equal to or greater than 600 euros.
Banks usually offer this type of product to attract new customers, “but you have to be attentive to the links, the possible commissions and the maximum limits on which interest is applied. And some also have a minimum amount established to be able to open them”, they explain from HelpMyCash.
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