Those who are thinking about changing banks or opening an account in a new financial institution can consider the possibility of choosing one or the other. depending on the promotions they have active for new customers, since the banks’ war to capture the attention of new users is at its peak, with gifts of up to 400 euros that can be obtained with simple requirements and conditions.
In fact, this Monday the BBVA campaign ended, which directly gave away a total of 400 gross euros to new customers who open a payroll account and direct debit their incomeboth payroll and pension, in Spain. The only conditions were a stay of 12 months (one year) and that the payroll or domiciliated pension was at least 800 euros.
In this way, BBVA, in the midst of the fight for the acquisition of Sabadell, has not been left behind in the fierce competition of the banking sector to capture payrollsas pointed out by the experts of HelpMyCashwho have commented on the greater importance of banks in Spain in capturing the attention of new clients, which is why they give the best offers both in remuneration of savings and in cash for direct debiting the payroll to these users.
“In this scenario, our recommendation is that clients follow the banks’ own rules of the game and lose the fear of changing entities to take advantage of all the advantages offered by the new promotions, with substantial gifts,” explains Olivia Feldman, partner and co-founder of the financial comparator HelpMyCash.
It can be an opportunity to obtain a tangible, easy and risk-free benefit
For the bank, these promotions are a claim with which it seeks to expand its customer base, but for users it can be an opportunity to obtain a tangible, easy and risk-free benefit. To put this in perspective, the client would have to invest at least 20,000 euros in a remunerated account with an interest of 2% APR to obtain a similar benefit, which is complicated, since, according to the Financial Survey of Families of the Bank of Spain , Half of households have 8,000 euros or less in their bank account.
Interest-bearing accounts and cash
Thus, when the European Central Bank (ECB) began to raise interest rates, banks rescued interest-bearing accounts to attract clients and balances, but with recent cuts, interest-bearing accounts are no longer the main resource and Banks have recovered an old strategy: giving away cash in exchange for payroll, pensions or periodic income. The difference is that, in the past, banks’ offers were less accessible, while now they are available for payrolls from 700-800 euros, opening the door to a greater number of potential clients. “In addition, shorter retention periods are being introduced, such as the ING offer, which barely requires 3 months, and without additional requirements that complicate the process, such as having to make a certain expense on credit cards,” the experts add. .
In the current panorama, practically all operating banks in Spain have a similar offer: a cash gift in exchange for direct deposit of the payroll. The offers vary, ranging between 200 and 400 euros. But why opt for cash prizes instead of in-kind gifts like in the past? “A cash prize appeals to the emotions of the banking customer, it is, therefore, a very powerful marketing strategy, since the customer obtains an immediate reward, unlike the six or twelve month wait associated with deposits or paid accounts, which is much more motivating than, for example, an electronic device, and what is more important, it links a customer who can purchase other more profitable products in the long run,” says Feldman.
Experts recommend taking advantage of these offers
From HelpMyCash They recommend not passing up this opportunity as long as the offer is interesting. “With so many options on the table, obtaining an ‘extra’ without effort is possible. It makes no sense to be loyal to a bank that offers nothing in return, but as long as it does not require an excessively long period of stay or make purchases with the credit card for a certain amount and, more importantly, that does not charge any commission or maintenance nor account management,” emphasizes Feldman. In addition, if you do not have a payroll, some offers, such as BBVA or ING, allow you to make periodic transfers.
As if that were not enough, Changing banks is easier than ever. Thanks to banking applications, opening a payroll account can be done from the comfort of your living room, in just a few minutes and with a 100% digital process. Even banks facilitate the exchange, since they have a service that moves receipts for the client.
“It is an opportunity to take control of your finances and benefit from offers that, in essence, give away money. In this context, a change of bank could mean joining the new era of banking, where every customer can become a real winner and in which it allows the banking client to organize their finances and savings based on their interests and not on what the bank requires,” adds Feldman.
And the client can take advantage of this opportunity and direct deposit the payroll in a bank requiring a short stay period, to, once fulfilled, opt for another offer. “There is nothing that says that the user cannot take advantage of the war that the banks have over payrolls,” highlights the expert.
Bank promotions to new customers
Banks’ offers to new customers are constantly changing. Currently, you can find promotions such as INGthat by opening a Payroll Account and a free Orange Savings Account, the new client can get 200 euros, directing monthly income of at least 200 euros for three months into the new Payroll Account.
In the case of BBVAalthough the promotion of 400 euros as a gift to new customers has now ended, they have other offers active, such as the one that gives customers back up to 60 euros gross per month for a year if they bring with them at least one electricity, gas or telephone bill. /internet and on this occasion, without the need to direct debit your payroll. In total, the bank will be able to return up to 720 gross euros in twelve months to all those who open an online account and meet the conditions of the promotion.
The bank has one of the most aggressive offers right now Sabadellsince it offers a profitability of 2.5% APR with a maximum of 50,000 euros to those who open an Online Account, in addition to a 300-euro gift for those who direct their payroll and have Bizum, two conditions that must be maintained during, at at least one year.
At the Bank Santanderthe offer for new clients who open the Online Account is up to 400 euros for maintaining the payroll and direct debiting two monthly receipts. You must sign up for the offer before March 31, 2025. If the payroll or pension is more than 600 euros and two receipts, the bonus is 300 euros, while if these incomes are at least 2,500 euros, it will be 400 euros.
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