Receiving a notification from the bank that maintenance fees have been applied to the account may not be surprising. It is part of the banks’ strategies to reduce their operating expenses, especially among less loyal customers. However, there are alternatives that allow you to avoid these fees by meeting certain additional requirements or by opting for fee-free accounts that offer attractive benefits.
Before we dive into the solutions, it’s important to understand what kind of fees apply to bank accounts. On average, banks can charge around 0.65 euros for each administration operation, such as card payments or cash withdrawals. In addition, transfers may incur a 4% charge (with a minimum of 6 euros). On the other hand, the use of credit and debit cards may imply an annual cost that ranges between 36 euros and 43 euros. Added together, these operating and maintenance costs can reach up to 240 euros per year.
The first step to avoiding maintenance fees is to select a bank account that does not apply them. According to the experts from the financial comparator HelpMyCash, in the current Spanish market there are accounts that offer attractive benefits and do not require direct debit of salary, which provides the opportunity to save considerably.
Sabadell online account: Offers a return of 2.5% APR for one year for the first 30,000 euros. No commissions or conditions, only offered to new customers. A free debit card is delivered, transfers are free and Bizum can be used. If the pension or payroll is domiciled, you can receive a gift of 200 euros.
ING No Account Account: No commissions or need to link payroll or receipts, a debit card is delivered upon opening. Of course, your debit card is virtual, so it has to be associated with Google Pay or Apple Pay; and you can only withdraw money for free from ATMs in the ING network. “If you open the ING NoCuenta Account before July 3, you can also contract a 3-month deposit at 2.50% APR to grow your savings,” they report from HelpMyCash.
Santander Online Account: Only for new clients, it is free whether or not they have direct debit payments, and without the need to associate the payment of bills. It is offered with a debit card and you can make free transfers. If the salary is domiciled, a gift of 150 euros is received, and if it exceeds 2,500 euros, the prize rises to 350 euros gross; but under the commitment of two years of permanence.
EVO Smart Account: There is no need to pay commissions or pay direct deposits to open this account, which is managed in 10 minutes over the Internet. With the Smart Card you can buy with debit or credit, as well as withdraw money for free abroad (although the EVO exchange rate is not very favorable), make transfers without costs and save 2% at Galp gas stations. “If the account is opened before July 31, you can take advantage of the 2.5% APR return, for a balance of up to 30,000 euros,” they detail from HelpMyCash.
Some bank accounts in Spain offer the possibility of avoiding maintenance fees if you meet certain requirements. “These requirements may include maintaining a minimum balance in the account, making a minimum number of monthly transactions or domiciling your income in the entity. Find out about the commission exemption conditions of your bank and make sure you comply with them to avoid unnecessary charges ”, they explain from the HelpMyCash comparator.
Online banking is a great way to reduce or eliminate maintenance fees. Many banks offer preferential conditions or fee waivers for customers who carry out most of their operations through electronic channels, such as online banking or the mobile application. “Make transfers, balance inquiries, payments and other transactions from the comfort of your home, thus avoiding the commissions associated with operations in physical branches,” the experts list.