It may be time to consider a bank breakup. Changing banks is a smart move if the current financial institution doesn’t meet a customer’s specific needs or offers poor service.
Currently, the financial world is undergoing significant changes, and one of them is the growing tendency of users to change banks. “While in the past we used to be loyal to a single entity, driven by family tradition, proximity or good experience, now bank loyalty is being challenged,” say the experts from the financial comparator HelpMyCash.com.
One of the main drivers of changing banks are bank commissions. A recent study published by the comparator revealed that not paying commissions or having lower commissions are the factor that most motivates Spaniards to establish a new financial relationship. Users look for entities that offer them free cards, lower maintenance costs and good customer service, which are elements that have become essential when choosing a bank.
“62% of the more than 1,000 respondents do not rule out changing banks in the next three months. 31% affirm that they would be willing to say goodbye to their bank in the short term and another 31% indicate that they might, while only 38% consider that they would not change banks in the near futureâ€, says the HelpMyCash study.
Bank fees may include monthly fees for maintaining a checking or savings account, transaction fees, ATM cash withdrawal fees, and more. “If you feel that you are paying too much in bank fees and you are not receiving adequate value in return, it is time to look for alternatives that offer cheaper options, even free ones,†say the experts.
In this sense, specialists point out that in the current market there are bank accounts that are completely free and that even remunerate savings.
To get 2.5% you only have to be a new customer. The Sabadell online account has no commissions or conditions. If, in addition, it is decided to domicile the salary, the bank gives away 200 euros.
Another bank that offers accounts without commissions or conditions is ING. The NoCuenta Account does not ask for payroll or receipts and has no maintenance fees. Banco Santander has also joined the fever of online accounts. Like the two previous ones, it is a product that does not have maintenance fees and you do not have to pay your payroll or receipts directly to contract it. But it is on promotion and although it is not mandatory, if the salary or pension of at least 600 euros is domiciled in the Santander Online Account, the red bank gives away 150 gross euros as a gift.
The EVO Smart Account does not have any requirements either, so no commission will be paid and it is also on promotion. “If you open the account before July 31, EVO gives a return of 2.5% APR until July 31, 2024 for a balance of up to 30,000 euros,” they indicate.
Customer service is critical when it comes to banking relationships. If you have experienced poor customer service or a lack of satisfactory response to queries and problems, you may want to find a bank that cares more about its customers. Good customer service can make a big difference.
More and more Spaniards are looking to carry out all their procedures through the web or an app.
With the recent rise in interest rates by the European Central Bank, it was expected that Spanish banks would react and offer savings products with better returns. The truth is that this has not happened and it is the less traditional banks that have turned to offering remunerated accounts with more competitive interests. “If the bank does not give anything for the savings, it may be missing an opportunity to make the money grow,” they maintain from the comparator.
Changing banks can be a smart decision if the customer is faced with excessive fees, poor customer service, limited options, or unfavorable interest rates. Before making the switch, experts advise the importance of carefully researching different options and comparing the services, fees and benefits offered by various financial institutions.
