A payroll opens many doors and one of them is that of the banks. Spanish entities maintain a historic struggle to attract new salaried clients. For this reason, the best accounts for direct deposit of payroll are full of advantages, as revealed by the financial products comparator HelpMyCash.com
A client with a payroll does not have to pay maintenance fees on their own, they can get a free credit card, they can have pre-granted overdrafts or get a gift.
Bank fees are the boogeyman of the banks. Nobody wants to have them around. But the truth is that many customers end up paying a small fortune each year to maintain their account and cards. However, with a payroll you can easily avoid these expenses. “If our bank is not satisfied with a payroll so as not to charge us commissions, we should consider changing entities. Most likely, another bank will give us the same service completely free,” explain HelpMyCash sources.
Many banks sell commission-free accounts in which you can direct deposit a payroll, but with the advantage that if one day there is no longer a payroll, the account is still free. An example is the ING NoCuenta Account, a checking account that has no fees or conditions and includes a free virtual debit card. In addition, transfers at ING are free and very fast, because they arrive the same day.
Some banks are willing to give away money in exchange for a paycheck. For example, Banco Santander gives 300 euros gross to new customers who sign up for the Online Account without commissions, deposit a payroll of at least 600 euros and two monthly receipts. And if income exceeds 2,500 euros, the incentive increases to 400 euros. The Santander debit card is free.
Abanca also follows a similar strategy. Give away 300 euros net to clients who open a Clara Account with a payroll of at least 1,200 euros. Both promotions have a duration of two years.
Earning interest is one of the most sought-after advantages, which is why some entities remunerate the money that their clients leave in their accounts. This is the case of EVO Banco, whose Smart Account rents at 2.85% APR for one year for a balance of up to 30,000 euros, so you can get up to 843 euros gross. This account has no commissions or conditions, so if the payroll is removed, it would continue to be free.
Some payroll accounts offer their holders the possibility of withdrawing money from thousands of ATMs around the world. This is the case of the Pibank Payroll Account which, in exchange for a salary of one thousand euros, allows you to withdraw cash at any ATM for free.
The Banco Mediolanum Evolution Account, for its part, allows you to withdraw cash for free four times a month at any ATM in Spain and the world, as long as the commission charged by the owner of the ATM does not exceed three euros. Furthermore, only withdrawals equal to or greater than 100 euros are discounted, except at ATMs outside of Spain when money is withdrawn in another currency, for which there is no minimum. The Mediolanum Evolution Account has no commissions and offers a return of 1.40% APR up to 10,000 euros. To enjoy the free account you must maintain a balance of at least 25,000 euros in investment products and be part of the Mediolanum A Tu Medida program (this requirement can be met by direct debiting a payroll).
To get a credit card, you generally have to have income. For this reason, many banks only offer them to clients who have their payroll directly debited. If we want to request one, our payroll will help us get it.
Of course, the bank has the last answer. If we do not pass their filters, they will not grant us the card or if the payroll is for an amount below the credit limit, it will be reduced, they point out in HelpMyCash.
