What door do you have to knock to stop paying commissions? That is the question many consumers fed up with paying for the maintenance of their checking accounts ask themselves. In 2021, the Bank of Spain processed more than 3,500 claims related to the collection of commissions. But is there really any bank that does not charge commissions?
Having a checking account in Spain can cost up to 240 euros a year, they say in the financial product comparator HelpMyCash.com. And that just covers maintenance. Requesting a card is billed separately. Most banks are willing to reduce these commissions to zero if the client assumes certain requirements. Before, it used to be enough to direct deposit a salary, but now some banks require more, such as, for example, direct debit several receipts, take out insurance, maintain a minimum balance…
Meeting those conditions is not possible for everyone and those who can are not always willing to jump through hoops. For all of them, there is a solution. Most banks, even those that charge up to 240 euros, market accounts without commissions and without conditions for new clients, they explain in HelpMyCash. They are not an alternative for bank customers who are paying, but they are for new ones that come from another entity.
Large banks such as BBVA, CaixaBank, Santander or Sabadell have their own free online account, as do other smaller entities such as Abanca, EVO Banco, ING… And some have very attractive advantages.
The Sabadell Online Account is free, that is, there are no maintenance costs. It does not matter if the client does not direct his salary. And the debit card has no issuance or renewal fees either. In addition, it has a return of 2.5% APR for one year for a balance of up to 30,000 euros and returns 3% of purchases paid with the debit card in August and September. As an additional advantage, the bank gives 200 euros to customers who decide to direct deposit a salary, pension or unemployment of at least 700. This account is only for new customers.
Another bank famous for its low cost rates is ING. Your NoCuenta Account has no commissions or conditions. By contracting it, the client receives a free virtual debit card, which can be used with Apple Pay and Google Pay from minute one. In addition, with this account you can recover the money from online purchases if the orders do not arrive or are defective.
Those who want to open an account in one of the largest banks in the country, but do not want to pay commissions or have the obligation to direct their payroll, can take advantage of the Santander Online Account for new clients. It does not have maintenance expenses nor does it charge for the debit card with which you can withdraw money for free at the 30,000 ATMs that the entity has in Spain and abroad.
In addition, now, customers who decide to direct deposit their salary can take up to 350 euros as a gift. Specifically, for salaries or pensions of more than 600 euros, the bonus is 150 and if the income exceeds 2,500 euros per month, the incentive rises to 350 euros. This promotion has a duration of two years.
