Opening a checking account without fees, making a free transfer or requesting a credit card without annual fees has become an odyssey for those clients who do not have a payroll and, in some banks, also for those who do. . The banks have made the commissions on their checking accounts more expensive during the last months and has tightened the requirements to be able to operate for free; in fact, in some entities it is no longer enough to direct the payroll to get rid of the dreaded commissions, explain the experts of the account comparator without commissions HelpMyCash.com.
Thus, since October 1, CaixaBank charges 240 euros per year for the maintenance of its checking accounts and for the services associated with unrelated customers. To get rid of this fee, you have to domicile regular income or maintain more than 20,000 euros in investment products. In addition, three receipts must be paid by direct debit or three credit card purchases per quarter.
It is not the first entity to modify its commercial strategy so far this year, nor is it the last. Banco Santander has already announced that it will premiere Santander One on November 5, which will force its clients to also pay up to 240 euros per year for their checking account and essential services if they are not linked. In this case, meeting the requirements will be more complicated, since to reduce the quota to zero it will be necessary to direct debit income, three receipts and take out an investment, financing or insurance product.
During this year and the end of the past, several banks have modified their commission policy, giving notice of the new conditions, generally two months in advance. At that time we must decide whether we want to accept them or not. If we do not want to pay commissions, we have two options, explain the experts of the HelpMyCash comparator: accept the new conditions and comply with them to reduce the fees to zero or open a new checking account that’s free and whose requirements are affordable or, even, that do not have connection conditions.
Free day-to-day accounts
There are checking accounts that are free even for those customers who do not join. Most of them are digital, designed to carry out all operations remotely, comparator sources are added. These types of accounts without commissions and without linking can be used as main account, since in general they allow to carry out all the basic operations, or as secondary account or even to open as a couple (some support multiple holders).
The Open Bank Current Account has no commissions, it allows you to make free transfers, send money through Bizum and enjoy discounts on purchases. Includes a debit card without annual fees with which you can withdraw money at the more than 7,500 ATMs that Santander has in Spain. You can also deposit cash at the bank’s offices and ATMs. It does not require a domicile or payroll or income, it can be opened online in just a few minutes and it admits up to five holders.
The ING Payroll Account is also free, allows you to make free transfers that arrive the same day at your destination, use Bizum and do not charge for credit and debit cards. In addition, it offers discounts on purchases, access to more than 50,000 ATMs in Spain and two days free overdraft. To enjoy all its advantages, it is necessary to direct a payroll, pension or unemployment benefit of any amount or receive transfers for at least 700 euros per month, they explain from HelpMyCash. It supports two headlines and can be opened online.
Those who want to have thousands of free ATMs can open the Smart Account of EVO Banco online with which they can withdraw cash from all ATMs in Spain and the world without commissions. The account is free of charges, allows free transfers, use Bizum and includes a free card that works on debit and credit. Account holders can deposit cash at more than a thousand Caja Rural ATMs and at the more than two thousand post offices.
To contract it, it is necessary to meet a bonding requirement such as, for example, direct debit a payroll of any amount, direct debit two monthly bills or receive transfers worth 600 euros per month (300 for clients between 25 and 35 years old), between Other options. However, now you can contract the account without having to meet any requirement for six months. Once opened, it is allowed to include a second headline through the app.
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