Three reasons why you shouldn’t trust just one bank
Having a single account in the same bank where you can deposit all the money is not the best thing to do. Diversifying capital in other entities can save surprises.
save all the money in a single bank is very common, although it is not recommended According to experts from the financial comparator HelpMyCash.com, they consider that there are different situations in which having an account with another bank benefits customers.
Hundreds of banking clients present their complaints on the internet about the blocking of accounts by entities, something that unfortunately happens quite frequently. In most cases, the bank blocks a customer’s account when they do not have the Updated DNI, the owner has not reported his professional activity or if the account registers irregular money movements.
Since the Law on Money Laundering and Terrorism Financing was approved in 2010, financial institutions have been obliged to request information on the economic activity of their clients, so if they do not provide it, the bank saves the right to disable account operations until the required documentation is delivered. Additionally, if the bank detects suspicious movements (income of large amounts without justification), it could also proceed to block the account.
In these cases, have a plan B, that is, balance in another bank account, It is vital to be able to manage our finances while the bank unlocks the account.
It is very common to want to issue a transfer or transfer, check the balance or pay a receipt and have to leave it for another time because the next notice appears in the app or the bank online: “There was a problem. Please try again later.”
A simple generalized failure of the entity can leave the holders of an account inoperative for hours and even days (in some cases the repair of incidents has taken more than 24 hours).
As in the previous example, a good tactic is to distribute the money in more than one bank in order to continue managing personal finances normally from another checking account in case the digital banking service fails.
The protection of your capital
Keeping all savings in the same bank is not the best strategy if the saver’s capital exceeds 100.000 euros, they explain from HelpMyCash. The Deposit Guarantee Fund it covers just that amount per holder and bank, therefore, in the event of bankruptcy or insolvency of the bank to which the holder entrusts all his money, this body would only return the first 100,000 euros.
Further, diversify money In several banks it can also be interesting to get the most out of the bank offers on the market.
What second account to open?
Clients usually have all their direct debits, payroll, a loan that they are still paying or the mortgage in their main account, so the ideal would be open a second account that does not require linking.
An example of this type of product is the BBVA Online Account Without Commissions, a 100% free option that only requires the holder to be new client at BBVA. The blue bank account does not charge maintenance or administration fees, or for online transfers in euros or for the Aqua Debit Card, with which it is possible to withdraw cash at more than 6,000 BBVA ATMs.
The Open Current Account of Openbank, the Santander Group’s digital entity, still has fewer requirements. All customers can open one without having to link revenue or receipts and without paying anything for the operation or the Open Debit Card. With it, the cardholder pays zero euros for cash withdrawals from the 7,000 Banco Santander ATMs distributed throughout Spain.
The EVO Smart Account from EVO Banco is also a good candidate for a second bank account: it has no requirements and is suitable for any holder. EVO Banco also does not charge for the administration, maintenance of the account or for transfers in euros and allows you to withdraw cash in all ATMs in Spain and the world without applying commissions.