Having a checking account can cost a small fortune because of maintenance fees. A price that can be even higher if the customer requests a debit card, since they will have to pay the annual fee for this product.
Bank commissions are a delicate matter. Last year, the Bank of Spain managed more than 3,500 claims related to current account commissions. One in ten complaints received was on this subject.
However, despite what many clients can expect to pay each year on their own, stopping paying commissions is relatively easy. Customers who do not have a current mortgage or loan can say goodbye to their bank and easily change banks. You just have to open a new account, change the direct debit of the receipts and the payroll and transfer the money. But are there banks that really do not charge maintenance fees for the account and the card? The truth is that yes and, in addition, quite a few, say the experts of the financial product comparator HelpMyCash.com, who have made an analysis of the best commission-free accounts on the market.
Customers who are looking for a bank that does not charge them a single euro for account and card maintenance without requiring a salary in exchange and that, in addition, allows them to make free transfers, send money through Bizum and pay with their mobile phone, have many alternatives to choose from.
In fact, most entities have an account in their catalog with no commissions or conditions to attract new customers. The problem, precisely, is that since they are generally aimed at new customers, they are not an alternative for those who are already paying commissions, who are forced to comply with the bank's requirements or change banks if they do not want to continue paying, say HelpMyCash sources. .
The BBVA Online Account is an example. More than a million clients of the entity have contracted it. It is aimed only at new customers who sign up for it online and there is no need to direct deposit or payroll, receipts or maintain a minimum balance. It has no commissions and the debit card is free.
Other options are the Clara Account from Abanca, the Online Account from Santander, the NoCuenta Account from ING, the Smart Account from EVO Banco or the current account from imagin. None of them charge maintenance expenses and none requires a salary to be paid by direct debit.
Those who collect a salary every month or who are willing to sign extra conditions can get additional benefits. El Sabadell, for example, offers an Online Account without commissions for new customers with a return of 2% APR during the first year for a maximum remunerated balance of 30,000 euros. To enjoy this profitability, you only have to open the account (no further requirements are necessary). It is a very interesting alternative for those who want a free account without the obligation to direct payroll, they explain from HelpMyCash. However, Sabadell awards a 175-euro gift to new customers who decide to direct deposit a salary of any amount. The debit card linked to the account has no fees.
The Banco Mediolanum Evolution Account has a yield of 1.41% APR for a balance of up to 10,000 euros (1% interest from 1,000 to 5,000 euros and 2% for the balance from 5,000 to 10,000 euros). It has no commissions or maintenance or for the cards and returns 1% of all receipts domiciled in the account. To enjoy all these advantages, you must have at least 25,000 euros invested in funds, pension plans or life insurance and be part of the Mediolanum A Tu Medida program, something that can be easily achieved by direct deposit of a salary, for example. You must also have three monthly domiciled receipts.
