Payroll accounts are a financial product that rewards having your income domiciled in an entity. However, although banks have been marketing this type of account for years, there is currently enormous competition between numerous entities. That is why the additional advantages that each one offers are key to tipping the balance.
The appearance of new entities and the rise of the online world have radically changed the rules of the financial game. “Faced with a new, global and more democratized scenario for the client, conventional banks have had to adapt to a new reality, with the challenges it poses,” point out the financial comparator HelpMyCash.
Likewise, the commercial battle to attract new clients translates into an offer of payroll accounts that, beyond remuneration, offer the most interesting benefits. In fact, one way to prove it is by comparing two of the most striking that can be contracted in this month of March: the BBVA Commission-Free Online Account and the ABANCA Clear Account.
The current reality is that conventional banks such as BBVA or ABANCA have had to adapt to a much more competitive market than a few years ago. Likewise, innovative entities participate in this new board, with innovative policies and that also market very interesting payroll accounts with multiple benefits. These two alternatives are a faithful reflection of this.
The EVO Payroll Welcome Smart Account combines profitability, flexibility and functionality. It offers a profitability of 2.85% APR and the possibility of opening a deposit at the same 6-month interest for the rest of the funds. In addition, it is an online account with no commissions and does not require direct deposit of a payroll, with a free Smart debit and credit card. It even allows you to withdraw money outside of Spain without additional costs and offers the option of obtaining cashback with purchases.
The N26 Account is a current account without fees, which, to remunerate savings and income, is linked to a savings account with an attractive APR of 2.26%. As the leading mobile bank in Spain, it offers a free virtual debit card that is the most secure and flexible for online transactions. At the same time, the three monthly withdrawals without commissions in the euro zone and the ability to pay free of charge in any currency underline its accessibility.
In short, a wide range of very interesting options is currently opening up, fostered by the fierce competition between new entities and the more conventional ones to attract new clients. Choosing one or another payroll account will depend on each case, but the one who currently benefits the most from this new context is the client or user.