We have all heard a neighbor, friend or family member criticize their bank because it has charged them commissions or because it has raised their mortgage payment. But the fifth edition of the HelpMyCash Awards shows that there are also satisfied customers.
ING users are the most satisfied with their banking institution. Its clients rated it 8.52 out of ten, according to the evaluation of more than 1,300 participants. They are closely followed by clients of Openbank and Bankinter, with ratings of 8.47 and 7.65 out of ten, respectively.
At the opposite extreme are the clients of Unicaja and Ibercaja, who are the ones who rate their bank the worst. These entities obtained scores of 4.87 and 5.97, respectively.
In general terms, Spaniards highly value current accounts and cards, while mortgages, deposits, loans and investment products fail to convince. Customer satisfaction with mortgages and fixed terms has experienced a marked decrease in the last two years, a period in which mortgages have increased in price, both in their fixed modalities, which now have higher rates, and in the variables, affected by the rise in the Euribor.
And what has happened to the deposits? Despite being more profitable, user ratings indicate that they have not improved enough. Two years ago, the profitability of these products was not attractive. "But now, with the ECB's interest rates at 4.5%, logic indicates that it should be. However, the main Spanish banks are reluctant to remunerate the liabilities, causing the indignation of many citizens," HelpMyCash highlights. Other European countries, such as Italy, offer one-year deposits at 4.30% APR, which shows that Spain remains behind Europe in the remuneration of liabilities.
And what's the key to getting a really good account? Spaniards consider that the best checking accounts are offered by ING and the online subsidiary of the Santander Group. Precisely, they are the same entities that obtain the highest score in terms of commissions, which is not surprising, since, in general, satisfaction with checking accounts is closely linked to the commissions paid by the client.
ING maintains a strategy of affordable rates on its current accounts, offering both a completely free account with no conditions as well as an option with additional benefits for those customers who decide to direct deposit their income. In this last scenario, the monthly cost in case of not receiving income amounts to three euros, a figure considerably distant from the 240 euros per year that some traditional entities charge those clients who do not meet their requirements.
The ING Non-Account Account is free for everyone, regardless of whether they have a payroll or not, since it does not require any specific connection. It can be opened in a matter of minutes via the web and includes a virtual debit card at no additional charge, compatible with both Apple Pay and Google Pay. Those who have savings can also benefit from the Welcome Deposit, which offers a 2.75% APR for four months.
Regarding the services offered by banks, clients positively value customer service and transparency, although if we analyze the grade obtained by each bank there are disparities. Once again, Openbank and ING, in this order, are the entities with the best customer service and the most transparent, according to the more than a thousand respondents who have participated in the HelpMyCash Awards. The bronze medal in customer service goes to Caja Rural while in transparency it goes to Kutxabank.
