Saving is one of the most repeated New Year's resolutions. And one way to achieve this is by saving the 240 euros that a checking account can cost us each year. That's right, there are consumers who last year paid more than 200 euros for the maintenance of their account and the same amount for the cards. In addition to the commissions for making transfers or depositing checks. And if they don't do something to change it, the same thing will happen to them again this year.
In 2022, the Bank of Spain processed 3,732 claims regarding current account maintenance fees. This figure represents an increase of 62% compared to the previous year. And to that figure we would have to add 1,213 additional claims about commissions in accounts linked to the payment of a mortgage. It seems that the maintenance costs raise blisters.
The clients who suffer the most from this problem are those who have been in their bank for many years and cannot change their account for a free one, say sources from the financial products comparator HelpMyCash.com. Many entities force their long-time clients to meet a series of conditions to exempt them from paying commissions, while they roll out the red carpet for new clients and offer them free accounts without conditions.
“Those people who have ended the year paying commissions do not have to continue paying them in 2024,” they explain in HelpMyCash. “Unless they have a mortgage or loan, they can close their account and move to a new bank that treats them better and does not charge fees,” they add. But which banks offer accounts without commissions and without conditions?
The main banks in Spain sell current accounts without commissions and without conditions for new clients. One of the most popular is the BBVA Online Account, which 1.5 million people already have. It has no commissions or requirements and can be purchased online in a few minutes. One of the main advantages of this account is that its holders receive a free Aqua debit card, which is much safer than traditional cards for online purchases, because its CVV changes.
The Santander Online Account for new customers is similar: free, without conditions and with a free debit card. Its main advantage is that it allows you to withdraw money at the 30,000 ATMs that the bank has throughout the world.
A few months ago, CaixaBank launched a free online account to attract new customers. To hire it, you do not need to direct a payroll or receipts. Curiously, with this account the client receives a free debit card, which is just one of the advantages that long-time clients have lost, who have had their debit card replaced by a credit one.
Online banks have always boasted of carrying out a low commission policy. And they continue to maintain it. Opening a free checking account in an online bank is possible, whether you collect a salary each month or if you have no income, according to HelpMyCash.
For example, ING markets the NoCuenta Account, designed for clients with a digital profile who do not want ties. It has no maintenance fees, allows free transfers that arrive the same day, and includes insurance that allows you to recover your money if you make an online purchase and the order does not arrive or is defective. The account includes a free virtual debit card available right out of the box.
At Revolut, N26 or EVO you can also sign up for a free checking account and get a card.
*Information updated as of December 28, 2023
