Payroll accounts are banks' masterstroke for attracting new customers, and with good reason. Payroll represents a constant flow of income for financial institutions and that is why, currently, there are many offers for new clients who are willing to change the direct debit of their income to another bank.
In the words of the experts of the financial comparator HelpMyCash.com, some entities give away up to 400 euros to new customers who choose to open an account and redirect their income there. For this reason, they have decided to prepare a ranking with the best payroll accounts of the moment.
Banco Santander tops the ranking because it gives up to 400 euros to its new clients. Those who open a Santander Online Account and direct deposit their payroll or pension of at least 600 euros and two receipts will benefit from a gift of 300 euros. If the income is 2,500 euros or more, the gift increases to 400 euros. What does the bank ask for in exchange? A stay of two years. The account also has no fees and includes a free debit card.
Abanca's Clara Payroll Account also rewards its new clients with a return of 2% APR up to 15,000 euros and an extra 300 euros when direct depositing a payroll or pension of 1,200 euros or more. If the payroll is between 800 and 1,200, the gift drops to 150 euros net. This account also does not charge commissions, although the bank asks for a two-year stay in exchange for the gift.
Other entities such as Sabadell, with its Commission-free Online Account, offer a return of 2% APR for their new customers and a 3% refund on electricity and gas bills. In this case, it is not necessary to domiciliate the payroll to access the benefits.
The Evo Welcome Smart Account also gives a return, in this case 2.85% APR up to 30,000 euros. It is a commission-free Online Account, which includes a free debit and credit smart card and does not require payroll direct debit. Once the account is opened, its clients can also open a one-year deposit at 2.85% APR for money that exceeds 30,000 euros remunerated in the account.
But gifts are not the only benefit. For HelpMyCash specialists, one of the advantages of these payroll accounts is that they do not charge commissions and allow you to carry out day-to-day operations, such as sending transfers, using Bizum or withdrawing money from the ATM.
Of course, when choosing an account, it is not enough to look at the incentive and its advantages, but "it is advisable to carefully read the fine print of the account, especially the conditions of the product, its commissions and the permanence required in exchange." of the gift” they explain in HelpMyCash.
