Introduction: The new year presents challenges for savers, with the European Central Bank maintaining interest rates at 4.5%. Meanwhile, the Euribor, after significant increases in previous months, closed December at an average of 3.68%. In this complex economic environment, families require fee-free current accounts.
Recently, the Organization of Consumers and Users (OCU) published a report on current bank deposit promotions. These accounts are fee-free but require fulfilling certain conditions, often targeting new customers who must have their salary deposited and meet minimum income requirements. In return, they may receive bonuses exceeding €300 in the first year.
Recommended Bank Deposits:
- BBVA: The BBVA Online Account does not require salary deposits to be free from fees and maintenance, but it must remain active. It offers a refund of up to €60 per month (€720 annually) for direct debits during the first year.
- Santander: The Santander Online Account has no administration or maintenance fees but requires a minimum salary deposit of €2,500 gross per month. Customers receive a €400 gift voucher, which decreases to €300 for incomes of at least €600.
- ImaginBank: Their fee-free Current Account is available to any user, regardless of income level, with no quarterly fees. Applicants who request their debit card before March 31 receive a €150 El Corte Inglés gift card.
- OpenBank: New customers during February and March receive their Fee-Free Account, offering a 3% refund on direct debits with a monthly limit of €20 for the first year.
- Banco Mediolanum: The Mediolanum Plus Digital Account offers no fees for the first year to new customers who deposit a salary of at least €700. It includes a 3% interest rate for the first months and 12 months of Amazon Prime subscription. However, specific cards and insurances must be contracted.
- Evo Banco: Opening an EVO Intelligent Account earns customers €50 initial balance. It has no card issuance fees or maintenance/administration charges. Salary or regular monthly deposits of at least €700 and five monthly debit card uses waive all fees for two years.
- Banco Pichincha: The Expansión Plus Account offers a 2% refund on major direct debits in February 2024, with a monthly limit of €20. It has no administration or maintenance fees for the first two years, and national debit cards and transfers are always free. A minimum salary deposit of €800 is required.
- ING: ING’s Orange Account offers bonuses of up to €120 for new customers in February and March 2024. Direct debit, debit card usage, online banking registration, and receiving financial mail yield a maximum bonus of €150 in the first year, with subsequent years offering €75 and €50.
- Abanca: The OCU also mentions the benefits of the Beta Account, offering an instant €300 gift upon salary and three direct debit deposits. Using the card six times in the first three months is required. It has no administration fees and maintains 0% interest up to €5,000 balance, but residency in Galicia and an initial deposit of €300 are required.
Alternative Options: In addition to high-yield Treasury Bills, several options offer high returns in 2024. Pibank’s 12-month Deposit offers a 3.34% annual TAE, with no minimum investment and online contracts allowing early cancellation with interest and tax penalties.
Selfbank (Singular Bank) offers a 3.30% TAE one-year deposit with a minimum investment of €1,000, exclusively for new customers, allowing partial or total early cancellation without interest or liquidation for the days elapsed in the quarter of cancellation.
Furthermore, BancoBig’s Top Deposit offers a 3.25% TAE one-year deposit with a minimum investment of €1,000. Online contracts are available, and early cancellation is possible with interest penalties.