Current Accounts in Spain – Free Gifts, Cashback and More
Too many people stick with their current bank in Spain because it just seems like too much trouble to swap over. However, customer service isn’t that great in the majority of banks and it can be frustrating to see deals only being offered to new customers when you’ve never even been a cent overdrawn. Until a few years ago, incentives for changing bank were limited to a couple of bathrobes or a set of frying pans, however times have changed. So, when the time comes to consider switching, if there’s a nice incentive involved, well why not!
Uno-e has a great offer for new clients of up to 400€ free (subject to tax at current rate) with the following conditions
- Minimum monthly wage/pension: 600€
- Must have 3 direct debits and an associated savings account (0,75% interest)
- 20% of your wage is deposited in your current account after your first wage is paid in. So, if your wage is 1000€ you get 200€ free cash!
- Campaign ends 30 Sep 2012 (need to have signed up by then) and you have up to 4 months for your first wage to be deposited
- Need to stay with Uno-e for 24 months
At Citibank their “todo cuenta” account has the following benefits:
- 3% back on your main direct debits (utilities, phone, etc.) and 1% back on purchases made with your debit card – with a maximum of 100€ returned to your account every month
- No commission
- Free online transfers
- Free cash withdrawals at any ATM in Spain or abroad using debit card
- Get 30€ back with a deposit of 2000€ in the account by using this link (in Spanish) and follow the instructions
ING Direct’s current account offers:
- No commission
- Up to 2% back on main direct debits (utilities, phones, internet)
- 3% cashback when using card at Galp petrol stations and 2% at BP
- Special interest rate applied if you open a savings account
- Note: Before you open an account with ING, check if any of your friends has one because they have a recommendation promotion where both you and your friend will get 50€.
Banesto:
- Free Sony 3D Internet TV 32” until 31 March 2012 with a new current account and minimum wage deposit of 800€ and 3 direct debits (98€ transport costs of TV to be paid by client).
- Alternatively on offer is a free Compaq laptop or a 500€ or 1000€ gift card – depending on the amount of the wage to be deposited.
Open Bank:
- Free 26” TV for new accounts opened before 5 April 2012 (have to pay 30€ for transport)
- No commission
- 1% cashback on main receipts (utilities, phones, internet)
- Up to 3% cashback with Visa Open (1% on food, 2% on petrol, 3% on toll roads)
La Caixa:
- Free LG LED 22” TV when you open a new account before 29 Feb 2012 and deposit either your wage / pension or, for self-employed, your social security payments
- No commission
- Free debit card
We suggest that before you rush to change your account you should take the following into account:
- If you also have a mortgage with your current bank you should check the conditions first. However, even if your mortgage interest rate is linked to a monthly wage deposit this is normally substitutable for a minimum daily amount left in your account – note this is daily not monthly, so even if you go under that level by a couple of cents for one day your mortgage rate could be affected.
- If you have direct debits, by informing your new bank they will take care of swapping them to the new account on your behalf. We suggest, however, that you leave your old account open for a few months just in case some direct debits slip through the net.
MSS Tip: All accounts that offer some type of freebie have a limit on the numbers available so check you’re going to get what’s offered before you go to the trouble of changing bank.
