In their constant search for new customers, banks spare no effort in launching attractive offers to capture the attention of customers. Among the most well-known tactics are so-called “hook offers,” which offer above-market returns or cash. However, these promises are conditioned, either by limiting the time or the maximum amount to be remunerated, or by imposing periods of permanence.
And it is that the devil is in the details, in this case, of the offers. To begin with, because banks request certain conditions to be able to access these incentives. In general, a high degree of permanence in the entity is required, which may be uninteresting for some users, in the case of entities that bet on giving away cash. To this is added that, according to the banking expert, Javier Mezcua of HelpMyCash, these “hook offers” with high returns are usually maintained only for a year. From then on, the bank “does not guarantee that the account will continue to generate interest, so at that time it is advisable to assess whether it is interesting to maintain it,” adds the Help My Cash expert.
What happens after the initial offer?
Thus, among the entities that offer greater profitability, Openbank stands out, with 5.12%, but for balances of up to 5,000 euros and only for the first year. Then, the subsidiary of Banco Santander cuts the remuneration to 0.20%. A practice that is also applied by Bankinter. Both your Salary and Non-Payroll Accounts rent 5% the first year and 2% the second for those who domicile a payroll of 800 euros. From the third the interest rate plummets to 0%.
For its part, Banco Sabadell pays 2.50% for a maximum amount of 30,000 euros the first year, but the offer is only available to new customers, reducing to zero from the second year. In the case of EVO Banco the profitability is 2.50% also during the first year. In addition, it is conditioned to a balance of at least 4,000 euros. After that period, the current remuneration would apply.
Finally, MyInvestor offers a return of 2.00% for amounts of up to 50,000 euros, but also applicable the first year. To maintain this percentage it is necessary to invest at least 300 euros per month in neobank products. In case of not doing so, the remuneration falls to 0.30%.
In that sense, Monica Pina, Country Manager of Raisin Spain, warns savers to read the fine print. “These practices can be confusing and non-transparent for savers, so it’s important to pay attention to the fine print and any hidden information when considering the interest rate.” In another order of things, it is also important to ensure that the announced interest rates are applied, up to what amount and for how long.
Banks that give away money
As for banks that give away money, some financial institutions may impose additional conditions, such as direct debit of receipts or making a specific number of purchases per year. These measures, for the most part, are designed to avoid maintenance fees on the account and encourage greater customer bonding. As well as a minimum linking period of one year.
The best offer of the banks that give away money is Banco Santander (up to 350 euros with its Online Account, but for payrolls of more than 2,500 euros), followed by BBVA (300 euros with the Va Contigo Salary Account), Abanca (up to 300 euros with the Clara Account) and Unicaja (up to 250 euros with the SIN Online Account).
As for permanence, Banco Santander imposes a period of permanence of 12 months, like BBVA, but reduces to 800 euros the monthly income that must be domiciled to achieve the cash prize. On the other hand, Abanca raises up to 24 months and the amount of the payroll to 1,200 euros to get the gift.
