Friday, March 29

How to dodge bank fees in 2022


Finding a bank account free of commissions has become an almost impossible mission that savers face fleeing from the constant rise in commissions that most banks undertook in 2019 to improve their margins.

And it is that opening an account can be expensive, up to 240 euros It is what some entities charge annually. According to the latest data from the National Institute of Statistics (INE), bank fees recorded in November 2021 an increase of 10.6 percent year on year, which represents the largest increase in the last five years.

One way to avoid these increases is to increase the link with the bank, but not all users can benefit from this alternative. Those who “have the least” are excluded from it, he points out Javier Mezcua, HelpMyCash Personal Finance Analyst.

“Clients who do not receive a payroll each month in their account or those who have few resources in the entity are the ones who end up paying maintenance fees, while those who enter a salary or have positions in funds, contracted insurance or direct debits have more possibilities to operate for free,” says Mezcua.

Trade without commissions

For them and for other users who want commission-free accounts, there are still alternatives on the market, mainly derived from online banks and fintech entities, but some traditional banks are also betting on them.

According to HelpMyCash, the ranking of the best accounts with no fees and no mandatory link is led by BBVA, Openbank and Abanca.

BBVA Online Account

It is an account with no administration or maintenance fees, which does not require direct debiting of the payroll or having any other type of relationship with the bank.

There are also no costs for debit cash withdrawals and it allows you to make free transfers and withdraw money from the 4,500 ATMs that BBVA has in Spain with its associated Aqua card.

Allows up to two holders and its operation is completely online. Overdraft charges an annual interest rate of 7.25 percent TIN.

Open Bank Current Account

This account does not charge maintenance fees and it is not necessary to domicile the payroll or the pension to open it.

It is an online account that allows you to make free transfers and withdraw money from all Banco Santander ATMs with the associated debit card. You can have up to five starters.

Clara de Abanca account

There are no commissions and you do not need to domicile your payroll. However, the client who decides to domicile it, the entity rewards him with 150 euros.

It is associated with a free debit card without issue or maintenance fees with which you can withdraw money for free at any Abanca ATM.

more raises

Everything indicates that this year there will be banks that will continue to raise commissions on current accounts and, in the opinion of experts, this escalation will not stop until the European Central Bank (ECB) raises interest rates that remain at historical lows.

Keep in mind that any bank can change the commissions of its accounts at the time it deems appropriate, yes, provided that give your customers two months notice.



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