Monday, January 17

What are the best free checking accounts for the end of the year?

If a decade ago the excuse to open a new checking account was to take a gift set of casseroles or get a high-yield deposit, now the mission is much simpler: stop paying commissions. During the last two years, many clients have received a letter from their bank informing them that the fees on their account were going to increase and that if they wanted to avoid them they had to meet more requirements.

However, despite what many may think in the current context, the truth is that you can still open an account without commissions, even if you do not enter a salary every month. The best alternatives to not pay commissions currently are the accounts without payroll freeas they do not enforce any linking requirement to not pay, explain the experts at financial product comparison

“These products are not only useful for customers who do not collect a payroll and need to open a checking account, but for those whose bank has worsened the conditions of their accounts,” explain sources from HelpMyCash. “They are also an alternative for those who look for a second account or for those who need to open one with another owner ”, they add. But which are the best?

Digital accounts without commissions

Within traditional banking, there are many who market them, from BBVA, Banco Santander and CaixaBank, through their imagin mobile bank, to Liberbank, Abanca or Cajamar.

The Clara de Abanca Account, for example, you have no maintenance expenses regardless of whether a payroll is paid or not. SEPA transfers are free, as well as the debit card with which you can withdraw money at thousands of ATMs for free and save 2% when paying at Galp gas stations. In addition, those under 35 can withdraw money without paying commissions five times a month abroad. It can only be opened via the Internet and is intended for customers who operate online.

Another example is the imagin checking account, belonging to CaixaBank, which neither has commissions nor requires direct debit of a payroll. Through its app (the account can only be managed through the smartphone), you can issue free transfers, check account movements and balance, take advantage of discounts and manage cards. The debit card is free and you can also request a prepaid card at no cost. Imagin customers can withdraw money without paying commissions at the more than 13,000 CaixaBank ATMs and at any ATM in the eurozone located outside of Spain.

On the other hand, accounts without payroll and without commissions are the product star of online banks such as Openbank, EVO Bank, N26…

In any case, if they all share something, it is that they are digital. They are contracted online and they are designed to carry out the usual operations (transfers, payment of bills, etc.) through the Internet. They could be carried out remotely, they could charge commissions.

An exception is open bench, that despite having only two offices in Spain, allows you to withdraw and deposit cash at the window in more than 3,000 Banco Santander branches. The first two operations per month are free. In any case, Openbank allows all basic operations to be carried out through its website and its app and get free money at the more than 7,000 Santander ATMs. The Open Current Account It has no commissions or links, allows you to make a SEPA transfer at no cost and includes a debit card with no annual fees.

What’s more, Openbank gives 20 euros grandchildren to the first 2,000 new customers who sign up for the account with the code NAV20 before December 21 and make a deposit of at least 300 euros before January 10.