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Date Published: 02/05/2022

ARCHIVED - Spanish banks scrap free banking from April 30

ARCHIVED ARTICLE

CaixaBank and Santander introduce hefty charges for everyday customers in Spain

<span style='color:#780948'>ARCHIVED</span> - Spanish banks scrap free banking from April 30

After several blissful weeks of free banking in Spain, many clients are about to feel the pinch as both Santander and CaixaBank introduce new charges from April 30, which can reach a painful 240 euros per year.

“If in January you were one of the clients of the Catalan bank who saw how 60 euros disappeared from your bank account, then April is once again a key month, because if you do not have a salary of at least 600 euros or a pension of 300 euros, you could see yourself penalized once again,” the financial comparator HelpMyCash.com warned at the weekend.

CaixaBank

From now on, CaixaBank will charge 60 euros each quarter to any customers who don’t have a salary or pension deposited directly into their account, or who don’t have more than 20,000 euros in investment products. For those who meet the requirements, the monthly charge will be reduced to 15 euros.

If you are a Caixabank customer, you can avoid account and credit card maintenance fees if, in addition, you direct deposit 3 bills or make 3 card purchases per quarter. In this case, you would pay 0 euros.

Santander

Santander customers on the One Plan can avoid fees if your salary, unemployment benefit or pension is paid to the bank, and once you pay pay 3 direct debit bills per quarter or use a card associated with the account at least 6 times every 3 months. Otherwise, they will charge you a monthly fee of 20 euros.

If you have at least 25,000 euros in funds, pension plans or savings insurance, you also avoid the commission.

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