the risk of accepting money as a gift for changing banks
Change banks frequently in search of the highest bidder It has become a habit for consumers. If the Spaniards were a little more reticent before, especially because of the hassle that receipts entailed and in some cases because of a purely sentimental issue, nowadays, with the proliferation of banking on-line The processes have been greatly simplified and it no longer requires any additional effort to move your savings to another financial institution.
This new context has generated greater competition between banks that has materialized in the constant launch of promotions to attract new customers. One of the ‘hooks’ that most seduces consumers is receiving money in your checking account as a gift. The amounts usually start at 250 euros gross, but can even exceed 700.
“These are exclusive promotions for new customers, if you are already a customer of that entity you cannot take advantage of the offer,” says the Organization of Consumers and Users (OCU)which explains that “lPromotional gifts are usually subject to a minimum retention period and compliance with certain requirements” and that “the bank can change the conditions of the account at any timeas long as you inform at least two months in advance”.
In this way, each bank requires the conditions it considers in order to benefit from their promotions, such as payroll direct debit and some receipts or permanence in the entity for a certain time, normally between 12 and 48 months.
Therefore, they explain from the financial comparator HelpMyCash“is important that you read the small print of each promotion and check if you can meet the requirements that the bank demands of you”, as well as “also assess if it is worth meeting them and they are not too demanding”.
The problem arises when you stop meeting the requirements that you have previously accepted: “When you sign the contract for a payroll account with a gift, you accept a series of specific conditions that you must comply with during a specific period of time. If, for example, you commit to your entity to maintain a certain average balance or to direct deposit a payroll of a minimum amount and then you do not do so, You will have to assume a penalty that will depend on what is stated in the contract. It may be, for example, that you have to refund the full amount of the gift received.”
From the financial comparator they advise taking advantage of banking offers to attract clients, “but without committing to stays of more than two years“, since it is “likely that new promotions from banks emerge that suit you even more.” Also, remember that gifts of money are taxed “at 19% of personal income tax” and that “some banks pay it” and “others deduct it from the gift.” It also recommends checking whether the amount announced by the entity in the entity is gross or net.
Five accounts with conditions to make money
–Account on-line from Santander. This entity gives you up to 400 euros if you bring a payroll of at least 2,500 euros to the bank. For amounts less than but greater than 600 euros, the bank offers 300 euros. In addition, you must direct debit two monthly receipts. The permanence is 24 months.
-Account on-line from BBVA. It returns new customers up to 760 euros the first year by meeting a series of conditions, such as maintaining a payroll of at least 800 euros, sending bizums, paying with a credit card and direct debiting electricity, gas and telephone bills. It has no permanence but if one month you do not meet the requirements, that month you will not receive the corresponding bonus.
-Account on-line from Banco Sabadell. Give away 400 euros to new clients who deposit and maintain a payroll of at least 1,000 euros with associated Bizum for a minimum of 12 months. In addition, it pays 2% APR on all balances up to a maximum of 20,000 euros. The permanence is 12 months.
-Ibercaja’s Vamos account. This current account has no maintenance fees if certain conditions are met, such as the direct debit of a recurring income of more than 600 euros or regular receipts, and offers a remuneration of up to 840 euros in two years if you keep at least 12,000 euros in the account.
-ING payroll account. Offer a gift of 400 euros if a payroll is debited of at least 700 euros per month and remains a minimum of 12 months. It also requires maintaining bizum associated with the account.
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