Updated Friday, October 1, 2021 – 12:00
Next November, the merger of CaixaBank and Bankia will be completed, which will cause a change in the conditions of the absorbed entity’s clients who, in many cases, will be forced to pay commissions. Among the most affected, the holders of the ON Account.
In order not to pay fees, new conditions will have to be met.
The merger of Bankia and CaixaBank is nearing completion. On November 12, the technological integration of both entities will take place. Thereafter, the conditions of the accounts and cards of the former customers of the absorbed entity will change.
The holders of Bankia’s ON Account will be among the most affected by the merger, explain the experts of the financial product comparator HelpMyCash.com, since until now they did not have to meet any connection requirement to not pay commissions, only to maintain a digital profile. However, when the merge is complete, they could pay up to 276 euros per year in commissions.
CaixaBank has chosen to eliminate the ON Account from its catalog and some of its holders have been informed that they will become part of the Da to Da program, which means that, to continue operating for free, will have to linkand, in addition, give up your debit card and replace it with a credit card. If they do not, they will go from paying zero euros per year to paying up to 240 euros per year for the maintenance of the account plus another 36 euros for the debit card. In total, up to 276 euros a year.
In order not to pay the account fee, it will be necessary domicile a salary of 600 euros or more, a pension of at least 300 euros or have a balance greater than 20,000 euros in investment products such as plans, savings insurance or funds. And, in addition, meet an extra requirement: make three purchases each quarter with a credit card or direct three receipts a quarter. In this way, the account, as well as the basic associated services will be free (transfers, credit card, etc.). In addition, the holders of the ON Account will have to cancel their debit card, whose fee will no longer be discounted, and replace it with the MyCard, which is free and allows you to pay both in installments and two days without interest.
Five accounts without commissions or links
But what happens to the former holders of the ON Account who cannot assume the CaixaBank connection requirements or who simply do not want to? There are alternatives. “There is a wide range of banks without commissions and without mandatory linkage, which allow you to carry out the basic operations for free, send money through Bizum, pay with your mobile and have a debit card without annual fees“, say sources from the comparator HelpMyCash.” Some accounts can even be opened with two holders and each one receive their own debit card at no cost, “they add.
The truth is that even the bank of Catalan origin offers a product of this style. The Imagin checking account, CaixaBank’s mobile banking, does not have a mandatory link or maintenance fees nor does it charge for the debit card, although unlike the ON Account can only be managed through the app of the mobile and supports a single headline. Clients who do not want to join the Day to Day program can open a picture account and close the current one.
Outside of CaixaBank, the options are multiplying. The Clara account of Abanca is another alternative for those who do not want ties, since It does not require domiciling the payroll or meeting other linkage requirements. It is a digital account contractable over the Internet designed for customers who carry out their usual operations through the website, the app or the bank’s ATMs. It has no maintenance fees, neither for issuing SEPA transfers nor for the associated debit card and can be opened with two holders. The entity allows you to withdraw money for free at all its ATMs and, outside of Galicia, five times a month at those of Bankia, Banco Sabadell, Bankinter, Caja de Arquitectos, Caja de Ingenieros and the Euro 6000 network. Also, those under 35 years of age They can also withdraw cash free of charge five times a month abroad.
Another option is the Open Bank Current Account, which does not have a mandatory link nor does it charge commissions for basic services, including the debit card. Your headlines can withdraw money for free at the more than 7,000 ATMs that Santander has in Spain and, in addition, enjoy discounts on purchases when paying with a card. It admits up to five co-holders, but only the first one to receive a free debit card (additional cards cost 18 euros per year).
BBVA also markets an account with no commissions and no link. This is the Online Account, which already has more than 700,000 clients of the blue bank. Its T aimed only at new customers that they hire it through the entity’s website or app and it has no maintenance costs or the associated debit card with which you can withdraw money for free at the bank’s more than 6,000 ATMs. If it is opened with two cardholders, each one will receive a card at no cost.
Another digital alternative is the recently released Santander Online Account, very similar to that of BBVA. It also does not have commissions for the basic operation or for the debit card and does not require any kind of connection, although can only be hired by new clients from the bank. Its holders can withdraw free money from all the ATMs that Santander has in the world.
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