Of course, accounts without commissions is one of the objectives of bank users. So that in this way, a whole range of commissions and expenses are saved in its management and maintenance. To the extent that according to a calculation made by national consumer organizations, it can be save an average of 100 euros per year. As it is a basic banking product, it is practically impossible to do without this tool that customers have to interact with their financial institution. Although there are all types and nature: for young people, self-employed or over 65 years.
At the moment, the offer of banks is so wide that practically all entities have a product of these characteristics. Although it may be that to benefit from these conditions you have to meet a number of requirements that almost always go through customer loyalty. In any case, one of your purposes is to identify this banking product so that you can subscribe it from now on. For the savings that you generate from this banking tool is greater than before.
The accounts are commissions, they are a normal product, it does not contemplate appreciable differences with respect to the other class of models. They even have the same remuneration and that in any case is really invaluable. As a consequence of the reduction in the price of money that has been promoted by the European Central Bank (ECB) and that has led to its average annual interest being around 0,1%. One of the lowest levels in recent years and that has led to not being an adequate instrument to make savings profitable.
Accounts without commissions: what are they like?
Well, these kinds of savings accounts are basically characterized by the fact that they provide the same benefits than in all kinds of bank accounts, without exceptions. From the most common operations, such as transfers, direct debits of domestic receipts or contracting any kind of credit or debit cards to having access to the main products intended for savings, as in the specific case of term deposits. In this sense, it is a completely normal savings account.
On the other hand, they generally generate a yield to savings that does not exceed 0,1% levels. For the balance of the account that was remunerated. However, from the International Monetary Fund (IMF) they warn of the risk of this monetary strategy. Explaining recently that "periods of low interest rates lead to the temptation to take more risks than they should." In any case, it can be another incentive to hire them from now on.
Strategies to eliminate them
In any case, you always have systems that so that these accounts are exempt from commissions and expenses in their management and maintenance. From this perspective, you have before yourself a series of strategies to remove the expenses generated by an account of these characteristics. One of the most frequent materializes through the hiring an online account. All of them are free of commissions and other kinds of expenses. In addition, they allow you to slightly increase your remuneration, by a few tenths of a percentage compared to other savings models.
They have the advantage that you can formalize them comfortably from your home or other place. From the personal computer or other technological tool. In all banking entities they include one of these accounts in their offer. So that you can relate to your usual bank with greater facilities and without having to assume any disbursement from the beginning. Because they maintain all the advantages that these banking products entail and there are greater demands on their subscription.
Domicile payroll or other income
If you link the payroll, pension or other regular income to the so-called payroll accounts, you will also achieve this desired objective, which is to save all the expenses that arise from their management. Because in effect, all these formats in the accounts have this banking service incorporated. In addition, other benefits that can be very useful. As for example, the contracting of an installment tax with a nominal annual return of up to 5%. An interest that you cannot find through conventional deposits marketed by banks at this precise moment.
On the other hand, this kind of special strategy enables you to access a series of benefits and banking benefits that are very useful for your interests. As for example, obtaining credit or debit cards For free, making national transfers are no disbursement or even access to some form of credit on a preferential basis. However, some entities require greater loyalty by demanding that you pay the main domestic bills (water, electricity or gas, among the most relevant). But in exchange for very advantageous conditions for you and yours.
Provide a profile as a good customer
There is no doubt that being an excellent bank client has its advantages and one of the most important is that from that moment on you will not have to pay a single euro for the management and maintenance of your personal accounts. In this way, you can boost savings every year. Although it is true that not in a considerable way, at least to pay for a small whim with a prize for this contribution that you present to your bank accounts. Where you will only have to negotiate it with your usual bank so that from that moment you will not be charged for open accounts.
On the other hand, it is not convenient for you to undervalue the fact that being a good customer of a bank allows you, not only to exempt you from the payment of commissions on current accounts. But you will also have preferential treatment when contracting other banking products. Among them the lines of credit, insurance or pension plans, among some of the most relevant. This is a strategy that you can use if you have a very high balance In your account, you have no debts with the entity and your relationships are very fluid. Not all users can provide these features, but if this is your case, congratulations, because you will get a lot of benefits from now on.
Offers by banks
As accounts is one of the most common products, it is not surprising that a large part of the banking sector launches a series of offers regarding this product. Where the common denominator in all of them is that commissions and other expenses in their management and maintenance are eliminated. You just have to go to the web pages that financial institutions have to check that you have an account with these characteristics. Even if made under different strategies that can be adapted to the profile you present as a user.
It is a class of accounts that are intended exclusively to new clients and that have advantages that can be very beneficial for your interests. You just have to detect the model that best suits you to operate from this format. Because each of the accounts are different since there is always a small difference that distinguishes it from the competition. Not surprisingly, it is a very plural product that has many resources so that it can interest you at a certain time. Beyond the services it offers you.
High-paying accounts
This class of accounts are also designed with exemption in commissions. But with the added advantage that it has a highest pay than in the rest. Because they offer you a annual and average interest above 1%. Although they may impose some other requirements on you, such as maintaining a fairly demanding account balance or subscribing to other banking products (pension plans, investment funds or savings programs). In any case, it is one of the simplest ways you have at the moment so that your account does not cost you a single euro from now on.
As you have seen, the elimination of commissions in your checking account is not an excessively complicated task to formalize. But on the contrary you have different ways to reach this goal, starting from different business approaches. You just have to choose the one you like the most and from that moment save a few euros in management fees. And most importantly, without having to give up any service or provision that you are used to operating.
You cannot forget that this is a strategy that banks have been using as a formula to attract or retain customers. Where the main beneficiary is yourself since at the end of each year you will have more money in your savings account. Whatever the account model you hire or the format of it. Not surprisingly, it is a model that is aimed at all social segments, from the young to the oldest. Without exclusions of any kind so that you can carry out all operations from this banking tool.