Paid accounts is a banking product whose main objective is to promote savings among customers. It is a model that has been installed in the sector for a long time and that is conceived as a strategy so that they can operate with your financial institution. Practically all of you have a product with these characteristics, although providing its own identity. Paid accounts are currently present at BBVA, Banco Sabadell, Santander, Caixabank, Evobank and a long list of credit institutions that offer this savings format.
One of the purposes of paid accounts is that users can get a small return on their savings. So that little by little your capital increases from this banking product. However, their performance is currently at the lowest level in recent years. As a consequence of the policy of lowering the price of money that the European Central Bank (ECB) has carried out to get out of the economic crisis generated in 2017. To the point that the price of money today is worth absolutely nothing . Namely, is at 0% As a result, the attractiveness of paid accounts has declined considerably in recent years.
The remunerated accounts do not currently offer more than 0,1% as a result of this monetary strategy. Where only high-paying accounts are being able to exceed these low levels. Although in exchange for fulfilling a set of conditions, as you will be able to see below. In any case, they have not reached the levels of the first years of this century where you could perfectly formalize a savings account with an interest rate higher than 1%. Or even from the popular super accounts that generate the best return on user savings.
Accounts: how much do you offer?
Of course, paid accounts are no longer formed as an instrument to increase savings. If not, on the contrary, it is a banking vehicle that serves to maintain links with our bank. From where you can domicile household bills (gas, electricity, water, etc.), make a transfer or simply receive your payroll. On the other hand, from this type of bank account you will be able to contract another series of banking products, even for free. From traditional credit or debit cards to fixed-term deposits or different savings plans.
Paid accounts is currently a indispensable banking product, but that hardly brings you any kind of interest. At least until the current monetary policy is followed by the European regulatory body. But even so, paid accounts are not uniform but you can choose between different models that meet your profile as a bank user. Not surprisingly, this is one of the great contributions that paid accounts have been developing for some years. Beyond the services or benefits that it provides you at any time.
High-paying accounts
It is the most favorable savings format for your interests as a bank customer. Among other reasons because it is the product that gives you the most interest at the moment. Your performance can rise to about 1%, but complying with a series of basic requirements. One of the most common is that you will have no choice but to direct your payroll, pension or regular income to improve your profitability. In other cases, they will even require you to link other home receipts or even purchase insurance. The so-called high-remuneration accounts are based on this strategy.
The current offer of these accounts with these special characteristics has decreased in recent years. To the point of having a couple of very specific banking proposals. Where they can also impose a Minimum balance in the same that will be quite demanding. On the other hand, customer engagement is also present in your marketing. Through the contracting of other banking products (investment funds, pension plans or insurance). Well, as you bond more with your usual bank, the interest generated by this type of account will increase.
Interest below inflation
A characteristic of what are paid accounts is that they do not allow you to recover the price increase. Because they are below the cost of life. In this sense, it should be remembered that the Consumer Price Index (CPI) increased by 0,1% in March compared to the previous month and has already reached its highest level since last November, with 1,2, according to the latest data provided by the National Institute of Statistics (INE). This in practice means that paid accounts are not profitable from any point of view. Not surprisingly, you are losing money month after month as a result of this monetary trend.
If what you really want is to improve your equity balance, it will be much better if you turn to another banking product that is more profitable at the moment. Although you have to assume a greater risk in the exposure of your financial contributions. But from paid accounts you will not achieve this goal. For a balance of 50.000 euros you will only have a small reward of between 10 and 15 euros. To the point that you will wonder if it is really worth subscribing to this savings product. Or you need another class of banking vehicles to satisfy this demand that all Spanish savers have.
They are easy to hire
In spite of everything, these kinds of accounts have in their favor that they are very simple to formalize and do not require a deep knowledge of them. With various formats depending on the profile of users that you present at all times. Accounts for students, self-employed workers, retirees or civil servants are some of the most relevant that banks have at the moment. You can subscribe them from a single euro and their profitability will start to count from the beginning. Although as we have already told you in this article with an interest rate below historical lows.
Generally do not incorporate commissions nor other expenses in its management or maintenance. With which it will cost you nothing to hire it and you can also get credit or debit cards for free. On the other hand, paid accounts do not have any term of permanence. If not, on the contrary, you can cancel them at the time you consider it appropriate. This strategy is very frequent given the great plurality of proposals that credit institutions have been developing. Where it is quite normal to go from one paid account to another in a short space of time.
The danger of being in the red
In any case, paid accounts carry a danger and that is that you may be in an overdraft situation. Because in effect, this situation will generate serious penalties that could harm your personal interests. In this sense, the red numbers in the current account balance can lead you to pay more money than initially thought. Because you cannot forget that staying in the red can pay you dearly. Where for an overdraft of only a few euros for a few days you can end up leaving for more than 50 euros. There is a very easy to understand reason that explains it: the commissions are higher than the interests.
In any case, paid accounts offer you a mechanism to avoid these unpleasant situations. As for example, through the direct debit of your payroll. Some entities allow you to have an overdraft for the total value of your regular income. In this way, you will not have to pay any commission if you exceed these terms in the balance of your checking account. Bankinter, through its Payroll Account, enables you to choose this solution to your problems. Even with the alternative of hiring a fixed-term deposit with a profitability of up to 5%.
In any case, it is very convenient to have a paid account subscribed because it is a banking vehicle to access other kinds of financial products. And if you comply with the conditions of the contract, without the need for you to have any monetary outlay from now on. With the great advantage that you have a wide offer in this class of banking products. As on the other hand, it happens to you in other models offered by financial institutions.
Because to finish, you cannot function these days without an account of these characteristics. You will be able to get out of more than one trouble and they will even sue you from some sites to execute payment or credit operations. For example, to formalize the next income statement or receive unemployment subsidies, among some of the most relevant operations. In any case, if there is an essential product, that is undoubtedly the paid accounts. Although of course it will not rent you many euros as average interest. At least in these moments in which we are living.