The rise in prices complicates the business of the more than three million freelancers who work in Spain, which is why, now more than ever, it is important to have a bank account that minimizes the impact of inflation as much as possible. The Organization of Consumers and Users (OCU) has analyzed different accounts that can help you in your day to day, and has collected a series of tips to choose the one that best suits your business.
The experts point out that the self-employed who seek to change banks should look for these characteristics in their new account: free transfers, access to financing programs and health insurance for their employees under more advantageous conditions than for other clients, the possibility of direct debiting bills, cards of credit and debit without commission of maintenance, use of dataphone and the payment of the lists to the employees.
However, if you do not have employees or specific needs, the OCU believes that it is best to opt for a current account for individuals.
If, on the other hand, the self-employed person needs to cover more needs, the organization advises hiring an account that remunerates the balances or returns part of the receipts, so that they can at least compensate for possible expenses.
An OCU recommendation is the Bankinter Professional Account, which rewards you with 5% APR during the first year and 2% during the second, for the first 5,000 euros you have in your account. In addition, it is free if you enter 800 euros per month, pay three bills per quarter and activate the Combo card.
Another option recommended by OCU are accounts managed exclusively through online applications, without requirements and completely free, such as Revolut Business Plan Free from Revolut. That is the basic package, and it includes, among other things, access for different employees, free payments to individuals and an application to accept payments on your website. In addition, you can extend it by paying 25 euros per month or 100 euros per month to include free foreign and national payments and other advantages.
What expenses will we have to bear?
Experts recall that the requirements for a self-employed person to open an account are set by each entity, but there are some that are common to most of them, especially to get rid of the account maintenance costs that, if not met, can mean more than 200 euros per year.
Some of these requirements are direct debit payments (employee payroll, Social Security contributions…), maintain a minimum balance in the account or have regular income (the figure varies between 1,500 euros for the Professional Business Account of Ibercaja or the less than 200,000 euros on average that BBVA asks for the gratuity of its account).
They also usually ask you to make a minimum number of movements with your debit or credit card (the Santander account requires you to make 6 payments per quarter with a card, both Unicaja and Kutxabank require 1,200 euros per year of spending).
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