Simplifying all your accounts into one, increasing the connection required of customers to get rid of paying commissions (which go up) and eliminating the bonus of customer balances. The group has launched a new commercial strategy, which it is already communicating by letter to its clients, since it comes into force on June 24, and which includes the simplification of the catalog with the elimination of the Avanza Account, Expansión Plus, My Family Account and Experience Account to reorder them all in a single product: Sabadell Account.
This new account tightens the connection requirements for customers if they want to enjoy paying zero commissions, so that users with less connection with the bank will pay 60 euros per quarter or, what is the same, 240 euros per year. Under this criterion, three quarters of the bank’s three million customer base will continue to pay no commissions or pay less, while 25%, some 750,000 users, will be affected by this increase in demands and therefore in rates. to pay Sources close to the entity assure that they trust that the client base will not suffer from these new conditions.
On the other hand, with the elimination of the Expansión Plus Account, the bank abolishes the only product that remunerated customer balances, a 2.7% APR up to a maximum of 10,000 euros. With this change, only Bankinter remains among the traditional entities that subsidize balances.
In order for clients of the new Sabadell Account to benefit from not paying commissions, they must meet one of the following four requirements. The first is to be the holder of investment funds, pension plans, insured pension plans or social welfare plans with an average monthly balance of more than 25,000 euros. The second is to have a financing product (mortgage, consumer credit, car rental) and insurance. The third is to have three free or combined insurances marketed by the bank and the fourth is that the account holders are under 30 years of age. In the absence of any of these requirements, the bank will charge partial commissions to customers, unless they do not comply with any and have to assume the 240 euros per year.
In addition to the Sabadell Account, the entity is also launching the Sabadell Premium Account, for private banking clients and free of commissions. The rest of the bank’s offer (Basic Payment Account, Relationship Account/Managed Account, First Account and Key Account) remains unchanged.
Free online account
Banco Sabadell has a free alternative for those users who avoid paying commissions, although the ‘but’ is that only new customers can register. The group that does not charge commissions for maintenance, nor for the issuance and maintenance of a debit card (credit yes, although subject to conditions). The bank, which , plans to increase the pace of growth thanks to this digital account.
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