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Only for the accounts
BASIC PAYMENT ACCOUNT1
A basic account for special situations.
This lets you carry out everyday banking operations like making deposits, ordering transfers, setting up direct debits, withdrawing cash and paying for purchases with a debit or prepaid card
Who can open a Basic Payment Account?
To open a basic payment account, you can't have an account at any other bank and you need to be:
- You can only use the basic payment account for personal transactions. It is not valid for business or professional transactions..
- To open a basic payment account you must be a new customer and not have an account at any other bank.
- The account holder must be in one of the following three situations:
- A resident of the European Union, even if you have no fixed abode.
- An asylum seeker.
- Someone who doesn't have a residence permit but is not liable to deportation for matters of law or fact.
- You don't need to subscribe to any other products or services to open a basic payment account.
What fees does the Basic Payment Account have?
- Basic payment account: (Regulated by Ministerial Order ECE/228/2019 of 28 February).
- Annual interest rate 0%
- Account maintenance fee of €3/month, which will lead to variations in the AER as a result of variations in the average balance of the account.
Here are two typical examples:
NIR 0%, AER -0.72% calculated for the example scenario for a daily balance of €5,000 kept for one year, without any interest payment and with a maintenance fee for the stated amount.
NIR 0%, AER -1.20% calculated for the example scenario for a daily balance of €3,000 kept for one year, without any interest payment and with a maintenance fee for the stated amount.
Plus
Which account is best for me?
Compare our accounts and find out which one is best for you, your job and your income.Not sure how our Salary Account yields interest?
You know the Salary Account is fee-free but you're not sure how it yields interest. We'll explain!Do you have a salary and wish to open a no fees account?
Open your fee-free Salary Account in 5 easy steps. And get up to €680 the first year!See Terms and conditions Terms and conditions
Terms and conditions
- Account remuneration: 0%. Nominal annual interest rate (-0.72% APR1).
- Maintenance fee: €3 per month. Free for people in vulnerable situations or at risk of financial exclusion.
Requirements
- The basic payment only enables common transactions within the personal environment; it is not valid for transactions in employment or professional contexts.
- To open a basic payment account, you must be a new customer with no account at any other bank.
- The account holder must be in one of the following three situations:
- A resident of the European Union, even if they have no fixed abode.
- An asylum seeker.
- A person without a residence permit who is not liable to deportation for legal or factual reasons.
See FAQs FAQs
Can I apply for a credit card?
Yes, but the bank will consider risk criteria when deciding whether to grant the card. If it is granted, it will have a maintenance fee.
Can it have more than one holder?
Yes, but all holders need to fulfil certain terms and conditions.
Can I turn a current account into a basic payment account?
No, one of the legal requirements to open a basic payment account is that you don’t have any other account in any credit institution.
If I am not a resident in Spain, can I open a basic payment account?
Yes, as long as you are a resident of the European Union.
Important information
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Show/Hide legal text1 Basic payment account: (Regulated by Ministerial Order ECE/228/2019 of 28 February). Nominal annual interest rate of 0%; maintenance fee of €3/month, which will lead to variations in the AER as a result of variations in the average balance of the account. Here are two typical: NIR 0%, AER -0.72% calculated for a hypothetical daily balance of €5,000 maintained for one year, with no interest payment and with a maintenance fee for the above amount. NIR 0%, AER -1.20% calculated for a hypothetical daily balance of €3,000 maintained for one year, with no interest payment and with a maintenance fee for the above amount. If you apply for this account you do not necessarily have to make use of other services.
You can open this account if:
- - You live in the European Union but have no fixed abode.
- - You are an asylum seeker.
- - You don't have a residence permit but are not at risk of deportation for legal or factual reasons.
In compliance with Royal Decree 164/2019, of 22 March, establishing a free regime of basic payment accounts for the benefit of people in vulnerable situations or at risk of financial exclusion. This will depend on the annual gross income of the family unit and with the limits of the public income indicator for multiple purposes (IPREM). You will be required to provide certain documents to prove your circumstances. The free regime fee will be maintained for two years from the date of recognition as long as your circumstances remain the same.
- See list of the typical services linked to a payment account
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Show/Hide legal textVersion also available in Catalan, Valencian, Basque and Galician.
- Basic Payment Account Fee Information Document
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Show/Hide legal textVersion also available in Catalan, Valencian, Basque and Galician.
- VIEW BASIC PAYMENT ACCOUNT PRE-CONTRACT FACTSHEET
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Show/Hide legal textVersion also available in Catalan, Valencian, Basque and Galician.
- See general terms and conditions for current accounts
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Show/Hide legal textVersion also available in Catalan, Valencian, Basque and Galician.