Today we carry out so many processes (transfers, payments, direct debits and deposits, among others), that an account of this type is essential, since it allows us to do all this easily and conveniently. Salary accounts have come a long way and have expanded their offer and variety given the market demand and the varied preferences of consumers.
Common features of salary accounts
- A salary account requires a minimum initial income to start enjoying its benefits. Others also establish a maximum remunerated balance.
- You will be given a free associated credit or debit card, and in general, you will be able to withdraw cash from ATMs at no cost.
- They have a very low fee system, especially for maintenance and administration, but also for transfers, issuance fees and card renewal.
- Some pay interest for the money you have in the account.
- They may come with other associated advantages: interest-free salary advances; interest-free online transfers; insurance policies, mortgages and personal loans with favourable conditions; small loans at 0%, discounts for various industries...
- There are (few) that have permanence.
The most suitable salary account
As we have said, this type of account is a highly demanded product, so banks offer many varieties. To choose the one that is best able to satisfy our needs, a good practice would be to analyse them in a comparison, and specifically look at some points directly related to the features we have just seen.
To choose the perfect option for you, take a look at the nominal interest rate and whether the APR will vary or be fixed for the life of the account; you also need to check whether you will be charged maintenance or management fees; fees per item (whether you will be charged for every transaction you make); or for overdrafts. You also need to look at interest payments; and at other possible added services.
It will be an even more beneficial account if it offers a discount on bills that are paid by direct debit; if it requires no minimum balance; if it allows access to its services with the least possible expenses; if it requires a continuity commitment; and if it offers free cards.