Bankinter creates new business line for young people, with various age-based finance options

The line targets three particular groups: customers’ minor children, university students between the ages of 18 and 24 and, lastly, young professionals under the age of 35.

The bank has opened a space on its website and app with finance options designed for each age range, including savings and investment products, loans, payment methods and discount programmes.

Bankinter has created ‘bk’, a new business line offering thorough financial services to young people, with special opportunities for three particular age groups to save, obtain financing and invest. All products can be found on a special space –the ‘bk’ space– on the bank’s website and app.

The first group this initiative targets is the children of the bank’s customers under 18 years of age. For them, Bankinter has created ‘bk mini’, a service with straightforward options for parents to plan out their children’s savings, meet their initial financial needs and instil in their little ones basic banking concepts and frugal spending.

This youngest group of customers can select products like the ‘bk mini’ account (with no fees and a free debit card) and savings plans so that their parents may start to plan their future financially. Furthermore, Bankinter is providing parents and children alike with a financial literacy game called ‘Money Town’, designed to teach basic concepts about saving and budgeting.

Young adults can also choose a ‘bk youth’ account, with various items for two separate groups: university students aged between 18 and 24 and young professionals under the age of 35 who are starting (or have already started) their professional careers. The bank is offering all of them a selection of simple products to help them save and invest without the extra hassle, plus additional advantages all at the touch of a mobile screen. This is an opportunity for young people looking to get more out of basic financial services offered by neo-banks, which Bankinter expects will grow its current base of young, medium-to-medium-high profile customers.

University students can access the ‘bk youth’ account, which has no fees and comes with a free credit card. Those who want to invest easily and get a potentially greater return from investment funds can opt for the ‘Plan 5%’, which pays 5% interest on contributions made to any investment fund in the first year and 2% interest during the second year on fund’s cumulative balance, up to the amount of €1,000, with a minimum 50-euro contribution required. 

University students are also offered the ‘bk discount’ programme, with major advantages on top brands that involve direct discounts or are stored in an online piggy bank.

Lastly, for young people just starting out on their professional career and in need of funds, Bankinter has created the ‘bk payroll’ account, a no-fee account that pays similar interest as Bankinter’s current Payroll account: 5% AER during the first year and 2% during the second, up to a maximum amount of 3,000 euros. The requirements for this account are: monthly deposits of over 500 euros and three transactions per quarter with the linked card. This account provides customers with a Combo card (two cards in one: end-of-month credit and deferred payment).

Other advantages for young professionals with a ‘bk payroll’ account include easy investment with the bank’s online investment fund manager, Popcoin. This fully online fund manager will allow them to invest in investment funds that fit their goals and investor profiles. They can also take advantage of the ‘bk discounts’ programme.

For both university students and young people starting their careers or who have been working for a few years, the Bankinter app will be their main communication channel with the bank. They do not need to do any formalities in person.

Bankinter will soon expand its selection of products and services for these three customer groups.

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