Bankinter: new payroll accounts captured in first seven months of this year up 50% on same period last year.

In the first seven months of the year, the Bank captured 42,000 new payroll account customers.

Bankinter offers a payroll account with no commissions, paying 5% EAPR in the first year and 2% in the second year, with interest paid semi-annually.

In the first seven months of 2014 Bankinter captured nearly 42,000 new payroll accounts, 50% more than in the same period last year.

With this financial product's high uptake, the Bank anticipates ending the year with 75,000 new payroll accounts.

According to Ignacio Lozano, Director of Retail Banking and Remote Networks for Bankinter, these positive figures are the result of a combination of factors: "This product is not really comparable with those of the competition, in that it opts for remuneration, as opposed to the traditional strategy of gifts for opening payroll accounts. Another important factor is that Bankinter is positively perceived in the market as a solvent and reliable bank. And lastly, the greater productivity of our marketing networks, especially the online ones, helped by a successful advertising campaign."

Bankinter offers new customers a payroll account with no commissions, with the highest return in the market: 5% EAPR for the first year and 2% for the second year, with interest paid semi-annually. The maximum balance eligible for remuneration is €5,000. In order to qualify for this remuneration it is necessary to open a payroll account with the Bank for a salary of more than €1,000 a month and set up direct debits for at least one bill a month or three per quarter.

The Bankinter payroll account has other added benefits. Among other things, there is no maintenance commission, nor are there any commissions or charges for paying by cheque or making domestic transfers online. The credit card associated with the account is likewise free of charge for as long as the customer keeps his or her salary directly deposited with the Bank.

Bankinter also offers preferential financing to customers of this product, with the possibility of an advance against salary for up to a maximum of one month's net salary, with a limit of €6,000 granted in the form of an overdraft which is regularised every month.

As Ignacio Lozano concludes: "the advantages and the inherent characteristics of this product are enabling us to capture customers with closer ties to the Bank and who are more likely to stay with us, as well as to grow in the segments that the Bank considers strategic."