Bankinter launches a pension plan campaign during tax season, with up to 3.25% in cash back for transferred plans

Bankinter has initiated a new pension plan and ‘EPSV’ (voluntary social security funds in the Basque Country) campaign, which will run until the end of July. The campaign rewards customers with cash if they transfer their pension plans from other financial institutions.

With this summer campaign, Bankinter aims to ‘de-seasonalise’ a product that usually peaks in sales during the final months of the year, by giving incentives for regular contributions throughout the year.  The fact that this campaign also coincides with tax season will help highlight the tax advantages of this product.

For instance, for transferred pension plans of more than 60,000 euros, customers will receive a cash deposit for 3.25% of the transferred amount (before tax), capped at 5,000 euros per customer.

For transferred of between 1,000 and 60,000 euros, the cash reward will amount to 2%, or 3% for customers who simultaneously subscribe to regular contributions of 100 euros per month.

Furthermore, customers who transfer between 8,000 and 60,000 euros and use the amount to subscribe to a delegated investment portfolio will get 3% in cash rewards.

Lastly, those who already have their pension plans with Bankinter may also take part in this campaign by contributing more than 3,000 euros before 31 July to receive 50 euros back in cash (before taxes).

All cash rewards will be deposited in customers’ accounts on 31 August 2018. Bankinter has stipulated a minimum commitment period of 5 years. During this period, if customers redeem or transfer their pension plans, they must bear the penalty of returning the amount of cash reward.