Bankinter reaches 5.2 billion euros in money collected from its payroll account

In the first ten months of this year alone, the bank has collected one billion euros with this product and increased total portfolio volume by 30% in a year.

The bank still provides 5% APR on this type of account during the first year and up to 2% APR thereafter.

At the end of October, Bankinter managed to reach an amount of almost 5.2 billion euros collected through its payroll account. This indicates that the cumulative amount of this portfolio grew 30% compared with the 4 billion euros it had at the end of October 2015. This account saw its highest level of growth throughout this fiscal year, as evidenced by the fact that, in the first ten months (from January to October) it made one million euros in new customer balances.

This product offers account holders attractive returns maintained by Bankinter with 5% APR during the first year and up to 2% APR thereafter, an interest rate that is considerably higher than the current market rate. As for the yield amount, the maximum interest-earning balance remains set at 5,000 euros, with interest paid every six months.

On top of these returns, customers who open a payroll account also have several advantages. For example, this account has no maintenance fees. Also, thanks to agreements Bankinter has entered into with several financial institutions, customers can take money out free of charge at more than 8,000 ATMs throughout Spain. Moreover, customers get a free credit card, on-line money transfers at no additional cost and free subscription to the home assistance service.

To access these payroll account benefits, customers must bring in their payroll or monthly income in excess of 1,000 euros. They must also set up monthly bill payment (or directly debit three bills in three months) along with an activated card (meaning customers must make a purchase one a month or three in three months).

In addition to this offer, Bankinter offers the ‘non-payroll account’, designed specifically for self-employed workers or those who do not have a fixed monthly income. This account has the same terms and conditions and advantages as the payroll account. In order to open it, customers only have to directly debit bills to it (at least 10 bills charged every three months) and use a free credit card with annual spending of at 3,000 euros.

Bankinter is committed to this type of account in order to encourage and increase new customer acquisition with long-term prospects, which it has managed to do since it launched this product in 2012.