Spain has a bank account base larger than the total population. The same goes for cards (between credit and debit cards). Our country is 98% banks, according to the World Bank. Therefore, the only way companies have to grow their customer lists is to steal them from each other. As? Try them with gifts.
Financial sources indicate that it is not possible to acquire customers without losing them to another competitor. Because of this, every company strives to take care of its users to prevent them from moving to another company. But at the same time, each entity is also busy flooding the market with offers to snare the disgruntled.
Who doesn’t have notebooks, calendars, pans, dishes, or even a TV that they bought because their bank gave them to them? Decades ago, this was the formula for getting a client to open an account or sign up for a retirement plan. Now that’s different as user demand has also changed, as remembered in the industry. At the moment, The catch of the banks is not to give away free products, but to give away money. Yes, cash deposited directly into the account.
“Banks have seen in recent years that traditional customer acquisition offerings are no longer working the way they used to. What the customer wants now is that They give him money to open an account and run the payroll; if he wants a TV, he’ll buy it with his money,” assert financial sources. And there are quite a few companies that give money to their new users for fulfilling certain requirements for two to three years; just as there are few differences between banks. Of course, these offerings are cyclical, meaning they are not typically maintained throughout the year, they come and go based on business strategy.
As a starting point, finding a profitable checking account is almost a miracle right now. Virtually all are 0% APR, the customer earns nothing for depositing their savings. This dynamic is broken by Bankinter: the company, managed by María Dolores Dancausa, does not give away cash like the others, but trusts fully in the attractiveness of its account, which in the first year is up to 5% (with limits) and up to 2% of the Second.
A distinguishing feature of the banks that give away money for opening the account and running the payroll and/or completing other products is the link. Businesses don’t want “parachutists” who just come by, take the money and walk away; that’s just the catch. To prevent this, the usual trend in these offers is the requires the user to sign an indefinite period of at least 12 or 24 months. And companies believe that being able to keep a customer that long is already an achievement, because in a year or two that user may be connected to the bank in a different way and become a lifetime customer like before.
Which banks offer a higher sum? First up is Abanca. The Galician unit there up to 300 euros for new users to open an account and manage their payroll. It is the most aggressive offer between the big banks and the medium at the moment. Cajamar appears behind her with a gift of 200 euros to debit the payroll, the fine print being bulkier in this case with more conditions. In third place comes Unicaja with a donation of 150 euros, which has just been extended until the end of the year.
Therefore, it’s not the biggest companies that run the most aggressive promotions. BBVA stays at 100 euros, as does Banco Santander. In the case of Caixabank, their offer of this type is no longer valid, but it was similar: contract products from their “My Home” promotion could receive one Gift card worth up to 500 euros.