Sabadell redoubles its commitment to deposits and will reward those who open an account for the first time at the bank with a remuneration of 1% APR of their savings for one year for balances of up to 30,000 euros. The campaign is carried out through its ‘Online Account’, which can be contracted completely digitally and which was offering 100 euros in cash to new users who will now be able to triple that amount if they make the most of the promotion.
The offer, which is initially launched and is valid for those who sign up until July 31, is unique in the market as it is halfway between remuneration for savings that, at the moment, only some foreign banks offer and prizes for payroll collection.
The product that would be most similar would be the 5% APR in the Bankinter catalog for 12 months for customers who direct deposit their income and for remunerable balances of up to 5,000 euros (in the following 12 months savings are also discounted, although the APR drops to 2% ).
Recruitment campaigns with cash payment are more common. Sabadell itself replaces, in fact, with 1% APR a previous offer of 100 euros to contract the account, in line with the 100 euros that BBVA, Santander and Cajamar also pay, although the latter require taking the income to the bank (Abanca has the greatest offer here, with 300 euros, provided that the payroll exceeds 1,200 euros per month).
Unlike these proposals, Sabadell does not require direct debiting of income or receipts or related products and is exempt from expenses. Therefore, it does not charge administration or maintenance fees, in addition to providing a free credit card. But it focuses on a customer profile that, if they have account balances of up to 30,000 euros, offers the potential to make the relationship profitable in the future with the subscription of other products and it is easy for them to need options to, for example, invest their savings. .
In fact, the entity’s strategy pivots on the ambition of strengthening the relationship with its customers. In order to promote bonding , last May it replaced precisely its old catalog of accounts with individuals for a ‘Sabadell Account’ that discourages the little or no relationship with the collection of 60 euros per quarter or, what is the same, 240 per year, to users with low contracts.
Despite the conditions, the bank detailed at the time that three quarters of its base of three million clients would continue without paying commissions or will pay less thanks to a link that it sought to encourage in the rest. The reformulation of its offer meant removing the ‘Expansión Plus Account’ from the catalog at that time, the only product that remunerated customers’ sight balances, with 2.7% APR up to 10,000 euros.
The new offer recovers this proposal in some way, although with the sole goal of attracting customers and also affects its commitment to promoting digitization, one of the great vectors of its 2021-2023 strategic plan. The bank has proposed, in fact, to capture 200,000 users a year through digital channels and it was precisely this effort that motivated the previous offer of giving away 100 euros to those who became customers for the first time through their online account.
Capture 200,000 customers a year
For the time being, listed banks, with the exception of Bankinter, had remained on the sidelines of remuneration on deposits and accounts and rule out that these offers will become generalized in shop windows until the deposit facility rises to at least 1 .5-2%. They do not need to raise funds since they have the billions in emergency liquidity supplied by the European Central Bank (ECB) to guarantee credit during the pandemic and they anticipate they will wait for income and profitability to improve before recovering deposits.
To find offers like this, you have to look more towards digital banking, highlighting Openbank and MyInvestor with the best remuneration (see graph) or foreign entities such as Deutsche Bank (offers between 0.15 and 0.60% in term deposits between 12 and 24 months), EBN (0.70%), Pibank (0.50%) or Renault Bank (1.40%). In the European banks that offer their products on the Raisin platform , there are also deposits for, for example, two years with returns between 0.50% of the Belgian CKV and 1.66% of the Italian Banca Progetto.
However, there is always room for tactical bets like that of Sabadell and it is not ruled out that offers are anticipated if a large entity launches proposals.