cash for new registrations

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The strategy is not new, but the way of carrying it out is. Traditional banks have been offering gifts to new customers in their recruitment campaigns for decades, but now, instead of giving them crockery or televisions, they directly give them cold, hard cash. The same strategy with which fintech such as Bnext or N26 began to add users in our country when we were still not very clear about what a neobank was.

What are you offering? At the time, neobanks such as Bnext or N26 offered between 5 and 10 euros to new registrations recommended by another user, a figure similar to that given to the already customer who had recommended it. Banks, on the other hand, are offering different amounts directly for signing up, without intermediaries, and some also include interest on the amount deposited in the account.

That yes, most of them include a series of requirements to be able to receive the amount of money announced, from direct debiting a payroll to the obligation to keep an account open in the entity for a certain time, through direct debiting receipts or making a minimum number purchases with the card per month or quarter. The only requirement to receive the money in the fintech was to have been recommended by another user.

When money? It depends on the bank, there are those that offer from 40 euros to others that reach 300 euros. The higher the amount, the more requirements there are to obtain it, and most of them are associated with opening 100% digital accounts. Abanca, for example, offers 300 euros to new customers who create a digital account as long as they direct deposit a salary of at least 1,200 euros per month, register in the entity’s online correspondence service and keep it open for at least 24 months.

Other entities do not reach the amount offered by Abanca and, in addition, some charge different commissions, such as maintenance (which the Galician bank does not do), such as Cajamar (200 euros), BBVA (150 euros gross), Unibox (150 euros) or Santander Bank (100 euros), among others. As a curiosity, the Sabadell Bank offers only 50 euros, but gives 1% interest for 12 months on the amount deposited in the account.

Why? The reason that banking entities have begun to carry out this type of promotion, in many cases discarding their typical welcome gifts, is simple: they work, and, above all, they work among the young population, as the fintech companies have shown. A group in which traditional banking is especially interested, as evidenced by its many digital banking initiatives and promotions such as these, which in some cases are aimed exclusively at those under 30 years of age (BBVA and Openbank).

dangers. Despite the attractiveness of the promotions, as in contracting any other banking product, it is necessary to pay close attention to the small print, since in many of the proposals of the aforementioned entities, certain services or commissions are charged that can make the money that deliver a poisoned gift.

Image | Markus Spike

The strategy is not new, but the way of carrying it out is. Traditional banks have been offering gifts to…

The strategy is not new, but the way of carrying it out is. Traditional banks have been offering gifts to…

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