Of course, having no-fee accounts is a key objective for bank customers. This allows them to save on a whole range of fees and expenses related to account management and maintenance. According to calculations by national consumer organizations, this can result in an average savings of €100 per year . As a basic banking product, this tool is practically indispensable for customers interacting with their financial institution. And there are accounts of all types and kinds: for young people, the self-employed, or those over 65.
Currently, banks offer such a wide range of products that virtually every institution has one of these features. However, to benefit from these conditions, you may need to meet certain requirements, which almost always involve customer loyalty. In any case, one of your goals is to identify this banking product so you can subscribe to it now. This will help you maximize your savings with this banking tool.
These zero-fee accounts are a standard product, offering no significant differences compared to other types of accounts. They even offer the same interest rate, which is negligible in any case. This is due to the reduction in interest rates driven by the European Central Bank (ECB), which has led to an average annual interest rate of around 0,1% . This is one of the lowest levels in recent years, making it an unsuitable instrument for generating returns on savings.
Accounts without commissions: what are they like?
These savings accounts are essentially characterized by offering the same features as all other bank accounts, without exception. From the most common transactions, such as transfers, direct debits for household bills, or applying for any type of credit or debit card, to access to the main savings products, such as fixed-term deposits. In this sense, it is a completely standard savings account.
On the other hand, they generally generate a return on savings that does not exceed 0,1%, for the balance of the interest-bearing account. However, the International Monetary Fund (IMF) warns of the risks of this monetary strategy, recently explaining that "periods of low interest rates lead to the temptation to take on more risk than is appropriate." In any case, this could be another incentive to open such accounts from now on.
Strategies to eliminate them
In any case, there are always systems in place to ensure these accounts are free of fees and management and maintenance costs. From this perspective, you have several strategies to eliminate the expenses associated with this type of account. One of the most common is opening an online account . These are all free of fees and other charges. Furthermore, they allow you to slightly increase your interest rate, by a few tenths of a percentage point, compared to other savings options.
They have the advantage that you can easily set them up from home or anywhere else, using your personal computer or other technology. All banks offer one of these accounts, allowing you to maintain your existing bank relationship more easily and without any upfront costs. They offer all the benefits of these banking products and have less stringent requirements for opening an account.
Domicile payroll or other income
If you link your salary, pension, or other regular income to a payroll account, you'll also achieve the coveted goal of saving on all the associated management fees. Indeed, all these types of accounts include this banking service, along with other potentially very useful features. For example, you can open a fixed-term deposit with a nominal annual return of up to 5% —an interest rate you simply can't find with the conventional deposits currently offered by banks.
On the other hand, this special strategy allows you to access a range of banking benefits and services that are very useful to you. For example, you can obtain free credit or debit cards , make national transfers without any fees, or even access preferential credit terms. However, some banks require greater customer loyalty by requiring you to set up direct debits for your main household bills (water, electricity, or gas, among others). But in return, you'll receive very advantageous terms for you and your family.
Provide a profile as a good customer
There's no doubt that being an excellent bank customer has its advantages, and one of the most important is that from that moment on, you won't have to pay a single euro for the management and maintenance of your personal accounts. This way, you can boost your savings every year. While it won't be a substantial amount, it will at least be enough to treat yourself to a small reward for your contributions to your bank accounts. All you'll need to do is negotiate with your usual bank so that from then on, you won't be charged any fees for the accounts you open.
On the other hand, you shouldn't underestimate the fact that being a good bank customer not only exempts you from paying current account fees, but also grants you preferential treatment when contracting other banking products. These include lines of credit, insurance, and pension plans, among others. This is a strategy you can employ if you have a very high balance in your account, no outstanding debts with the bank, and a very good relationship with them. Not all customers can meet these criteria, but if this is your case, congratulations, because you'll reap many benefits from now on.
Offers by banks
Since bank accounts are one of the most common financial products, it's no surprise that a large part of the banking sector launches a series of offers related to them. The common denominator in all of these offers is the elimination of fees and other expenses related to their management and maintenance. Simply visit the websites of financial institutions to see how they offer accounts with these features. These accounts are designed using different strategies to suit your specific needs as a user.
These accounts are designed exclusively for new customers and offer advantages that can be very beneficial to your needs. You simply need to identify the model that best suits your trading style. Each account is different, with subtle differences that set it apart from the competition. It's a very diverse product with many features that may be of interest to you at any given time, beyond the services it offers.
High-paying accounts
These types of accounts are also designed with no fees. But with the added advantage of offering higher returns than other accounts, providing an average annual interest rate above 1% . While they may impose some requirements, such as maintaining a fairly high balance or subscribing to other banking products (pension plans, investment funds, or savings programs), it's one of the easiest ways to ensure your account doesn't cost you a single euro from now on.
As you've seen, eliminating fees on your checking account isn't overly complicated. On the contrary, you have several ways to achieve this, based on different business models . Simply choose the one you prefer and start saving a few euros on account management fees. And most importantly, you won't have to give up any of the services or features you're used to using.
You cannot forget that this is a strategy that banks have been using as a formula to attract or retain customers. Where the main beneficiary is yourself since at the end of each year you will have more money in your savings account. Whatever the account model you hire or the format of it. Not surprisingly, it is a model that is aimed at all social segments, from the young to the oldest. Without exclusions of any kind so that you can carry out all operations from this banking tool.