There is no doubt that under the current circumstances, Linking the payroll (or pension) in your bank can open many doors for you, more than you think. On the one hand, providing you with better interest on your savings, in any of its products. But on the other hand, lowering the interest rates that apply to the main sources of financing that you are going to demand (credits, mortgages, guarantees, etc.). It also affects your relationship with the entity, in the form of a series of advantages and benefits, which you would not otherwise get.
This banking operation is one of the most valued by entities, without a doubt, and that is why new offers and promotions are launched with some regularity to clients who direct the income derived from their work. Not in vain, They try to capture their savings, and for this they do not hesitate to offer them the best proposals, which cover all kinds of benefits and advantages. Some of them certainly original, and even innovative.
A very interesting aspect to assess this banking service resides in what is the minimum amount that these labor invoices must contribute. In the current offer, there is no unanimity regarding their proposals. Since although some banks require an average income from 600 euros, in others the requirements are higher, as they demand it for a value of around 2.500 euros. As the amount is higher, the advantages increase, as is logical to understand.
What do banks offer?
The considerations to reward you for this link are of various nature, with great differences in the proposals developed by the banks. They even compete with each other, to see who offers you more for the direct debit of these regular income. Their strategies are based on saving you commissions, but also on improve the contracting conditions of its main banking products (credits, time deposits, insurance, cards ...).
You don't have to have a lot of seniority in the company, but rather contribute your income. It's that simple, don't break your head. From this scenario, the possibilities of improving your banking positions will increase notably, and even more than you imagine. As many as products are enabled by financial institutions. Until you reach the key point of this commercial strategy, which is when you ask yourself about which products you can benefit from, and in what intensity.
First: better performing tanks
If there is a banking product from which you can benefit from this commercial strategy, that is none other than term deposits. Currently under minimum returns as a result of the decision of the European issuing bank to lower the price of money. And that has led them to offer you between 0,25% and 0,60% approximately for their hiring. Nevertheless, if you link your payroll to the bank, things will change, if not radically, at least to substantially improve its performance up to 2%. Even in the most aggressive proposals, such as the one developed by Bankinter, to reach 5%.
Although in return, it will be under a much more limited period of stay, which generally does not exceed 6 months. And affecting a section of savings, which in the best of cases, does not exceed 10.000 euros, and never for all of your savings. Without the possibility of renewing it when it expires. However, it is still a very specific proposal that is only reduced to a few banks that have decided to implement this system to link their customers.
Second: elimination of commissions
A good part of the proposals that banks have been making are based on eliminating all the commissions and administrative expenses of their products (accounts, cards, etc.), but also of their main operations (transfers, bank notes, transfers, etc.) . This well-defined business strategy it will help you to contain the expenses derived from your relationship with the banks every year, improving the liquidity of your personal accounts.
It is the main claim to convince you of the usefulness of direct debiting your payroll or other regular income from your work. For this they do not skimp on enhancing this measure with other additional ones so that the acceptance of these proposals is irresistible.
Third: obtaining preferential credits
There is also no shortage of proposals, in which by directing this income, you allow access to the main sources of financing with better conditions in their hiring. Mainly through preferential credits, which are enabled under more competitive interest rates, and that you have at your disposal at any time. Without having to approve your application, simply because you have them awarded in advance for the mere fact of directing your income.
Payroll advances are another alternative that you can get if you have a liquidity problem in your checking account. They anticipate the value of one or more payrolls, with a maximum that can reach between 5.000 and 10.000 euros, depending on the model and the bank in charge of offering you the answer.
And the most interesting thing in any case, without any interest or commissions being applied to you. You will only have to return it in the required terms, which range with a maximum of between 10 and 12 months, depending on the offer. Being able to perform the operation as many times as you want, without limitations.
Fourth: free cards
One of the most common strategies to retain loyalty through your payroll will be based on providing you cards completely free of charge, both in its credit and debit formats, indistinctly. And that in their most aggressive offers they even raise the benefits by removing all the expenses that use entails. As a consequence of this measure, you will now eliminate all issuance, maintenance and renewal fees.
The money that you will save with this operation will not be much, but it will be enough to pay for a small whim that you could not even face. And in any case, you will keep the plastic under the usual conditions in its contracting: interest rates, lines of credit or maximum disposition in ATMs.
Fifth: access to other banking products
Some banks go further, and even offer you the possibility that you can contract other products (pension plans, insurance or savings accounts) under commercial margins that are more beneficial for your interests. And that will help you to complement the savings generated through the previous offers that they offer you to domicile the labor wage. In specific cases, on the other hand, they enable you to you can have overdrafts in your checking account without any kind of penalty. With a maximum for the total value of your income.
Ten tips to direct your payroll
You will certainly have plenty of offers from banks to direct your income, and you do not know with total certainty which one to choose, you will even be invaded by many doubts in the process. There are so many strategies that they use, that sometimes they make it very difficult for you to make this decision. Not in vain, it is an operation that should be considered, and not to subscribe the first offer that comes to your house, not even the second.
To avoid any anticipation, or that you do not take the correct measure, it will not hurt to attend to a series of tips that will surely help you to shape your answer in a more objective way. It will be enough for you to meticulously analyze the offers, and see their advantages, but also their disadvantages.. And once all the information of the proposals has been assimilated, hire the best account in which this direct debit is included. Take it easy, and don't try to close the deal in a few days, as it may harm your interests.
- Focus on the greatest needs you have in your relationship with the bank, and attend the proposals that are centered on them. It will be the best way to optimize the direct debit of your payroll in the face of so many offers that will reach you.
- Surely there will be some banking operations where your expenses are higher, and that you can eliminate it if you formalize the product according to this need you have.
- You should not prioritize the choice through high-paying deposits. The reason is very simple, they are only generated on very limited amounts and terms, which are probably not worth it. Not surprisingly, the returns will be rather scarce.
- Try to find additional benefits that improve your account throughout the year, and always based on your real needs as a banking client, and not through services that you are not going to use.
- Take advantage of the dynamism of the banking sector, which are continually launching offers for you to direct this income, even with increasingly competitive and aggressive proposals that can help you choose the best proposal.
- Probably a small detail in your contracting conditions will be very useful, to the detriment of others that are not profitable for your profile as a user. To achieve this, you must read the fine print of the contract.
- Do not try to get great advantages, but your basic strategy will be to improve your relations with the bank through your most common operations.
- The broader your income, the greater the benefits that the bank grants you for this direct link.
- You may not know, that if you analyze the offer carefully, you can come to the conclusion that you can also obtain certain advantages in your relationships with consumption, mainly through discounts on your purchases through your cards.
- And finally, remember that Even if you are a mileurista, you will not be separated from the offers made by banks, although with fewer proposals, and also more limited.