Banco Sabadell goes for payrolls: online account at 2% with no commissions
Banco Sabadell today announced the launch of its new `Cuenta Online Sabadell`, a competitive, differential proposal adapted to the new economic environment with which it focuses on strengthening its weight and linkage with the private individual segment.
This product, which can be opened from 27 October, is a current account with no fees and no conditions, which pays an annual interest rate of 2% (up to 20,000 euros balance), reimburses 3% of electricity and gas bills with no limit on the amount, and includes free debit and credit cards.
All conditions will be maintained indefinitely, and customers will have unlimited access to the bank’s network of branches and ATMs.
The CEO of Banco Sabadell, César González-Bueno, said: “We are very excited about this account, which is another example of the radical evolution of the bank in the last two years. It is a differential product because it remunerates daily balances, and we are convinced that this will help us to become the main bank for thousands of people. In Spain there are 37 million people with current accounts.
Current account
For his part, the director of Retail Banking, Jorge Rodríguez Maroto, stressed that “this is a current account that pays interest on balances on demand, without the need to set aside savings in other products, and we therefore believe that it benefits and facilitates the day-to-day life of both those who can and want to save and those who can’t”.
This product has been designed in response to the preferences of consumers, who in numerous analyses carried out by the bank have explained that the attributes they want in a current account are that it does not impose conditions or fees and that it has remuneration with no time limit.
As a result of all this, Banco Sabadell has launched this differential product, which does not require savings to be set aside in order to make them profitable, which is not a one-off campaign with a time limit, which remunerates balances on demand and which does not require any other product, such as salary or insurance, in order to access its advantages.
Radical transformation of Banco Sabadell
This new proposal from Banco Sabadell for individuals comes after having undertaken a profound transformation of its business over the last two years, based largely on the development of its digital capabilities and its commercial power, while maintaining its leadership in the corporate segment.
The bank is now able to offer its customers all the facilities of a direct bank, together with the capabilities and advantages of a traditional bank, with its extensive network of branches, ATMs and specialist managers.
In this period of transformation, the bank has launched exclusively digital customer registration and has introduced web and app contracting of the most popular financial products. At the same time, it has substantially improved the quality of service provided in its branches, with the improvement of day-to-day operational processes and, above all, with the creation of teams of managers specialised in arranging mortgages, insurance and savings and investment products.
Digital profile
With all these changes and the launch of the new strategy, the bank has set itself the objective of being the main bank for more customers, a goal it hopes to achieve by increasing its user base with a more digital profile, given that this segment has the most dynamic behaviour in the market and consumes the most financial products. Proof of this is that in Spain up to five million new accounts are opened every year and more than half of them are opened digitally.
Banco Sabadell wants to play a leading role in this dynamism. At present, 55% of its customer registrations and 46% of its card purchases are made through digital channels, while 75% of consumer credit sales take place through remote channels. These figures have grown substantially in the last two years and the bank intends to accelerate this growth in the coming years.
