Getting more for savings is not easy, because banks do not always adapt to the individual needs of each customer. That is why the Openbank savings account is an alternative to get a return on all that money that has been stored in a piggy bank without enjoying any kind of profit. The best thing? This is a commission-free account.
It is true that with inflation money gradually loses value and this is noticeable in the purchases that are made daily.
In the end, saving money makes no sense if you don’t have an Openbank savings account, since this doesn’t grow and therefore depreciates over time. To avoid this, it is good to know what features and conditions the Openbank savings account has.
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Features of the Openbank savings account
The Openbank savings account offers some advantages to its customers for all the features it has and that make it different from others. Below, we will expose some of the most important ones in a transparent way. Since there is no room for fine printing here.
It has no commissions or permanence
This is one of the most relevant features to start with and is that the Openbank savings account has no fees or permanence. Both maintenance and administration and closure of the account itself are free of charge and do not involve any additional outlay of money. Likewise, at any time, customers can withdraw it without any penalty.
Every month, the savings account amounts
Among the advantages of the Openbank savings account is the return it offers monthly. Interest will not be paid quarterly or annually, but at the end of the month. During the first year, the percentage will be 1% APR and TIN. But, starting from the second year this changes.
If the customer domiciles his payroll or pension of at least € 600 per month, or three monthly or bimonthly receipts, he will receive 0.20% APR and TIN. In the event that this does not happen, the percentage will be reduced to 0.05% APR and TIN. Despite this, the Openbank savings account will generate a certain return, although this, in this second case, is small compared to the previous one.
There is no minimum amount
The Openbank savings account has the advantage that from the first euro, the customer is already starting to enjoy the interest from which he can benefit. However, although there is no minimum opening amount, there is a maximum: you cannot exceed €100 000. This is worth keeping in mind to know how far you can pour money and then get some return for it.
What are the conditions of the Openbank savings account?
To enjoy all the features displayed on the Openbank savings account, you must meet a number of conditions. Otherwise, it will not be feasible to be able to access this return option offered by this savings account. Some of these conditions are as follows:
- For new customers only: Openbank savings account can be purchased by those users who have never had another account with this bank. For this reason, it is called a “savings account”.
- You must take out the Open current account: it will not be possible to access the Openbank savings account without opening a second account: the Open account. It doesn’t even have commissions, even though its yield is 0%.
It is not often to find a savings account that offers such high interest during the first year and from this. Therefore, the Openbank savings account is an option to not pay commissions and get a return on the money you are saving for a trip, unexpected events, buying a house, etc. Similarly, since the second account has no fees, the benefits continue to grow.
This Openbank savings account can be purchased via the internet, and with it, customers receive an Open Debit debit card when they open that second mandatory account, the checking account, for recruitment. For the first holder it is completely free and with it you can easily make withdrawals of money in any Openbank ATM whenever you need it.