Having a bank account is a fundamental need for our daily life today. Accounts can be of different types (payroll, checks and savings accounts) and it is important to understand their differences in order to choose the account that best suits our needs. For example, of the financial products available, the Openbank Salary Account has multiple advantages and can be opened easily and quickly, and there are no administration, maintenance and cancellation costs(1). But if you want to learn more about how payroll accounts work and what benefits they offer, read on and we’ll tell you everything you need to know.
First of all, you need to know what a bank account is: whether it is payroll or checking accounts,
it is always a financial product that It allows us to save our money, but also to have it whenever we want.
Why do you need an account? Well, for many of those tasks that are already part of our routine, such as domiciliating house or school receipts, making transfers, or entering our payroll.
Going into the details of payroll,
It allows for basic operations as it involves checking accounts which are characterized by any benefit or improvement due to payroll being domiciled. The difference is that they have to deposit a certain amount every month, what the salary or pension would be. In return, they offer a range of benefits to customers, for example eliminating management fees, free credit cards or all kinds of prizes.
In addition, these accounts are a product covered by the Deposit Guarantee Fund, which means that, in the hypothetical event that the bank goes bankrupt, you can always recover up to EUR 100,000 per entity and per holder.
If you decide to have your salary deposited at a bank, you usually get better conditions. Let’s take a closer look at the most common:
– As we said,
You don’t get the same commissions as checking accountsIn addition, the commission from the debit or credit card is usually included, while this is not always the case with other types of accounts.
– In some cases,
you will be able to receive compensation for the receipts that are debited to the account. For example, you can receive 0.5% of the direct debit invoices for electricity, gas, telephone, mobile and internet on the Openbank Salary Account with a minimum amount of 0.5%. Or even if it is the Welcome Salary Savings Account, if you meet the conditions, you can become profitable with your payroll.
– This gives you access to exclusive promotions and discounts in supermarkets or clothing, among others.
–
You get privileged access to various financial products credit, savings or insurance. And of course you can ask your questions at any time through the bank’s various service channels.
–
You can withdraw your money normally through the most common channels: bank agents, various ATM networks and the channels of each bank. Of course, the maximum amount of the withdrawal depends on the entity and the amount you have.
– Through a payroll administration
you will be able to make different types of tradessuch as paying bills automatically, making digital payments via PSE, making transfers, mobile reloading or receiving deposits for other concepts.
So if you have a constant monthly income, the payroll account is definitely the best option to get additional benefits.
Please note that the requirements for opening a payroll account may vary from bank to bank. These are some of the requirements that are usually needed:
– Be of age
– Be in possession of a valid DNI or NIE and also have a residential address in Spain to receive communication from the bank and the card. If you want to open an account with a passport, you will most likely have to do it in person at a branch.
– Have a mobile device to manage your account online. By using your mobile today, you can carry out all your procedures in an easier and more secure way: the bank sends the codes you need to sign your transactions directly to your device.
As you have read so far, a payroll service is an excellent option to manage money smartly and at the same time get different kinds of benefits in return.
Commercial break
(1) 0% TIN and 0% APR.
Representative example of remuneration with a constant balance of €10,000 during the first year at 0% annualized nominal interest (0% APR), gross remuneration of €0 per annum.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
