Spanish Banks Launch Salary Race: Who Pays What for Switching Accounts. Spanish banks are offering record bonuses for transferring salaries or pensions. BBVA, Santander, Bankinter, and Deutsche Bank are competing for new customers by promising cash rewards, higher interest rates, and free services. The terms of these promotions vary significantly.
BBVA, Santander, Bankinter and Deutsche Bank have drastically intensified the competition for new clients, offering substantial bonuses for transferring salaries or pensions. For many Spaniards, changing banks is not only a matter of convenience, but also a way to gain real financial benefit.
BBVA stands out with the largest amount: new clients can receive up to €1,200 per year if they open a no-fee online account with the promo code PLAN1200 by June 8. For using the card, paying bills, and transferring a salary or pension of at least €800, the bank awards up to €600, and if you maintain a balance of €20,000, the amount doubles. Notably, there is no mandatory “freezing” of funds: if in a given month the conditions are not met, the bonus simply is not credited and there are no penalties.
Santander has different terms: transferring a salary of at least €800 to a no-fee online account can bring up to €840 over two years. The bonus consists of three parts: €360 for the salary itself, €240 for regular transfers via Bizum, and another €240 for paying two bills each month.
Profitability and Bonuses
Bankinter focuses on profitability. Its no-fee account offers 5% per annum in the first year and 2% in the second—up to a maximum of €10,000. Over two years, this can yield up to €680. To participate, you need to transfer a salary of at least €800, pay three bills per quarter, and make three card purchases in that same period. The card is free.
There is also an alternative: an account for new clients with an annual yield of 2.5% on amounts up to €100,000, with no requirement to transfer a salary. Bankinter guarantees the rate until the end of 2026.
Maximum bonus
Deutsche Bank offers the largest potential benefit — up to €2,740 per year. To get this, you need to transfer a salary or pension of at least €2,000 to a Más DB account with no fees. You can receive up to €500 in cash per year, and balances from €10,000 to €150,000 earn 1.5% interest annually. Cards are free, cash withdrawals are available at any ATM worldwide with no fee, and payments in other currencies are free of additional charges.
What to pay attention to
Before switching banks, it is important to carefully review the terms: minimum salary or pension amount, requirements for regular payments, mandatory Bizum transfers or card purchases, as well as possible fees for account maintenance and cards. As noted by HelpMyCash.com experts, the bonus is not the only criterion: it is essential that the account meets the client's real needs.
According to Talent24h, competition among banks for payroll clients in Spain is intensifying, and promotional conditions are becoming increasingly varied. For many, this is an opportunity not only to receive a one-time bonus, but also to choose a more advantageous and convenient bank for the long term.
