Hi everyone, I’ve seen a lot of friends on the forum asking about opening bank accounts and dealing with fees, especially the dreaded account maintenance fees. When I first arrived in Spain, I made my share of mistakes and paid a lot of unnecessary fees, so I wanted to share some of my experiences and research, like what to do in case of a bank account freeze, hoping it can help you all out!
Why is my bank charging a maintenance fee?
Simply put, this fee is a service charge for the bank to maintain your account. In the past, many banks waived this fee to attract customers, but with the current economic climate, banks are looking for ways to generate more revenue. Typically, for a standard current account, you could be charged tens or even hundreds of euros per year in maintenance fees if you don’t meet certain conditions. It might not seem like a huge amount, but it adds up to a significant expense over the year.
How to get maintenance fees waived?
There’s no such thing as a free lunch. For a bank to offer you a free account, they usually want you to have a deeper relationship with them. Generally, most traditional banks require one of the following to waive the fees:
- Direct deposit of your salary: This is the most common method. As long as you have a regular salary deposited into your account each month, many banks will waive the fee.
- Direct deposit of a pension or unemployment benefits: Similar to a salary, having stable government benefits deposited also works.
- Purchasing bank products: Such as investment funds or insurance. This has a high barrier to entry and isn’t suitable for most people.
- Youth accounts: Most banks offer free accounts for young people, usually under 25 or 30, but they will start charging fees once you exceed the age limit.
- Online banks: This is my top recommendation! It’s also a good idea to understand the Spanish deposit insurance system for peace of mind.
Bank Recommendations & Personal Experience
After all that theory, which bank should you choose? Here’s a simple table comparing a few banks I’m familiar with, .
| Bank Name | Key Condition for Fee Waiver | Pros | Cons |
|---|
| BBVA | Online account is free | Great app, many branches | High fees for standard offline accounts |
| Santander | Direct deposit of salary + meeting other spending conditions | Globally recognized, extensive branch network | Complicated waiver conditions, easy to get charged |
| CaixaBank | Direct deposit of salary + card spending requirements | Numerous ATMs, wide service coverage | Formerly Bankia, service is average, fees can be unclear |
| ING | Payroll Account or deposit €700/month into a No-Payroll Account | Good service, completely free of maintenance fees | Very few physical branches |
| Openbank | Completely free | Santander’s online bank, totally free | Online-only, issues handled via phone/web |
Personally, I use the BBVA online account as my main account. The setup and all operations are done online, I’ve never been charged a single cent in maintenance fees, and the app experience is top-notch. I also opened an Openbank account as a backup, which is also completely free and useful for managing [deposit limits]. For those who have just arrived in Spain and don’t have a stable salary yet, I highly recommend prioritizing these online banks that have no strings attached. I hope my sharing helps, and feel free to add the bank you’re using and your experience!
