When you first arrive in Spain, everything from getting your residency card to setting up a mobile plan requires a bank account. But after visiting a few banks, I realized that things here are quite different from back home. Many accounts come with maintenance fees! If you’re not careful, you could be charged hundreds of euros a year—it feels like daylight robbery!
I was recently helping a friend who just moved here figure out which bank account to open, so I’ve compiled what I learned about the fees and waiver policies of several major banks. I’m sharing it here to help anyone else facing the same dilemma. Please note that this information is based on the banks’ official websites and policies can change, so always double-check with the bank staff when you open your account!
Overview of Major Banks’ Account Fees
I’ve focused on the banks most commonly used by students and young people: CaixaBank, BBVA, and Santander. They have numerous branches and user-friendly apps, making them very convenient. Of course, there are others like Sabadell and Bankinter, but their terms are generally similar.
Fee Waiver Conditions Compared
Banks want you to use more of their services or deposit your money with them. That’s why the conditions for waiving maintenance fees, like when opening an account with ABANCA, usually revolve around linking other products (‘vinculación’) or maintaining a certain transaction flow. Here’s a simplified table I’ve put together for a clearer comparison:
| Bank | Common Waiver Conditions | Youth Discounts |
|---|
| CaixaBank | Direct deposit of a monthly salary over €600; or a monthly pension over €300; or hold investment products worth over €20,000. | Youth accounts for those under 26 are usually fee-free. |
| BBVA | Direct deposit of a monthly salary over €800; or a monthly pension over €300; or hold investment products worth over €25,000. | Special youth accounts for those under 29, typically with no maintenance or card fees. |
| Santander | Direct deposit of a salary or regular income; set up direct debit for at least 3 bills; make at least 6 credit card purchases per year. | Fee waivers are available for people under 28 or 31; be sure to ask for details when opening an account. |
If you are a student under 26, you generally don’t have to worry. Just apply for a youth account, as most banks offer them for free. However, if you’re over that age and don’t have a stable salary to deposit, you need to be more careful. For freelancers or small business owners, it’s best to choose banks that don’t have strict salary deposit requirements, or opt for online-only digital banks like N26 or Revolut, which typically have no maintenance fees.
One last piece of advice: when opening an account, don’t just take the clerk’s word for it when they say ‘gratis’ (free). Always ask if it’s permanently free or for a limited time, and what conditions must be met to keep it free, which is also relevant for online banking in Spain. Many people enjoy a fee-free first year only to start getting charged in the second. Also, some banks will try to sell you various insurance products. If you don’t need them, be sure to firmly decline! I hope everyone finds the right bank and protects their hard-earned money!
