To choose the most convenient bank account, it is essential to consider various aspects. Among them are commissions, commitment periods, and the incentives offered. It is crucial to carefully analyze the conditions of each account to avoid hidden costs and unexpected commitments.
The Bank of Spain advises verifying whether the banking promotions involve tax withholdings and whether the money received is credited in gross or net amounts. Additionally, some financial products impose penalties in case of early cancellation, so it is critical to read the fine print carefully before committing.
It is also important to consider the minimum or maximum amounts required by the institution, as well as possible charges for maintenance, administration, or transfers. Regarding taxation, bank incentives may be subject to a 19% tax for amounts up to 6,000 euros, as they are included in the taxable base of savings in the personal income tax (IRPF).
Some promotions require the direct deposit of payroll or other recurring income, as well as a greater link with the bank, such as the direct debit of bills or the periodic use of cards. Therefore, it is essential to compare different options before deciding on a particular bank account.
