Spanish banking sector sees shifting savings offers and retention strategies

Several major banking promotions in the Spanish market are reaching their expiration dates. As of September 30, 2026, Bankinter is concluding its payroll account offer of 5% TAE, while ING Naranja and Openbank are also ending their respective welcome deposit and remunerated account promotions.

In response to market conditions, ING has extended its 3% TAE deposit offer for new customers until December 31, 2026, with a maximum limit of €50,000. Additionally, ING has increased the maximum investment limit for existing customers adding new funds to €250,000 for a 4-month term at 3% TAE, a promotion valid until October 31, 2026.

Separately, Bankinter CEO Gloria Ortiz highlighted the bank's focus on long-term customer retention rather than short-term savings acquisition. Ortiz noted that the bank maintains a 95% retention rate among newly acquired customers, emphasizing value propositions over high-interest competition. Bankinter has recently grown its client base to 1.5 million in Spain, bolstered by digital growth and the absorption of Evo.