Spanish banks offer incentives for investment fund transfers

Spanish financial institutions are intensifying competition to attract investment funds by offering cash bonuses for transfers from competing banks. This practice, typically reserved for year-end pension plan campaigns, is becoming more prevalent in the investment fund sector as banks seek to counteract signs of weakening inflows and recent redemptions.

Bankinter has launched a campaign to mark its asset manager's 40th anniversary, offering a 1% cash bonus on the net volume of funds transferred from other entities. The offer requires a minimum investment of 5,000 euros, a two-year holding period, and is capped at 30,000 euros per client through November 30.

Other participating entities include Self Bank, which offers a 1% reward on incoming funds or cash (excluding ETFs) up to 5,000 euros per account, and BBVA, which provides up to a 2% gross bonus for transfers of funds outside its group. BBVA's offer is limited to specific products, requires a three-year holding period, and is capped at 20,000 euros per participant.