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[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 5 sources · 20 days · First seen · Last updated

Spanish banking sector competition and promotional shifts

Overview

The Spanish banking sector is experiencing shifts in competitive strategies regarding fees and savings offers. Initially, Openbank, a digital arm of Santander Group, moved to lower costs by reducing brokerage commissions for stocks and ETFs to a flat fee of 1 euro and eliminating custody fees. This move contrasted with traditional institutions like BBVA, Santander, CaixaBank, and Sabadell, which maintain significant annual account maintenance fees.

By late September, the market saw a transition in promotional offers. Several banks, including Bankinter, ING Naranja, and Openbank, prepared to end specific welcome deposit and payroll account promotions. In response, ING extended its 3% TAE deposit offer for new customers through the end of the year and increased investment limits for existing customers. Meanwhile, Bankinter indicated a strategic shift toward long-term customer retention, reporting a 95% retention rate among new clients.

Entities

Openbank · Revolut · Santander Group · Banco Sabadell · Gloria Ortiz

Timeline

  1. [BUSINESS] 3 sources
    Spanish banking sector sees shifting savings offers and retention strategies

    Major Spanish banking promotions from Bankinter, ING, and Openbank are expiring, while ING extends certain deposit offers and Bankinter reports high customer retention rates.

  2. [BUSINESS] 2 sources
    Openbank reduces brokerage fees to 1 euro amid Spanish banking competition

    Openbank has slashed its brokerage fees to 1 euro and removed custody charges, while major Spanish banks like BBVA and CaixaBank maintain high account maintenance fees for non-compliant customers.

Sources

euribor.com.es · expansion.com · finect.com · merca2.es · tucapital.es