Orange Bank brings out the artillery in retail banking

Orange Bank has just launched its product offering in Spain consisting of a current account, a debit card and a savings account at 1% APR. The French entity has presented its concept of mobile banking, which for the moment will only be available to customers who are holders of an Orange mobile line. If the new bank has opened the week’s agenda, Black Friday will close it. The bank has already filled its windows with offers to celebrate Black Friday, ranging from gifts for opening a current account to discounts of up to 50% on the interest rate of their loans. The comparator of financial products HelpMyCash.com tells us all the news of recent days.

Banks

Orange Bank has just opened its doors in Spain, although at the moment it is only available to customers who have a mobile line contracted with the operator. The institution offers a package consisting of a current account with no maintenance fees and no SEPA transfer charges, a savings account at 1% APR with monthly interest settlement (maximum interest-bearing balance of 20,000 euros) and a debit card with no issue or renewal fees, with which money can be withdrawn up to three times a month for free at any ATM in the eurozone, including Spain. The card can be paired with Apple Pay. The bank has also announced that it will soon launch pre-programmed loans. On the other hand, the online bank rewards new customers who open an account with a 30 euro discount on their next Orange mobile bill after making their first card payment. The promotional campaign will run until 31 December. The Spanish branch of Orange Bank, a French institution launched two years ago, is supervised by the Bank of Spain and covered by the French Deposit Guarantee Fund, which, like the Spanish one, guarantees the reimbursement of up to 100,000 euros per holder in the event that the institution goes bankrupt.

Accounts

The first thousand new customers to open an account at Openbank will receive a gift of 40 euros. To get the bonus, it is necessary to open an Open Current Account without commissions between November 25 and December 9, register with the promotional code OPENBANK40 and deposit at least 300 euros. The promotion does not imply any commitment of permanence. Openbank’s current account is free, allows transfers to be made free of charge and is accompanied by a debit card with no annual fees with which free money can be withdrawn at any Banco Santander ATM located in Spain.

Cajamar follows in the footsteps of Banco Santander, BBVA and Sabadell and raises the maintenance fee for its current accounts from 60 to 80 euros a year for customers who are not linked. To avoid the commission, the institution proposes migrating to one of its two star products: the 360 Account or the Different Account.

MyInvestor, for its part, has launched a debit card and a credit card available to holders of its account remunerated at 1% APR. Both products are free of charge and include travel accident insurance with cover of up to 120,000 euros. Both credit and debit cards allow you to withdraw money once a month for free at any ATM in the world; however, if the customer has a mortgage taken out at the bank or more than 3,000 euros in investment products, the number of free cash withdrawals per month rises to four.

Credits

Week of novelties on the occasion of Black Friday. Kutxabank and Cajasur have launched an interest-free loan of between 300 and 3,000 euros, nicknamed Minikredit, which can be contracted until 2 December. The repayment term is between 3 and 10 months and has a management fee of 3%, which means that the minimum APR is 6.90% despite being interest-free. The loan is only available to customers who have a pre-approved Cash loan and can be taken out on the Internet, at a cashpoint machine, by telephone or in an office.

Banco Santander has also focused its offer for Black Friday on pre-loans. The bank launched a loan at 3.95% TIN that can be contracted through digital channels between 25 November and 2 December. The interest rate offered during these days represents a discount of between 20% and 50% on the usual price and can be accessed by about two and a half million customers whose risk profile is better than the average, the institution reported. In addition, Santander has included a guarantee system whereby customers can renounce the credit if they sign another one with better conditions within 14 days of taking out the contract. In this case, the bank will not charge interest or fees.

Unicaja will promote its Univía Loan during Black Friday with a discount of up to 20%. Once again, this is a pre-approved loan available on the Internet at no additional cost.

Abanca has jumped to the sale of non-financial products with the launch of Tu sitio de compras, a portal where you can buy everything from computers and tablets to smartphones, televisions or vacuum cleaners. Products can be purchased with any credit, debit or prepaid card, regardless of the bank. However, customers who pay for their purchases with an Abanca credit card will be able to finance the products without interest or fees (0% APR).

Mortgages

BBVA has raised the interest rate on its fixed mortgage: from 1.05% to 1.20% over 15 years, from 1.25% to 1.40% over 20 years, from 1.40% to 1.55% over 25 years and from 1.55% to 1.70% over 30 years. This loan is maintained without opening fees or early repayment and with the same requirements to achieve the minimum rate (paycheck direct deposit and sign a home and life insurance).

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