The Spanish banks are strongly betting on gifts to attract new customers. Currently, at least 15 entities offer incentives, normally aimed at those who open an account for the first time or direct deposit their salary.
According to a report from the financial comparison site HelpMyCash, these ‘prizes’ range from cash income to gifts such as platform subscriptions, festival tickets, or consoles. In some cases, promotions reach high figures: at least eight entities currently give 500 euros or more.
BBVA and ING launch new promotions
Among the offers, the one from BBVA stands out, which has increased the incentive for new customers who sign up for a commission-free Online Account up to 1,200 euros, the highest figure in the market. The entity offers up to 100 euros for using a card, up to 100 euros for direct debiting bills, and up to an additional 400 euros for depositing a salary or pension exceeding 800 euros, totaling up to 600 euros. Furthermore, customers who maintain a balance of 20,000 euros during the first year can double the incentive obtained, allowing them to reach up to an additional 600 euros.
Also ING has recently launched a new promotion: new customers who contract a Payroll Account and an Orange Account, receive a recurring income of at least 700 euros per month for 12 months and activate Bizum can obtain an incentive of 400 euros.
“The Spanish banks have turned gifts into one of their best calling cards to attract customers”, explain from HelpMyCash.
Incentives of up to 900 euros
The report also includes other notable promotions. Deutsche Bank, Abanca and Globalcaja offer up to 500 euros, while Kutxabank delivers up to 600 euros and Cajamar reaches 750 euros. For its part, Banco Sabadell raises the figure to 780 euros.
One of the highest offers after BBVA's is that of Unicaja. New customers who open their digital account can obtain up to 450 euros for direct depositing a salary or pension, up to 250 euros for maintaining a balance of 20,000 euros in the account, and up to an additional 200 euros for direct depositing bills. In total, the incentive can reach up to 900 euros.
Beyond the money
In the case of Kutxabank, in addition to offering up to 600 euros to those who direct deposit their salary or pension, it also gives away a ticket for the Bilbao BBK Live festival on July 11 to customers who sign up through the bank's application, contract an account and a card, and maintain them for one year.
The HelpMyCash report indicates that CaixaBank is one of the entities with the most gift options. The bank offers an annual subscription to Movistar+ for opening an online account, activating Bizum, and making three card payments before May 31, 2026.
Additionally, for direct depositing a salary, three bills and using the card three times per quarter, the entity delivers up to 250 euros or a coupon of up to 400 euros redeemable for a PlayStation 5 (825 GB digital version).
Beware of these promotions
This type of promotions from banks to attract customers are increasingly common and have caught the attention of the Bank of Spain, which, recently, urged consumers to evaluate “in detail and as a whole” the conditions of these promotions.
These offers, they highlight, not only aim to attract new clients but also to retain them, establishing a minimum permanence period that implies penalties for changing banks prematurely. The Bank of Spain emphasizes the importance of not deciding based solely on the economic offer, but on reviewing all aspects of the promotion, including possible commissions.
The banking supervisor emphasizes that offering a greater incentive does not guarantee that the offer is the best overall and suggests making sure to fully understand the conditions before committing. Furthermore, he/she reminds that entities must provide transparent and sufficient information about the requirements to take advantage of the offers and discourage unrealistic expectations from the start of the promotion.
In the event that promotions include gifts and they run out, it is the bank's duty to clearly explain the criteria used for their distribution. The Bank of Spain also emphasizes that banks must maintain the agreed conditions and, once the permanence period has ended, the client has the option to change entities without costs if they are not satisfied with the service.