Are all payment accounts the same?
03/07/2025
When we say that we have opened an account, we usually refer to a payment account, where we usually receive our income and from where we make our payments and direct debits. Until relatively recently, payment accounts were a fairly standardized product from one entity to another. But can we say the same thing today?
In this post we want to explain the different payment account options that financial institutions make available to their customers. In addition, the addition of new players (EDEsAbre en ventana nueva, EPsAbre en ventana nueva and neobanksAbre en ventana nueva) to the financial system has pushed banks to diversify their offer; Therefore, it is advisable that we pay more attention when contracting, since products called “accounts” may not offer some of the cash services that we usually expect from a current account. In this environment, as customers, we have to be aware of the different types of payment accounts available, analyze their characteristics and decide which one suits our needs or interests.
This varied offer allows an easier response to the needs of each client or group; institutions are in the process of adapting to the various profiles of their customers, new services and growing technological possibilities.
The diversity of accounts offered by the entities can refer both to the mode of contracting (face-to-face or online), as well as to the disposition regime (joint or joint), the condition of the participants (holders or authorized), the type of services associated with the account (direct debits, making transfers, issuing linked cards ...), the access requirements (commercial conditions), remuneration and commissions, etc.
In order to be able to properly compare the offer between entities, the EU requires that the terms and conditions be provided through the Commission Information Report. It also requires that every year we receive, in the month of January, a summary of the status of our accounts.
When searching for your ‘ideal’ account, you may encounter different business names such as ‘online account’, ‘autonomous account’, ‘company account’, ‘digital account’, ‘welcome account’, ‘young account’, ‘green account’ or the regulated ‘basic payment account’Abre en ventana nueva. Therefore, choose responsibly the product that best suits you after weighing the services it offers, the commissions it charges, the holders you can include, the ways to dispose of your money, the interest rate, etc., according to your profile, your needs and your interests.
And remember that if you are not happy with your current account or it does not fit your current needs, the move mechanism facilitates the change to another account.Abre en ventana nueva
“Disclaimer: Please note that this is a translation of the original in Spanish that has been obtained using eTranslation (the machine translation tool provided by the European Commission), with the intention of giving you a basic idea of the content in English until a human translation becomes available. The Banco de España accepts no liability whatsoever in connection with this translation.”
