Before you deposit your money, the bank should give you the information you need to compare offers and make an informed decision. This information must be provided free of charge.

When you ask a bank about opening a deposit, it must explain the terms and conditions and provide information that is fair, clear and not misleading prior to your signing the agreement. This information must be given free of charge.

The pre-contractual information must contain, at least:

  • The term or duration of the agreement (with the applicable conditions in the event of automatic renewal).
  • All the fees or expenses the bank may charge, such as an early cancelation penalty.
  • The remuneration offered, and whether it is subject to taking out other services.
  • The APR (Annual Percentage Rate).
  • The Deposit Guarantee Fund to which the bank belongs, indicating, when other that provided by Royal Decree-Law 16/2011 (in Spanish)Abre en ventana nueva, its name (translated if necessary), address and website.

When you take out a time deposit you need to sign an agreement. The bank should give you a copy if you ask for it.

This agreement should set out:

  • The nominal interest rate.
  • The APR (Annual Percentage Rate).
  • The frequency and dates of interest accrual and settlement.
  • The way in which interest is paid.
  • Fees and expenses.
  • The term and rollover conditions, if applicable.
  • The bank´s rights and obligations concerning modification of interest rates.
  • The customer’s rights and obligations concerning deposit cancellation.  

Once the agreement has been signed, if the bank wants to change the conditions, it must inform you at least one month in advance. This information cannot simply be included with the settlement documents.

Find out more about changes to terms and conditiosn of deposits in our 2018 Complaints Report (in Spanish)  (85 KB)

Find out more about opening a deposit in our 2018 Complaints Report (in Spanish)  (107 KB)

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