BANK account holders in Spain are paying more to maintain their accounts with a 6% average increase in the last two years.
Figures from the financial consumer group Asufin show that on average, the country’s main banks are charging €160 in maintenance fees this year- up €12 on 2023.
Asufin says commissions have been raised to generate more profits.
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The group stated: “In the price lists, Banco Santander, CaixaBank, Banco Sabadell, Deutsche Bank and Cajamar charge the same amount- up to €240.”
It points out that Cajamar has doubled charges from €120 to €240 while in contrast, Bankinter is offering a fee-free current account.
There are positives though over charges with Asufin calculating that the debit card maintenance fee has fallen from an average of €25.91 to €21.91 this year.
Average charges for inter-bank transfers and online payments have dropped to €1.16 compared to €2.13 last year.
Asufin observes that digitalisation has reduced the cost of transfers but banks are making up the short-fall by charging higher account maintenance fees.
“While it is true that some important day-to-day fees have been reduced, such as transfers, these services depend on the main product, the current account, whose sharp rise impacts precisely on the most vulnerable users, without the ability to link up with their bank,” it warned.
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