- The holders of the new ‘Sabadell Online Account’ will have access to a no-fees, no special conditions product that pays an annual 2% interest rate on balances up to €20,000, reimburses 3% of gas and electricity payments, with no limit on the amount, and includes a free debit and credit card
- These terms and conditions, which have been set until further notice, make this account an easy and universally accessible product
- Customers can also make unrestricted use of the wide branch and ATM network
- This product offering will be the foundation of the new retail banking strategy of the Bank, which has radically transformed this segment in the last two years and now adds the capabilities of direct banking to the advantages of a traditional bank
- The CEO, César González-Bueno, comments that “we are very excited about this account, which is another example of the radical evolution of the Institution in the last two years. It is a differential product because it pays interest on sight balances, and we believe that this feature will make us the preferred bank of thousands of people. In Spain, there are 37 million people with current accounts”
- Jorge Rodríguez Maroto, Retail Banking Director, highlights that “it is a current account that pays interest on sight balances, without needing to move savings to other products, and we therefore believe that it benefits and facilitates the day-to-day operations of those that can and want to save and those that do not“
Banco Sabadell has unveiled today its new ‘Sabadell Online Account’, a competitive and differential proposition adapted to the new economic environment with which it aims to reinforce its market share and engagement with the retail segment.
This product, available from 27 October, is a no-fees, no special conditions current account that pays an annual 2% interest rate on balances up to €20,000, reimburses 3% of gas and electricity payments (with no limit on the amount) and includes a free debit and credit card.
These terms and conditions will remain valid until further notice, and customers also have unrestricted access to its entire branch and ATM network.
Banco Sabadell’s CEO, César González-Bueno, comments that “we are very excited about this account, which is another example of the radical evolution of the Institution in the last two years. It is a differential product because it pays interest on sight balances, and we believe that this feature will make us the preferred bank of thousands of people. In Spain, there are 37 million people with current accounts”.
Meanwhile, Jorge Rodríguez Maroto, Retail Banking Director, highlights that “it is a current account that pays interest on sight balances, without needing to move savings to other products, and we therefore believe that it benefits and facilitates the day-to-day operations of those that can and want to save and those that do not”.
This product was designed paying particular attention to consumers’ preferences that in the many focus groups carried out by the Bank have explained that the features they want in a current account are that it does not impose conditions or fees and that it earns interest with no time limit.
As a result, Banco Sabadell has launched this differential product, which does not require customers to move savings to get returns, which is not a one-off campaign with a time limit, which pays interest on sight balances and does not require purchasing another product, such as salary deposits or insurance policies, to access its benefits.
Radical transformation
This new proposal by Banco Sabadell for individuals is the conclusion of a profound transformation of its business which it undertook in recent years, based to a large extent in the development of its digital capabilities and its commercial power, whilst keeping its leadership in the business segment.
The Institution is now in a position to offer its customers all the advantages of direct banking and the capabilities and benefits of a traditional bank, with a wide range of branches, ATMs and specialised managers.
During this transformation process, the Bank has launched the online customer registration feature and introduced the option to purchase the most popular financial products online and via its app. At the same time, it has significantly improved its service quality at branches, with enhanced daily operating processes and, above all, with the creation of relationship teams specialised in mortgages, insurance policies and savings and investment products.
With all these changes and the launch of the new strategy, the Bank has set itself the target of being the preferred bank of more customers, an objective that it aims to achieve by increasing its user base with a more digital profile, given that it is the segment with the most momentum in the market and which requires more financial products. Testament to this is that in Spain each year up to five million new accounts are opened, and more than half are arranged online.
Banco Sabadell wishes to be part of this phenomenon. Currently, 55% of new customers and 46% of new cards are arranged through digital channels, while 75% of sales of consumer loans take place online. These figures have grown substantially in the last two years, and the Institution wants to turbocharge this growth in the future.
