Santander scraps 'Queremos ser tu banco' plan, opening door to fees
Santander is phasing out its 'Queremos ser tu banco' plan on 5 September; according to conversations with the bank, customers who don't switch to the Cuenta 1I2I3 could face monthly fees.
English · Original discussion in Spanish · Published
Santander retires 'Queremos ser tu banco': possible fees of 12 to 20 euros
How much does it cost to hold a current account that until now was free? In Santander's case, according to conversations with the bank's helpline reported by a forum user, between 12 and 20 euros a month. The bank has told its customers that on 5 September the 'Queremos ser tu banco' plan will no longer be valid, along with the benefits attached to it. The alternative on offer is the Cuenta 1I2I3, which requires a salary payment, direct debits and minimum card usage. Those who don't switch would face a maintenance fee that varies depending on their balance, always according to that account. What the email presents as an evolution towards a 'clearer and simpler' offer is, in practice, the end of free banking for thousands of customers inherited from Ibanesto.
The fine print doesn't reach everyone the same way. iSantander accounts, according to conversations with the helpline, are staying as they are because they were never part of the now-defunct plan. Openbank accounts are also unaffected, although distrust weighs more than official information. The general feeling is that the group chaired by Botín is shutting the tap on free banking step by step, and that Openbank is next on the list.
What happens to Ibanesto and Openbank accounts?
The email sent by Santander makes no distinction between the bank's original accounts and those inherited from Ibanesto. This has generated considerable chaos. Some customers have received a letter informing them of a 39-euro fee for a credit card when they only have a debit card. Others have called and been given different versions. The conclusion drawn from the calls is that iSantander accounts were not covered by 'Queremos ser tu banco' and therefore should not be affected. But nobody puts it in writing.
At Openbank the situation is even more opaque. The platform continues to operate independently, and the bank has not announced any change to its terms. The debit card remains free. However, distrust has taken hold: some recall that the credit card is persistently offered over the phone and that the foreign currency purchase fee was already applied without prior notice. The communication strategy doesn't help.
The Cuenta 1I2I3: more requirements, less room
The Cuenta 1I2I3 is not a free account in the usual sense. It requires salary payments, direct debits and a minimum number of card transactions. In return, it offers interest on balances and cashback on purchases. For a customer with a dormant account, the switch isn't worth it. For the bank, it secures deposits and fee income. The official message talks about 'great benefits', but the reality is that free banking disappears for anyone who doesn't meet the requirements.
The case of the Cuenta Super-rentabilidad, launched only in Catalonia branches to attract customers after BBVA's acquisition of CatalunyaCaixa, is an example of the confusion. One branch insists that everything remains the same, at least until December, and that the 1.75% interest rate is maintained. The lack of consistency in the answers is the general rule.
Closing accounts and looking for alternatives
Customers have been quick to react. Some have already closed their Santander account after finding that the fee-free terms were not being honoured. Others have started the process only to be offered an account equivalent to 'Queremos ser tu banco' by the branch to prevent them leaving. The pressure works. Account closures are having a visible effect on branches, which try to retain customers with a mortgage or salary.
The most frequently mentioned alternative is ING, but it's not the only one. Openbank is also suggested as a temporary refuge, though with the warning that its commercial policy may change. Fee-free online banking has become a scarce commodity. The general advice is clear: don't trust what you're told over the phone and demand the terms in writing.
Under these conditions, free banking seems like a unicorn. And Santander, meanwhile, keeps sending letters that not even its own employees know how to interpret.
How much does it cost to hold a current account that until now was free? In Santander's case, according to conversations with the bank's helpline reported by a forum user, between 12 and 20 euros a month. The bank has told its customers that on 5 September the 'Queremos ser tu banco' plan will no longer be valid, along with the benefits attached to it. The alternative on offer is the Cuenta 1I2I3, which requires a salary payment, direct debits and minimum card usage. Those who don't switch would face a maintenance fee that varies depending on their balance, always according to that account. What the email presents as an evolution towards a 'clearer and simpler' offer is, in practice, the end of free banking for thousands of customers inherited from Ibanesto.
The fine print doesn't reach everyone the same way. iSantander accounts, according to conversations with the helpline, are staying as they are because they were never part of the now-defunct plan. Openbank accounts are also unaffected, although distrust weighs more than official information. The general feeling is that the group chaired by Botín is shutting the tap on free banking step by step, and that Openbank is next on the list.
What happens to Ibanesto and Openbank accounts?
The email sent by Santander makes no distinction between the bank's original accounts and those inherited from Ibanesto. This has generated considerable chaos. Some customers have received a letter informing them of a 39-euro fee for a credit card when they only have a debit card. Others have called and been given different versions. The conclusion drawn from the calls is that iSantander accounts were not covered by 'Queremos ser tu banco' and therefore should not be affected. But nobody puts it in writing.
At Openbank the situation is even more opaque. The platform continues to operate independently, and the bank has not announced any change to its terms. The debit card remains free. However, distrust has taken hold: some recall that the credit card is persistently offered over the phone and that the foreign currency purchase fee was already applied without prior notice. The communication strategy doesn't help.
The Cuenta 1I2I3: more requirements, less room
The Cuenta 1I2I3 is not a free account in the usual sense. It requires salary payments, direct debits and a minimum number of card transactions. In return, it offers interest on balances and cashback on purchases. For a customer with a dormant account, the switch isn't worth it. For the bank, it secures deposits and fee income. The official message talks about 'great benefits', but the reality is that free banking disappears for anyone who doesn't meet the requirements.
The case of the Cuenta Super-rentabilidad, launched only in Catalonia branches to attract customers after BBVA's acquisition of CatalunyaCaixa, is an example of the confusion. One branch insists that everything remains the same, at least until December, and that the 1.75% interest rate is maintained. The lack of consistency in the answers is the general rule.
Closing accounts and looking for alternatives
Customers have been quick to react. Some have already closed their Santander account after finding that the fee-free terms were not being honoured. Others have started the process only to be offered an account equivalent to 'Queremos ser tu banco' by the branch to prevent them leaving. The pressure works. Account closures are having a visible effect on branches, which try to retain customers with a mortgage or salary.
The most frequently mentioned alternative is ING, but it's not the only one. Openbank is also suggested as a temporary refuge, though with the warning that its commercial policy may change. Fee-free online banking has become a scarce commodity. The general advice is clear: don't trust what you're told over the phone and demand the terms in writing.
Under these conditions, free banking seems like a unicorn. And Santander, meanwhile, keeps sending letters that not even its own employees know how to interpret.
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (65 replies).
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