The Sabadell Bank has started a new war in the banking sector to lower commissions to the retail customerswhich had skyrocketed in recent years with the interest rates negatives. Now, with the current rise in eurybor, the entity believes that the time has come to reduce that burden. However, he refuses to pay the deposits because he believes that there are better alternatives to deposit savings. Likewise, it has quantified the impact of the impuestazo of Pedro Sanchez.
«When rates were negative, we charged commissions and even charged interest to corporate banking clients. The commissions It’s what customers like least. They understand that if they hardly have any remuneration for their savings in exchange for having a series of services such as direct debits, payments, transfers, etc., should not additionally pay commissions. That is why they are going to be reduced”, explained the CEO of Sabadell, Cesar Gonzalez Goodin the presentation of the annual results of the bank.
However, he did not want to quantify this reduction, although he has assured that it will be generalized in all the bank’s products. Those who will notice it the most are the customer accounts and the safe, since Sabadell has changed them from the single premium modality to the annual premium. It is the first entity to announce this measure and it is to be expected that others will follow.
In any case, the impact of this reduction will be far exceeded by the repricing of the bank’s credits due to the rise in interest, which will be completed throughout this year.
The good news for consumers ends there, since Sabadell does not plan to remunerate their deposits, like the rest of the Spanish banks and unlike the European one. According to González Bueno, the term deposits are not the best formula for channeling savings, and there are other better ones, such as guaranteed fundswhich offer higher profitability and have liquidity windows without penalty.
Regarding the bank tax, the CEO has not revealed whether Sabadell will join the Santander o bankinter and will appeal it in the courts. “It’s a decision for the council to make.” Yes, it has quantified the cost that it will have for its accounts in 2023 in 170 millionand has assured that in 2024 it will be more.
