Having seen details of new bank charges being introduced shortly we decided to visit both our banks to find out how we could avoid them as residents.
Caixa: They will not make any allowance for pensions paid direct to them from the UK, it would have to be a Spanish pension or salary. If we took out home insurance through them with buildings of €157,500 and contents of €20,000 ( no jewellery, high risk items or anything in the garden, and this would have to cover all sanitaryware, kitchen cupboards, central heating system and tiling as the buildings part only covers the walls, roof and windows) the quote is €380.
If we take out the insurance we would need to have an appointment with the manager to NEGOTIATE a reduction in the €60 per quarter fees.
Sabadell: With the Expansion Premium account, we would have to have our UK pension of mimimum €700 monthly paid direct to the account, maintain a minimum balance of €150 in the account at all times and take out home insurance covering €186,000 buildings, €28,000 contents plus jewellery €2,000 for €414. NO CHARGES AT ALL.
I have yet to compare insurance coverage but Sabadell have provided full terms and conditions in English, Caixa's is in Spanish.
We have an appointment next Friday with Sabadell to finalise the account, set up direct debits and collect our debit cards and then to Caixa to close the account! Sabadell also accept that changing the bank on the pensions will take time so once our new account is up and running next week they will waive any charges on the old account.
Edit: We currently pay @ €500 with Linea Directa for slightly more cover so the bank's insurances are not a rip off, imho.