Sabadell bank - Pensionable age - waiver of commission - Page 2

Sheila64 wrote on Sat Oct 15, 2022 2:45pm:

Hi Steve, this is a copy and paste from my letter:-

‘Fee of €20 per quarter

Read more...

It will apply if you meet one of the following requirements:

• Be the holder of Investment Funds and/or Individual Pension Plans, Insured Pension Plans or Individual Social Welfare Plans with a total average monthly balance between EUR 3,000 and 10,000.

•Receive a salary in the account, pension or regular monthly income of a minimum amount of EUR 700. Income from accounts opened in the Banco Sabadell group in the name of the same holder are excluded; and

- Have free or combined insurance.

- Or have two direct debit bills for household consumption in the account.

- Or have made a minimum of two purchases per month with your credit card and charged to the Sabadell Account in the last three months.

Fee of €60 per quarter

If you do not meet any of the above requirements’

I took a photo of it, but it wasn’t readable. Don’t know how to delete it 😂

tebo53 wrote on Sat Oct 15, 2022 3:07pm:

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bancsabadell.com/cs/Satellite/SabAtl/Accounts/1191332200838/en/&ved=2ahUKEwjL7J7-ouL6AhXMwIUKHcogBGYQFnoECA8QAQ&usg=AOvVaw2PzRyCQBosMzArS_lGzygj

If you follow the above link through to the Sabadell accounts you get an explanation of account charges and requirements for each account plan....

Read more...

...

For €0 charges the plan includes the lines:

€0 fee if you are the holder of an individual pension plan with an average monthly balance of more than  €25,000.

So there is not always a need to have any of the Sabadell products to achieve a zero charge. 

We get free banking with Sabadell with my individual pension and both our UK retirement pensions paid directly into our Sabadell account it seems.....

Steve 

rds1234 wrote on Sun Oct 16, 2022 8:07am:

I’m a resident, pensioner, and I have my pension paid over € 700 every 28 days in to my account.

Now after years of free banking I’m have to pay €20 a quarter.

Read more...

So I said in that case I can stop paying in my pension, she told me then that it would be €60 a quarter.

Nas99 wrote on Sun Oct 16, 2022 10:14am:

It appears to me that Sabadell & other banks in Spain, are getting the best of both worlds, I.e. they are using your funds to generate profits for their organision, share holders, directors & CEO, then to add insult to injury, they charge you commission.

It is plain to me that the Spanish economy depends on all those who holiday and or settle in Spain, so, maybe it is time for us to put it to the banks (as a group), that this is unfair business practice. After all it is like the banks dipping into our accounts an helping themselves to our hard ea...

Read more...

...rned cash. No more difference to a pick pocket stealing your cash. They cover themselves by their policies, but, they can listen to the masses & change this unfair policy.

Nas99 

Sheila64 wrote on Sat Oct 15, 2022 4:25pm:

Thanks Steve. I think I will keep my savings in the U.K. though and transfer funds to Sabadell when the exchange rates are good. Don’t like to keep all the eggs in one basket 🤔 I am actually thinking of transferring monies out into my Wise EU account. Sabadell gave us free banking for 7 year...

Read more...

...s, and I do maintain a very healthy balance, so I am not happy with them changing our terms and conditions, especially as we were not informed in advance. That’s Spanish banks for you.

Nas99 wrote on Sun Oct 16, 2022 10:14am:

It appears to me that Sabadell & other banks in Spain, are getting the best of both worlds, I.e. they are using your funds to generate profits for their organision, share holders, directors & CEO, then to add insult to injury, they charge you commission.

It is plain to me that the Spanish economy depends on all those who holiday and or settle in Spain, so, maybe it is time for us to put it to the banks (as a group), that this is unfair business practice. After all it is like the banks dipping into our accounts an helping themselves to our hard ea...

Read more...

...rned cash. No more difference to a pick pocket stealing your cash. They cover themselves by their policies, but, they can listen to the masses & change this unfair policy.

Nas99 

tebo53 wrote on Sun Oct 16, 2022 10:50am:

Sheila, 

If you are non resident in Spain then you will be charged non resident account fees in any Spanish bank. Its only as a resident that you can achieve zero fees.

Read more...

I agree to keeping the bulk of savings in a UK bank account and moving it over as and when the exchange rate is acceptable but Barclays Bank are closing non UK residents accounts. 

Sadly as a Spanish resident I cannot purchase UK premium bonds etc.

Steve 

Sheila64 wrote on Sun Oct 16, 2022 10:57am:

I am a resident, and have been for 7 years. If you had bought Premium Bonds prior to moving to Spain, you would be able to purchase more, as I have done. You just can’t open a new NS&I account.