This is the basic payment account recommended by the Bank of Spain for those who open an account for the first time

One of the most recommended options for those people who do not have a current account in any bank and wish to open one for the first time is the so-called ‘Basic payment account’. This is highlighted by the Bank of Spainindicating to whom it is addressed and what are the requirements to access it.

Basic payment accounts are a “type of accounts that respond to the need to promote financial inclusion in the European Union“, so they facilitate user access to banking services.

In fact, the entities are obliged to offer potential clients this type of account “without conditioning their contracting to the subscription of other services, but also to make them known and inform about their characteristics”, emphasizes the public body.

Requirements and services of these accounts

Among the characteristics of this type of account, it is worth noting that they are open financial products in a credit institution, that allow the provision of the following services:

  • Opening, use and closing of the account.
  • Deposit funds.
  • Cash withdrawal.
  • Payment operations within the European Union.

And what are the conditions for hiring them? One of the requirements that are demanded is that there is no ownership in Spain of a current account. Likewise, the commissions are limited to a maximum of three euros per month, “although for certain groups it is free,” they indicate. For the account to be free, two conditions must be met:

  • The annual income of the family unit must not exceed a limit amount established by law, which is set according to the public indicator of income of multiple effects of twelve payments (IPREM).
  • Not having rights over real estate other than the habitual residence, or over commercial companies.


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