The end of the free young account: the age at which banks begin to charge commissions

Facing years always bring changes. New goals, more responsibilities and sometimes small surprises that were not expected. One of them comes in silence, from the bank: the young account that accompanied you during the university, the first works or the Erasmus, will no longer be free forever.

The truth is that financial institutions have set their own standards on to what age a customer can benefit from this product. And although they all sell it as a service designed to accompany young people in their first steps, a day will come when the gift becomes a monthly cost.

Banco Santander and Unicaja set the age limit in the 28 years

Financial entities in Spain have their own rules in terms of collection by maintenance of a bank account. Banco Santander and Unicaja mark the limit in the 28 years, while Caixabank and Sabadell place it in the 29. BBVA, something more generous, allows you to keep free up to 35.

Age, however, is not the only factor: many banks condition the exemption of commissions to Home payrollthe OA receipts that are used frequently.

What seems like a detail without more has a background. For many young people, keep a Bank account without costs It is an aid at a vital moment in which income is still unstable and expenses do not stop growing. Pay to 3 or 20 euros per month – in the largest case – can make a difference in a budget and to the limit.

Banks condition the accounts at home payroll

The entities, knowledgeable about the problem, throw different packages of current accounts for young people from time to time. These products do not usually have maintenance commissions and allow transfers without extra charges. In addition, associated cards are free and sometimes contemplate specific discounts.

From the banks themselves recognize that these policies seek to loyalty to customers at an early stage and, at the same time, accompany them on the road to products more linked to adult life: mortgages, loans or insurance. In the words of the specialized portal of ‘Rankia’, “the young account is not just a free service, it is a gateway to the long -term relationship with the bank.”

In that sense, young accounts become a thermometer of adult life, as they mark the end of a stage in which banking was simple and without costs, and the beginning of another in which financial decisions have more weight. Because, after all, growing also means learning to handle money with new rules.

It is known that for a generation that has grown along with technological advances and is not able to leave home without its mobile, the most important thing is digitalization. “And it is not just about having a mobile application. They seek to operate immediately: receive and send money at click, review movements, postpone expenses … They want to connect their account with other apps and that the process is not only fast but also safe,” summarizes the experts of the experts from the experts of Helpmycash.

The OCU remembers reviewing the conditions we have with the bank

Another point that attracts young people are savings and investment tools. In this case, the accounts offered by banks such as Trade Republic, N26 and Revolution They allow their customers to automate savings.

Of course, with every birthday, the expiration date of that free young account is approaching. And the advice is clear: review your bank’s conditions with time to avoid surprises. In some cases it will be enough to house the payroll; In others, it may compensate for the entity.

On the other hand, and as the OCU explains, the organization of consumers and users, if users prefer to stay in the same bank to avoid bureaucratic procedures, those conditions in which to continue linked to the entity have to be agreed. However, when the term of validity of a young account is over, customers can look for other alternatives that best adapt to the needs of each.