Orange Bank launches in Spain

Wednesday 27 November 2019 13:42 CET | News

Orange Bank has launched in Spain with 1% interest rate for deposits of up to 20,000 euros, one of the highest savings interest rates offered available in Spain.

Orange Bank is a 100% mobile-based banking offer for Spanish consumers. Customers will be able to open a current account with a Spanish IBAN, without any registration fee required. Customers opening a new savings account will also benefit from 1% interest remuneration on savings deposits of up to 20,000 euros.

Orange customers will be able to access all of their banking services, at any time of the day, via their mobile. With the Orange Bank app, customers can perform day-to-day banking operations, such as checking their expenses, paying with Apple Pay, moving their money between their savings and cheque accounts, making free SEPA transfers, and managing their card, for example, to freeze a card temporarily in case of loss or to reactivate it again if found.

In compliance with all banking regulation requirements, customers can also access these banking services using the biometric feature on their mobile phone, eliminating the need to remember complex passwords.

The service also offers a management functionality, which allows the sharing or transfer of monies and expenses among several people. Customers will be able to pay or manage subscriptions shared with multiple people, such as a water bill or a Netflix subscription).

At launch, Orange Bank in Spain offers the following services exclusively for Orange customers:

  • Cheque account, without commission and without commitment
  • MasterCard debit card usable at all ATMs and shops worldwide. This card allows you to withdraw money up to three times a month at no cost to the user at any ATM in the euro zone
  • Savings account, with immediate availability and a return of 1% TIN on deposits of up to 20,000 euros. The corresponding interest is paid monthly.
  • Group finance, to share group expenses

In addition, thanks to Orange Bank, Orange customers will have access to new consumer credit offers on the market. Orange Bank will make progressively available to its customers up to 10,000 euros, subject to prior evaluation of customers’ credit rating, which customers will be able to access with no need for further verification.

Lastly, as part of its exclusive launch promotion, Orange Bank in Spain will offer a discount of 30 euros to existing Orange customers on their next mobile or convergent service bill (eg. Go and Love subscribers).

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Orange Bank, Spain, mobile banking, app
Categories: Banking & Fintech
Countries: Spain
This article is part of category

Banking & Fintech

Industry Events