The offer of financial institutions is becoming more and more voluminous. Traditional banks need to be supplemented by online banking, neobanks and fintech. For all these reasons, entities want to “hunt” for the client with the best reward, which These range from a “reward” friend’s mortgage to free subscriptions to streaming services.. A few years ago, it was common for a bank to hand out crockery, wine, or suitcases when a customer paid a salary, signed a mortgage, or applied for a loan to go on vacation.

Now everything is different. Few organizations make material gifts through mortgages because they prefer to make better deals. Banks are more inclined to “reward” other types of products, such as direct payroll debits or savings investments, but these rewards are not so much material goods as they are money or subscription related promotions.

Mikel Riera, responsible for mortgages at Helpmycash, explains that at the moment There are only two banks that offer “rewards” those who enter into a mortgage loan. Openbank and Caja Rural Central: “Both have a friend plan whereby a client of the organization can earn several hundred euros if their friend takes out a mortgage loan with a promo code.”

Openbank recently launched a campaign. And the fact is that the digital bank Banco Santander knows that the progressive growth of Euribor makes buying a house urgent. The campaign is called “Invite a Friend Open Mortgage” and gives up to 1,500 euros for inviting up to ten friends or relatives to conclude a contract or provide a mortgage loan to a bank.

The campaign, which will run until September, pay 150 euros to the current account of Openbank those clients (“godparents”) who managed to attract people from their environment to subscribe to this action. In its turn, new users (“godchildren”) receive a subscription for 300 euros by signing up to the offer by September 9 and signing an agreement or providing a mortgage loan in Openbank by October 31 (inclusive).

Concerning Caja Rural Central, an organization “gives” you 300 euros on your credit card for inviting your friends to take out a mortgage.. The amount is reduced to 150 euros if the loan amount is between 90,000 and 200,000 euros, and to 300 euros if the amount exceeds 200,000 euros. The client can invite up to three friends, and the money is paid only when the mortgage loan is concluded.

Mikel Riera explains that with these campaigns they get more customers and keep the ones they already have. The expert says that “It pays off very well.” If a friend takes out an average mortgage loan of 150,000 euros for 25 years with an interest rate of 2%. On this mortgage, the bank will earn more than 40,000 euros in interest. For the “friend’s plan” the bank will have to pay several hundred euros, on which he wins.

Despite the evolution of the mortgage market and the increase in the Euribor rate, Riera believes it is unlikely that banks will grow thanks to this series of campaigns. “Gifts to attract customers are a thing of the past, and few banks offer them,” he says. The expert explains that most organizations choose other strategies attract people interested in getting a mortgage: lower the differential of their variable mortgages, advertise their mortgages on TV, web pages and storefronts, etc.

Other gifts

Banks are now “giving away” more money with direct payroll debits. Openbank has once again become one of the organizations joining the promotion of client accounts. In May, the organization offered €40 to new customers who sign up for an open checking account and make an initial deposit of at least €300, which they must maintain until the incentive is paid out during July.

targo bank You also pay €40 to create an account. AT UniboxWhen you live with your salary, they give you a card for 150 euros from El Corte Inglés. Bankfor its part, pays 300 euros on direct deduction of wages if this is done before 31 December.

BBVA There are different prizes. The organization, chaired by Carlos Torres, gives 150 euros in direct payroll deductions with the “BBVA goes with you” campaign and also has a commission-free online account with which they reimburse you for one of these subscriptions; Netflix, Spotify, HBO Max, Disney Plus, PlayStation Plus or DAZN for 6 months (up to €9.99 per month) when paying with an Aqua Débito card.