BBVA has entered into a liability war. Last Friday news broke that the company had launched a 2.75% deposit in Spain after CEO Onur Genç pulled out of the battle due to the “great liquidity” the bank has and the existence of better products. But this product has begun to face competition. However, BBVA has conditions because it is not for all of these clients. Meanwhile, BBVA Italia offers a 12-month deposit with an interest rate of 4.25%, an increase of 54%.

The deposit being offered for sale was announced on Friday. It is an online product but is not available on the bank’s website. That is, The product is not available to all customers and a 2.75% discount is offered depending on the profile. and interaction with clients. It also doesn’t work if they give you a link, which means it’s a 100% personalized product. This situation further exacerbates the difference between the remuneration offered in Italy and Spain.

SpecificallyBBVA Italia offers a 12-month flexible deposit at 4.25%. (gross interest). On the website they claim that it is no strings attached and you will get a guaranteed 1% gross refund even if you cancel before 12 months, which comes with no costs or penalties. The minimum amount is 500 euros, the maximum is 50,000 euros. To be eligible for this product, the customer must have a checking account with a debit card and it must be 100% online.

In addition to this deposit, the organization in Italy also offers a no-fee current account with a 4% reward. As stated on their website, this account has no strings attached and interest is paid monthly. The remuneration is paid until January 31, 2025, that is, a little more than a year.

As for Spain, BBVA does not offer this or a similar product. The latest offer that the organization launched is aimed at families with minor children who become bank clients in Spain. In this case, BBVA is giving away an iPhone SE3.. Offer valid until January 31, 2024 or until 3,000 available iPhone S3s are sold out.

To access this new offer, the father or mother (account supports up to two account holders) must open an account. “Online account without commissions” and Set aside your payroll for an amount equal to or greater than 800 euros. Next, you will need to open an “Online Minor Account” for your son or daughter (ages 12 to 17). The minor will be able to use the account for their daily living, another savings account, an Aqua debit card and access to the BBVA “app” in the minor version with Bizum enabled.

The family will have up to three months to fulfill these conditions. Once parents and children have met the conditions, an alphanumeric code will be sent and must be activated on an external platform. Device delivery and support will be managed through an external vendor. Customers who receive the gift will stay at the hotel for 12 months and must comply with all campaign requirements during that same period.

The main reason for the difference between the two countries is that BBVA wants to expand its presence in Italy, the country where it established itself two years ago. The number of clients in the country has already exceeded 240,000.. The bank’s strategy is based on offering commission-free products for customers’ everyday lives (accounts and cards), as well as financing and savings products. These figures suggest that the bank will be able to achieve its target by the end of the year. 320,000 customers in Italy.

In the latest results, the CEO assured that there is still plenty of liquidity in the system and did not foresee a war to compensate for customer savings. “Deposits are not a scarce resource. Excess liquidity arises and the credit balance decreases. So that liquidity grows ever more and at such high levels, and in a very competitive market that reward is not rewarded. “I don’t think there will be an increase in remuneration on deposits in Spain,” he said.