Editor’s note: This article was first published in July 2011; its account rates, cashback, Trader Pro trial, trading fees and ownership (51% Boursorama, 49% la Caixa) are July 2011 conditions. The bank has since changed hands and now operates as Self Bank by Singular Bank.
Having a bank pay you for your savings instead of eating into your money with fees is already something. Once again we turn to the advantages of opening a current account with an online bank, and this time we look specifically at what Self Bank offers and its products.
Self Bank is a Spanish online bank born from an agreement between Boursorama, part of the Société Générale group, and la Caixa, the world’s leading savings bank and Spain’s third-largest financial group. Self Bank’s shareholding is split 51% Boursorama and 49% la Caixa.
Some of its products:
Self Bank interest-bearing account: unlike other banks’ offers, this account pays 1.6% APR not just for the first three months but for as long as you hold it, whatever your balance.
There are no fees of any kind (0% fees), and you get back 1% of the payments you make with the American Express card.
Free cards: a completely free Visa or American Express card with a free linked current account.
You can also open a “Super Account” paying 2.1% APR. Check its conditions in case it suits you.
Free investment courses: Self Bank runs free in-person courses to learn about investment products. Right now there is a course on the Trader Pro trading platform, plus the option of trying the platform free for 15 days.
Fixed-term deposits: this bank’s fixed-term deposits stand out because they let small savers access short terms of 15 days, one month, two months and so on whenever they need them. The return isn’t very high, but money under the mattress earns even less.
Stock trading: finally, Self Bank offers very good prices as a broker: a trade on the Spanish market costs 2.95 euros for orders under 1,500 euros.
More information on the Self Bank website.
Featured image: Images Money, CC BY 2.0, via Flickr.
