As its name suggests, a non-salary bank account is a current account that does not require you to have your salary or any other type of regular income (pension, etc.) paid into it. This type of account is useful when the source or frequency of your income is not regular. In fact, it offers all the benefits and services of a salary account, but without requiring us to have so many linked products with the bank. In the same way, it also functions as a current account that allows us to manage our day-to-day finances: free linking of debit or credit cards; cash withdrawal from ATMs; making transfers and payments; cheque deposits; direct debit of bills and payment of your salary into the account..., although this is not a mandatory requirement.
This type of account offers a lot of variety; accounts for young people, accounts with or without fees; accounts that require other conditions... And above all, online accounts. They are in high demand by those who want to share expenses, to spend with peace of mind and not have to fulfil any requirements in return; although it depends on the specific conditions set by each bank, in general they do not require us to hold many linked products with the bank. Also for those who want a second account in case the main one stops working; online shopping, or to travel with more peace of mind (free cash withdrawals or currency exchange). Or for those who have their salary paid into another bank, but want an account that offers them interesting financial products without the need to transfer their income to another account (some require a high income to offer a higher return; others do not). And lastly, it is also for those who have their salary being paid into another bank, but want to build up their savings without paying fees.
Features of a non-salary account:
In general, these are accounts that do not charge management or maintenance fees, which can save us around €250/year on these expenses.
They include the issuing of transfers free of charge (provided that they are less than €50,000 and are made within the SEPA area); also for the deposit and issuance of cheques.
They offer linked debit and credit cards, even for co-holders if there are any, with no issuance or maintenance fees.
They allow us to withdraw cash free of charge from the bank's ATM network, and even from other ATMs nationally or internationally.
They allow us to carry out day-to-day operations online, providing management autonomy, speed, and convenience. Some of them also allow you to have your income paid into your account, even if you do not have your salary paid in with them.
They allow you to close your account at any time quickly and easily.