Orange Bank launches 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
Image: range Bank is an advance mobile-based banking offer for Spanish consumers. Photo: courtesy of Orange Bank.
After the successful launch of its own bank in France, Spain becomes the second country in Orange’s global footprint to launch Orange Bank today, reinforcing the Group’s multiservice strategy and diversification into mobile and financial services across its markets.
Launching today across Spain, Orange Bank is an innovative 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, the highest available rate in Spain.
Orange customers will be able to access all of their banking services, at any time of the day, via their mobile. An Orange Bank app with a native interface ensures the best mobile experience in the market. From this 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. The app’s chat functionality enables customers to easily interact with banking agents for help and assistance at a click of a button.
In compliance with all banking regulation requirements, customers can also access these banking services safely and securely using the biometric feature on their mobile phone, eliminating the need to remember complex passwords.
One of main innovations is its group 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 easily and quickly
In addition, thanks to Orange Bank, Orange customers will have access to the best 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.
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)
As Narciso Perales, General Director of Orange Bank in Spain explains: “Banking is accelerating towards an online model, concentrated around access via mobiles, and Orange wants to play a leading role by providing a competitive, simple and accessible offer at any time and place. One of our differentiating values lies precisely in being a bank that does not come from the traditional banking space. Our hallmark as a leading telco enables us to be the most suited to design a mobile banking service for today’s highly mobile population.”
Paul de Leusse, CEO, Orange Bank, commented: “Orange Bank, now strongly established in France with 500,000 customers after two years’ of existence, is proud to expand its footprint with its Spanish branch. I congratulate the multidisciplinary teams of professionals across France and Spain who worked in a truly agile mode to deliver this new and unique offer in Spain, one of the Group’s largest European markets. Banking and financial services is a key strand of the Group’s multiservice strategy and reinforces Orange’s commitment to deliver services designed to enrich our customers’ lives.”
Source: Company Press Release