Basic savings accounts are opened at no cost or commissions (or very low in some cases) and serve as proof of income, among other benefits for the user.
“Most people are already requiring or will need to make more financial transactions online, and for this, it is essential to have a savings account, be it a bank or a financial institution. These accounts also serve to receive money, for example from salaries, settlement, scholarships and to make payments without having to go to any physical branch ”, says Sebastián Medrano, director of Coru.com
“If you need a fast and cheap account to handle your cash, receive a deposit, transfer money and pay something online, a good option is digital savings accounts, which are opened from the Internet and charge practically no commissions,” he adds.
In addition to traditional banking entities, in Mexico it is already possible to open digital savings accounts at a very low cost or for free with various financial technology companies (fintech), you just have to make the application online and meet minimum requirements.
In our country, only 47% of the adult population has a savings account. However, by 2024 it is expected to bank 30 million more Mexicans to continue with financial inclusion. In order to guide people who need an alternative to manage their money online, the financial services platform Coru.com explains the following.
What is a savings account and how does it work? Basic savings accounts are opened at no cost or commissions (or very low in some cases) and serve as proof of income, among other benefits for the user.
Advantages of savings accounts
- Basic savings accounts are one of the easiest banking products to obtain and in most cases, at no cost to the user. These types of accounts allow you to keep money in a bank or financial institution safely, without risks or commissions.
- Ease of accessing more services such as online payments or applying for loans online, since they usually ask for an account number to deposit the money.
- These types of accounts also serve as proof of income or to pay online and in physical stores, because they issue a debit card for the user. They generally have an alliance with Visa or MasterCard, which allows debit to be used anywhere in the world. In addition, by having your money backed by a bank or financial institution and not in your home, you avoid the risk of losing it or spending it without knowing how.
Online savings account options
In Mexico, at least three banks (BBVA, Santander and Banco Azteca) offer the option of contracting a savings account from a mobile phone. In addition to the basic requirements, you must have an email account and a cell phone with Internet.
BBVA offers you to sign up for an account from your mobile phone and without necessarily having to request the card physically, as it gives you the possibility of paying for services or making purchases online through its application and withdrawing cash from its ATMs without requiring plastic.
Santander has SuperDigital, a savings account associated with an international MasterCard debit card. There is a cost of 75 pesos per opening, 9.9 pesos of commission for inactivity and 75 pesos for card replacement. All this plus VAT. This account allows you to receive up to 17 thousand pesos per month.
Banco Azteca offers a Digital Cash account that must be opened through its website. The bank does not charge an opening commission and does not require minimum balances, but it does charge for some movements such as interbank transfer or self-service money withdrawals. Also request proof of address and have a prior contract with a banking institution.
On the other hand, there are the savings accounts of neobanks, neobanks or fintech. In general, they are multi-purpose financial companies, which are duly registered in the Condusef’s Registry of Financial Service Providers, and regulated financial entities. Some options that exist in the market are:
- Weex Wallet: no minimum opening amount or cost per average balance, it does not charge account management or transfers and you have access to a MasterCard debit card.
- Albo: no minimum opening amount or charge for average balance, account management or transfers. The commission for payment of services is 8.62 pesos + VAT and the withdrawal fees depend on the ATM you use.
- Sabadell: no opening fees, no average balance, account management, or account statement. There are no fees for transfers from your app. There is no physical card, it is a 100% online account.
- Flink: offers a savings account managed with a MasterCard card and charges you 0 commissions.
What free services does a savings account include?
Regardless of the bank or entity where they are processed, the free services associated with basic savings accounts include:
- Delivery of a physical or digital debit card.
- Withdrawals at the windows and ATMs of the bank that manages the account.
- Accept payments and direct debit of affiliated services.
- Balance inquiries.
- Close or close the account, if the client so decides.
Features of online savings accounts
- They open without going to the branch, you can do it from your laptop or cell phone.
- Sometimes the requirements are more flexible: send an identification photo, or some validation from Facebook.
- Usually they are not linked to other more robust products such as credit, mortgages, payroll and, if they are, they are not broad lines of credit (small credits).
How to deposit money to your account online?
- Through transfers with CLABE like any other bank account.
- If you opened it with a bank, at the branch, and/or at their smart ATMs with the account number.
- If you opened it with a fintech, in its network of allies or correspondents.
TOP 5 of Digital Bank Accounts in Mexico
5. BanCoppel digital account: Digital Cash Account
In fifth place appears the Digital Cash Account that is in charge of issuing BanCoppel . This product does not charge commissions for opening or using an account and can be managed through the BanCoppel Mobile application, to make purchases digitally, generating a ” Dynamic Security Code “.
The account includes a plastic called “BanCoppel Efectiva Debit Card”, which is backed by Visa, to be used in physical stores; In addition, in purchases of less than $ 400 you have the possibility of making contactless payments, it will only be enough to bring the card to the terminal of the establishment that has this modality.
Unfortunately, the product application experience is not digital, so you will have to go to a BanCoppel branch, with valid official identification and proof of address to complete the process.
4. Banco Azteca digital account: Guardadito Digital
This product does not require the payment of commissions for opening or managing an account and, unlike the previous one, it is not necessary to go directly to a Banco Azteca branch for the procedure, since you can request it through the Banco Azteca Móvil application.
The Azteca digital account can be used completely from the app and through the Banco Azteca site. For purchases in establishments with point of sale terminals, you will be given a debit card, from which you can choose the issuer: Visa or Mastercard. Curious, huh?
3. Banregio digital account: Hey account
Hey Banco is a free digital banking application offered and supported by Banregio. By registering in it, the user can open a bank account from the cell phone and manage their resources from the same app, make transfers to any bank, purchases in digital stores, etc.
There will also be no account opening or management fees to pay, and the user receives a plastic backed by Visa at home, to be used as a means of payment in establishments.
Finally, cash withdrawals with this card not only be made at branches Banregio, also at ATMs of Scotiabank, Inbursa or BanBajío.
2. Santander digital account: SuperDigital account
An account that can be opened from the Santander website and that is managed from the Santander Super Wallet application and that does not require any commission for its use, however, what it does require is an opening fee of $ 75.
Unlike other digital accounts, this one offers free bank transfers (SPEI), in addition to participating in the discounts and promotions in general on the Santandertwist site.
Like the products mentioned throughout the list, with this, you will also receive a physical card, which is issued by Mastercard, for physical purchases.
1. Bancomer Digital Account: Digital Account
In the first place we find BBVA Bancomer and its “Digital Account”. It does not charge commissions for opening or managing the account. To obtain it, it will be necessary to enter the portal that Bancomer has created specifically for the procedure or directly from the BBVA MX app.
Through the BBVA MX application, the user has control of the account; Furthermore, it is possible to use different services of the institution, such as withdrawing money without using a card ( Dinero Móvil Bancomer ).
The bank does not charge the account holders any commission for scheduled transfers and, if a physical card is required, it can be requested at any time directly at a branch.