Sabadell is advancing its digital strategy to capture a larger slice of the individual banking market. The move comes as high interest rates make customer savings an attractive battleground. The Alicante-based bank unveiled its new flagship product this week: an online checking account that pays 2% on the first 20,000 euros of balance. Unlike many rival products, this account carries no terms or conditions such as payroll direct debits or other usual requirements, presenting a simple, accessible option for savers.
Described as an account for everyone by César González-Bueno, Sabadell’s chief executive, the initiative was announced alongside Retail Banking head Jorge Rodríguez and Marketing, Customers and Investment Savings director Manuel Tresanchez. The message is clear: the industry is sharpening its focus on gathering family savings, increasingly preferring existing accounts over term deposits as the market evolves.
González-Bueno defended the plan amid a landscape of shifting incidents. Spain currently has about 36 million checking accounts, compared with roughly 2.7 million term deposits. The decision reflects a broader shift away from what some consider an outdated savings model toward flexible alternatives such as mutual funds for long-term accumulation.
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The new strategy builds on Sabadell’s success with its online account, launched over a year ago and now offering a higher promotional rate of 2.5% for a limited period. The initiative already shows strong digital momentum: 55% of new customer registrations are managed digitally, remote banking accounts for 46% of card transactions, and 75% of consumer credit sales are completed online.
A slide from the presentation highlighted the bank’s ongoing digital push, reinforcing the shift toward a more connected customer experience.
A moment from the Sabadell presentation underscores the drive to redefine the bank’s relationship with new customers in the digital age.
To validate demand, Sabadell conducted a survey with more than 14,000 citizens to identify current customer priorities. The forthcoming account will offer 2% interest on the first 20,000 euros of balance, with no one-time gimmicks and no mandatory affiliations. Cards will be free, and purchases will yield a 3% cashback on receipts.
Even though the 2% return falls short of the 4.5% offered by some ECB-driven scenarios, Sabadell regards it as a fair compensation given the product’s features. The bank notes that no other major institution has yet introduced higher returns on comparable products, granting Sabadell a competitive edge among large banks, while smaller lenders may pursue similar offerings.
Cross selling
The chief executive explained that the goal is to convert the online account into a gateway for new customers who may later embrace a broader range of products and services. The long-term aim is to become the preferred bank for this customer segment and to expand Sabadell’s share in the retail market it already serves, where it commands about 7% of Spain’s turnover and serves 10% of the customer base.
Oliu (Banco Sabadell) on the Spanish economy
Regarding existing clients, Manuel Treserras stated that current online account holders will maintain their status. Those who join the new online account will be welcomed as the promotional period ends. For branch customers, González-Bueno affirmed that most already have or will have products with equivalent features.
Commitment to digital channels remains a central pillar of Sabadell’s strategy, a move initiated by the bank’s new leadership to strengthen its position in the market. (Source: internal briefing notes from Sabadell presentations)