Spanish financial services company BBVA has commenced operations of its fully digital bank in Germany, offering an interest-bearing checking account and a debit card that includes cashback on purchases.
This new launch, which follows the bank’s digital expansion into Italy in 2021, marks BBVA’s entry into the German retail banking market.
The German offering includes a checking account with a 3% interest rate for the first year and a debit card providing three percent cashback on purchases, both free of fees.
BBVA CEO Onur Genç said: “We’re bringing something new to Germany. A banking experience that combines the simplicity and convenience of a fee-free account, typical of digital actors, with the full range of products, reliability, and trust of a universal bank.”
Previously operating in Germany only through its Corporate & Investment Banking sector, BBVA chose this market due to its digital-savvy population as part of its strategy to expand its successful digital model across Europe.
The bank aims to attract German customers by offering mobile-first services supported by the strength and reputation of BBVA as a global institution.
The bank’s app aims to enhance user experience with features such as quick access to card management, real-time updates, and secure payment options. The app also supports offerings like cards with dynamic CVVs, adding a layer of security for digital transactions.
BBVA’s digital journey is supported by 24/7 customer service from German-speaking representatives and English-language support available daily.
With more than 59.3 million mobile customers globally, BBVA continues to focus on digitisation as 79% of its sales occur through digital channels.
In Germany, the bank provides complimentary services such as free ATM withdrawals for amounts over €150 across various European Union (EU) locations, Single Euro Payments Area (SEPA) transfers, direct debits, and digital account switching. Flexible financing options like the Pay&Plan service and personal loans are also available.
Operating under a fully-licensed structure in Germany, BBVA offers accounts with German IBANs backed by the European Deposit Protection scheme up to €100,000. BBVA anticipates replicating its Italian success in Germany where it has already accumulated over 700,000 customers since its launch.
