Openbank, imagin, CaixaBank, Bankinter, Cajamar and BBVA are competing for Spain's August payroll deposits with a wave of welcome offers worth up to €1,060, betting that whichever bank receives this month's salary payment will keep receiving it in September too.
With the European Central Bank's deposit facility rate holding at 2.25% since 17 June, unchanged after the 23 July meeting and with no August meeting on the calendar (the next is 10 September), banks are competing less on what they pay for a saved balance and more on the welcome bonus offered for moving a payroll account.
Six accounts, six different payouts
Openbank's Cuenta Nómina Open offers 2% savings on Amazon gift cards and 1% cashback on payments made through Bizum, up to €30 a year. imagin offers up to €250 or €150 in cash, a coupon worth up to €400 for the Facilitea store, and up to €500 for referring friends to the bank. CaixaBank's payroll account offers the same cash options plus a Facilitea coupon redeemable for products such as a Dyson V12 vacuum cleaner, a PlayStation 5 or a Nintendo Switch 2. Bankinter pays €600 in cash, Cajamar up to €750, and BBVA tops the list with up to €1,060.
The headline figures hide very different mechanics. Some banks pay a lump sum, others spread payments across the year in monthly instalments, and others hand over a coupon tied to a specific product rather than cash.
Openbank: monthly cashback tied to everyday spending
Openbank does not treat its offer as a one-off welcome payment but as an ongoing perk charged monthly: 2% savings on Amazon gift cards and 1% cashback for payments made with Bizum, capped at €30 a year. To activate it, customers need a payroll deposit, pension or unemployment benefit of at least €900 a month, or a recurring transfer of that amount.
The account carries no maintenance, administration or cancellation fees, and the account holder's debit card is free. The perks begin with the first payroll payment and continue for as long as that income keeps arriving, similar to the bank's Travel+ service, which is free with a payroll deposit but costs €4.99 a month without one.
imagin: cash, a shopping coupon and a referral bonus
imagin splits its incentive three ways: up to €250 or €150 in cash, a coupon worth up to €400 for Facilitea, and up to €500 for inviting friends to open an account with the bank. The published figures are net amounts, because imagin applies a 19% withholding before paying out.
The tightest condition is the calendar: the payroll deposit must be set up within four months of signing up for the promotion. Customers who benefited from similar promotions after 1 January 2022, or who already had their payroll deposited at CaixaBank, are excluded. imagin is a fully digital bank with no branches, backed by Spain's Deposit Guarantee Fund, which covers up to €100,000 per account and holder.
CaixaBank: cash or a catalogue of tech gifts
CaixaBank offers a choice between cash, up to €250 or €150, or a Facilitea coupon worth up to €400 that can be redeemed for products including a Dyson V12 vacuum cleaner, a PlayStation 5 or a Nintendo Switch 2. The bonus is taxed as investment income and paid after a 19% withholding.
In return, the bank asks for 48 months of commitment in total: 24 months meeting the conditions and a further 24 as a customer with a balance above €5, at least three direct debits and a minimum of three card purchases each quarter. Setting up a payroll deposit is not required to open the account or to avoid fees, only to qualify for the bonus. Digital SEPA transfers are free, and the debit card carries no cost for the account holder or one authorised user.
Bankinter: €600 paid over 12 months
Bankinter's €600 is not paid in one go. It is handed out in 12 monthly instalments, and the amount is gross, subject to the withholding that applies to this type of promotion. The payroll or pension deposit, of €850 or more, has to keep arriving for the whole year, with one month's grace from account opening to set it up.
The offer cannot be combined across several payroll deposits or account holders, and it runs until 14 September 2026. The account can only be opened through digital channels and carries no maintenance fee.
Cajamar: a bonus scaled to salary size
Cajamar's Wefferent account ties its bonus to the size of the deposit: €200 for income between €600 and €1,199.99, €300 for €1,200 to €1,999.99, €500 for €2,000 to €3,999.99, and €750 for €4,000 or more. Customers must request the bonus once the first payroll payment has been verified, keep the deposit for 36 months, and are limited to one bonus each. The offer is reserved for customers setting up a payroll deposit with Grupo Cooperativo Cajamar for the first time and runs until 31 December 2026.
The account also pays 1.52% APR on balances of up to €50,000 for the first six months, a benefit that is separate from the payroll bonus and neither adds to it nor replaces it.
BBVA: the largest offer, built from four parts
The highest figure in the ranking is built by stacking several perks. BBVA pays up to €1,060, made up of €33.33 a month for depositing income or a pension above €800 (or a self-employed contribution), up to €10 a month for paying with the Aqua Débito card, up to €10 a month for sending or receiving Bizum payments, and up to €10 a month for setting up direct debits for electricity, gas, internet or phone bills. Much of that total builds up through everyday use of the account, and the figures are gross; reaching the maximum also requires putting some savings into the account.
Two conditions govern access: customers must enter the promotional code PLAN1060 when opening the account, before 15 September 2026, and the offer is limited to new customers. The account and card carry no cost and no conditions attached.
Why the payout date matters as much as the amount
Almost none of these bonuses is paid in the first month. Bankinter spreads its offer over 12 instalments, BBVA builds its total concept by concept, and Cajamar requires customers to request the bonus once the first deposit is verified. That makes the timeline as important as the headline figure: four months to set up a payroll deposit at imagin, one month's grace at Bankinter, and promotional codes that expire in September.
What happens once the bonus period or minimum commitment ends is the second question worth asking, since fees, card costs and the requirements needed to keep them waived remain in place after the reward stops. The amounts advertised are also gross figures that count as investment income and carry a tax withholding, so the fair comparison is the net amount that actually lands in the account. Weighing those three points, the payout schedule, what comes after and the net figure, takes only a few minutes and often changes which offer looks best.
