Frequently asked questions about the Minimum Banking Services Account

To open a Minimum Banking Services Account you must go to a branch.

This account can have several holders as long as they comply with the requirements.

To open a Minimum Banking Services Account, you cannot have any other current accounts.

However, there are some exceptions:

• A natural person who has other current accounts can hold a minimum banking services account with a person aged over 65 or with a permanent disability of 60% or more who has no other accounts.
• A natural person who holds a minimum banking account with a person over 65 years old or with a degree of permanent disability equal to or greater than 60% may access a minimum banking account individually if he/she has no other current accounts.
• Customers who have been notified that their current account has been closed may apply to open a minimum banking account.

You must declare on the account opening forms that:

• You do not hold another current account, except in the case of co-ownership of a minimum banking services account with a natural person over 65 years old or with a degree of permanent disability equal to or greater than 60%; or
• You have been notified that your current account will be closed.

If you already hold a current account, you may:

• Convert the current account directly into a minimum banking services account, if you wish to keep the account with that credit institution; or
• Close the account and open a minimum banking services account at another credit institution.

The Minimum Banking Services Account includes the following services:

• A current account;
• Debit card for account transactions;
• Access to the minimum banking services account through ATMs in the European Union, homebanking service and branches of the credit institution;
• Deposits, withdrawals, payments of goods and services and direct debits;
• Intrabank transfers, with no restriction on the number of transactions that can be carried out;
• Interbank transfers (SEPA+ credit transfers and/or SEPA+ standing orders) through ATMs, without restriction on the number of transactions, and homebanking, with an annual maximum of 48 national and European Union interbank transfers;
• Five monthly transfers in the MB WAY app of an amount equal to or less than €30 per transaction.

A fixed annual account maintenance fee of €4.20 is charged, broken down monthly to €0.34, plus Stamp Duty of €0.01.