The payroll accounts are essentially a traditional bank account, but has several advantages. Some banks offer payroll who have accounts with them additional products and services with greater benefits that are not available for regular customers.
1. Lower commissions
Most banks eliminate commissions or income in payroll accounts to receive regular deposits. This means that if you fail to receive payment from your salary in the account, the bank could resume the collection and apply the same fees that traditional accounts.
Considers, however, that some fees such as replacement debit card or ATM withdrawals from third parties and bank transfers could still be applicable. Ask your bank for commissions on their payroll accounts.
2. Access to credit in “preferential” conditions
Some banks in their payroll accounts, can grant you a credit card with no annual fee collection (subject to abide by the lending policies of the bank). However, not all cards handled by the institution applied for it (the Platinum are usually excluded).
Others charge but subsequently reimbursed if you keep both accounts and pay your card through your online banking.
Another “benefit” applies to payroll accounts is the famous payroll credit that is no more than a traditional personal loan with a rate similar to or slightly less interest. They are loans not being guaranteed, tend to have relatively high financial conditions.
3. Investment Bank in a better position
Some payroll accounts may have included access to investment funds with some advantages, such as access to a range with lower commissions – which would correspond to people who invest larger amounts. Or a bank promissory notes with interest rates coupon (still usually lower than inflation).
In Mexico a bank offers a “voluntary savings club” that pay interest rates of up to 100% of Cetes. In other countries the advantages of payroll accounts are similar, but can be better.
In Spain for example, payroll accounts as the Self Bank offers important advantages, such as an attractive interest rate, national or international transfers (within the Euro zone) at no additional cost.