Spain's BBVA continues its European expansion, launching a 100% digital retail bank in Germany.
The app-based offering includes an interest-bearing checking account paying three per cent for the first 12 months, and a debit card with a three per cent cashback on purchases - both paid monthly and completely free of charges, with no fees.
Germany marks the second all-digital market entry for BBVA, following its 2021 launch in Italy, where it now has more than 700,000 customers.
BBVA has long pushed its tech credentials, claiming its app is "recognised as the best digital banking experience in Europe".
In addition to the checking account with German IBANs and debit card - which has no printed data and a dynamic CVV - customers will have access to 70,000 ATMs and cash withdrawal points across Germany, instant Sepa transfers, direct debits, and a fully digital account switching request service.
Financing options are also available, such as Pay&Plan, which allows customers to split debit card purchases up to 90 days after payment into three to twelve monthly instalments. Other lending facilities include one-click personal loans and the Dispokredit overdraft facility.
“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,” says Onur Genç, CEO, BBVA.