Below is the key information* you should know about the bank account product made available to IE student by Caja Madrid. Please keep in mind that banking systems vary across country markets, therefore the terms are stated according to Spanish norms.
Current/Checking Account Terms
- Service fee: €4.50 quarterly if your average balance for the quarter is less than €1,000 (a
- Overdraft charges: €30 on the sixth calendar day of the account being overdrawn.
- Annual Nominal Interest Rate for an overdraft: 13.09% nominal / 13.74669% AER (Annual Equivalent Rate) charged quarterly.
- Service fee: 25€ annually (approximately 2€ per month)
- Withdrawal limits: 1.500€ daily purchases, 600€ in daily cash withdrawal, 200€ in daily mobile recharges (can be completed via ATM).
- Charges for cash withdrawal: 0€ at Caja Madrid Office, 0€ at Caja Madrid ATM/cash point, 1.20% or minimum €0.75 ServiRed (Caja Madrid’s network) ATM/cash point, and 4% or minimum €3.00 at other ATM/cash point or non-ServiRed network institution.
See http://www.servired.es/  for more information about ServiRed network partners.
* Effective as of October 2008 and subject to change.