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Bankinter to reward pension plan transfers with cash bonuses of up to 4%

Bankinter lays out its annual pension plan campaign, with cash rewards of up to 4% of transferred amount to encourage customers to transfer their pension plans to the bank.

Customers who transfer their pension plans between 4 October 2016 and 31 January 2017 will receive the corresponding amount in their current accounts on 28 February 2017.

Bankinter is running its annual campaign for pension plans and ‘EPSVs’ , whose strategy will again focus on encouraging customers to transfer their pension plans to Bankinter from other institutions with a cash bonus incentive.

Bonuses may equal up to a total 4% of the transferred amount, for transfers of more than 60,000 euros. Cash bonuses will be 3% for transfers of between 30,001 and 60,000 euros; and 2% for transfers of between 3,000 (the minimum amount required to take advantage of this promotion) and 30,000 euros.

Cash bonuses will be deposited in current accounts on 28 February 2017 for transfer applications submitted between 4 October 2016 and 31 January 2017.

In order to earn these bonuses, Bankinter requires customers to keep transferred funds in the bank for a minimum period of five years. During this period, customers may redeem or transfer their pension plans/EPSVs; however, they must return their cash bonuses as a penalty.

In addition to these transfer bonuses, there is a customer loyalty programme called ‘Plan Retorno’, which has existed for a number of years. This plan rewards customers with a gross annual 0.25% cash bonus (deposited every year on 15 February) on the total amount they have in their pension funds/EPSVs as of 31 December of the previous year. Nonetheless, this amount needs to be more than 25,000 euros and customers must have made contributions equal to, or greater than, 3,000 euros throughout the year.