How Bankinter's takeover of EVO affects bank customers in Spain
Do you have a bank account with EVO in Spain? Then you've probably been notified that Bankinter has taken it over. This is what it means for Evo debit and credit cards, mortgages and other bank conditions.
In July, EVO digital bank will become part of a bigger bank in Spain, Bankinter.
The takeover means that the EVO, which was founded in 2012, has now become Bankinter's digital bank instead.
If you’re one of EVO Banco's 330,000 active customers (767,000 total) you will have recently received a letter explaining the merger and letting you know it will now be managed by Bankinter.
For now former EVO Banco customers who had purchased financial products will maintain the same contractual terms they had before the acquisition, until the technological integration takes place and the bank informs them otherwise.
Usually, banks standardise the terms and conditions of different products when a merger occurs, but Bankinter has not yet announced how this process will happen. It’s important to remember though, that they will inform you in advance of changes that will be made.
New products no longer available
The main differences is that you can no longer purchase the old Banco EVO products, even if you were a former customer.
This will probably include EVO's mortgage, one of the most competitive hipotecas on the market with an interest rate as low as 2.05 percent.
Website and app will continue working until July
Once the integration takes place in July, EVO customers will be considered Bankinter customers under the same conditions as their existing customers. For now though, you can continue using EVO Bank channels, such as the website and app.
"Customers will continue to use their existing EVO products just as before and will use EVO's usual customer service channels. When the technological integration takes place, scheduled for July, Bankinter will assume EVO's customer portfolio," Bankinter sources told website Finect.
When this happens, former EVO customers will be able to access all Bankinter products and services.
FACT CHECK: No, Spain does not fine you for withdrawing €3,000
Smart card changes to a credit card
Another change is that EVO’s former tarjeta inteligente or smart card which was a debit card is also set to become a standard credit card, with the difference that it will allow you to withdraw money from Bankinter ATMs. This is causing some complaints from customers.
There are, however, multiple other card options, such as the Duo Debit Card, the Duo Credit Card, as well as the Visa Solidarios card to collaborate with NGO projects. "In addition, they will be able to access virtual cards that are highly sought after by EVO customers," the bank added.
IBAN numbers change
With regards to the former Smart Account, the IBAN number will also change, this could be an issue for those who have direct debits set up as these will no longer work. This means you will have to contact utility companies, the tax authorities and social security to change it.
READ ALSO: How to open a bank account for a child in Spain (and the best accounts)
Interest savings account
A further change is that your balance will be transferred to the interest-bearing savings account daily instead of every two weeks like EVO customers had before. According to Bankinter customers "will have access to a multitude of interest-bearing accounts offering up to 5 percent APR the first year and up to 2 percent APR the second.
Covered limit
The merger has another important change with regards to the amount you hold or held at either institution. The limit on the amount covered by the Spanish Deposit Guarantee Fund in the event of a bank failure is €100,000 per institution. This now applies to the balance held by customers in their accounts at both banks.
"Your deposits and checking accounts are covered by the Deposit Guarantee Fund. Don't forget that the balance of the deposits and accounts you had at EVO Banco is added to those you hold or open at Bankinter up to a combined limit of €100,000," the bank explained.
READ ALSO: The changes to bank transfers in Spain in 2025
Mortgages
If you have a mortgage with EVO this will remain under the same conditions, but the new offering will be made through Bankinter. "For mortgages and loans, the portfolio migrates to Bankinter without changes," the bank claims.
Pensions
Pensions with Bankinter will now have a much broader offering including Premium Plans, Lifecycle Plans, Fixed Income Plans, Variable Income Plans, Mixed Plans and Plans for the Self-Employed, in addition to Sustainable Pension Plans. This means you have more options than before
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