Evo Bank is a Spanish financial entity that was founded in 2012 as a trademark of Novagalicia Banco, which was owned by the Spanish government. The objective of the Bank was to offer a
different banking experience and more customer-focused than that offered by traditional banks in Spain.
The bank differed from other banks in Spain by offering completely free services, such as a checking account without commissions, credit and debit cards without annual fees, transfers
at no cost and a very intuitive mobile application that allowed customers to do everything from their smartphone.
Initially, Evo Banco was very successful among Spanish consumers and was acquired by the American investment fund Apollo Global Management in 2013 for more than 60 million euros. Under Apollo's control, the Bank continued to expand and open new branches throughout Spain.
However, as the As the bank grew, it also began to face financial problems. In 2015, the entity announced a loss of 16 million euros, and in 2016 it had to fire 20% from its squad to reduce costs.
In 2018, Evo Banco was sold to the Spanish bank Bankinter for 65 million euros. Since then, Evo Banco has continued to offer its innovative and free banking services to customers in Spain, although now as a subsidiary of Bankinter.
Services and products offered
A Spanish bank that offers a wide range of financial services and products to his clients. These are some of the services and products offered by Evo Banco
- Smart Account: It is a checking account that does not charge commissions or have link conditions. It allows you to make free transfers and have a debit card at no cost.
- Credit cards: The Bank offers several credit card options, such as the Evo Finance Classic Card, which allows you to finance purchases in installments without interest.
- Smart Mortgage: a mortgage that allows you to finance the purchase of a home with a very competitive variable interest rate. It offers flexibility in the payment of installments and the possibility of making early repayments without penalty.
- Personal loans: The Bank offers personal loans with very attractive conditions, such as a fixed interest rate and terms of up to 8 years.
- Investment funds: Evo Banco offers a wide selection of investment funds, both its own and those of other managers. It offers options for all types of investors, from the most conservative to the most risky.
- Pension plans: Evo Banco has pension plans that allow you to save for retirement in a simple and profitable way.
Also, Evo Banco has a very intuitive mobile application that allows customers to manage their finances from anywhere and at any time. It also offers personalized customer service through different channels, such as telephone, email and social networks.
Commissions and fees
evo is known for offering free banking services and without commissions, which makes it a very attractive option for many clients. However, it is important to take into account that, like any other financial entity, Evo Banco charges certain fees and commissions for some of its services. Below are some of the fees and commissions charged by Evo Banco:
- Account maintenance: Evo does not charge account maintenance fees.
- Debit: The Evo Banco debit card is free, but in case of loss or theft, a replacement fee will be charged.
- Credit cards: The Bank's credit cards have an interest rate and an annual issuance commission.
- Transfers: Transfers within Spain are free, but international transfers have a fee.
- Cash withdrawals: Cash withdrawals at Evo Banco ATMs are free, but at other ATMs there is a commission.
- Overdraft account: If an Evo Banco customer's account is overdrawn, an interest rate will be applied.
- Early cancellation of investment products: If a client decides to cancel an investment product such as a fund or pension plan early, there may be a fee.
It is important to consult the terms and conditions of Evo Banco to know all the rates and applicable fees. In general, Evo Bank It distinguishes itself from other banks by offering services without commissions and transparent in terms of the rates it applies.
Security and data protection
Security and data protection are issues of great importance in the financial sector, and Evo Banco is aware of this. That is why it has implemented a series of security measures to protect the information of its clients and guarantee that their transactions are safe.
Among the security measures that Evo Banco has adopted they find each other:
- Two-factor authentication: To access online banking and the mobile app, two-factor authentication is required. This means that, in addition to the password, another authentication factor is required, such as a code sent by SMS or a security token.
- Data encryption: Evo Banco customer information is encrypted using SSL encryption, which means that it is coded so that only those who are authorized can access it.
- Constant monitoring: Evo Banco constantly monitors the activities on its platforms to detect any suspicious activity and prevent fraud.
- Safety Certifications: Evo Banco has obtained internationally recognized security certifications, such as the PCI DSS certification, which guarantees that it complies with the security standards of the payment card industry.
In addition, Evo Banco has a clear and transparent privacy policy., which sets out how customer information is collected, processed and used, and is committed to protecting the personal data of its customers.
In short, Evo Banco takes the security and protection of its customers' data very seriously., and has implemented rigorous security measures to ensure that its customers are protected at all times.
Conclusion
In conclusion, the bank has stood out for offering innovative financial services, with a strong presence in the digital world and without commissions. However, it has also emphasized security
and protection of its clients' data, implementing rigorous security measures and internationally recognized security certifications.
The bank's clear and transparent privacy policy, together with its commitment to protect the personal data of its clients, have generated great trust among its users, which has contributed to its growing popularity in the Spanish financial market.
In short, Evo Banco is a financial institution that has known how to adapt to the needs and demands of current customers, offering innovative, transparent and secure services.