Some operators have diversified their business and have opted to open up to new verticals. Within the financial sector, one of the most successful has been Orange Bankwith 200,000 customers and perhaps many more on the way after the latest improvement in savings account conditions.
Over the past year they have already established constant improvements in deposit conditions, but now they position themselves directly as one of the banks with the best profitability.
Orange improves the conditions of its savings account
Orange Bank customers will see how the remuneration conditions of their savings account, known as the Orange Bank Account, improve once again. 5 months ago an increase to 1% was announced and now the entity now offers a 1.5% APR for Orange customers and 1.3% APR for customers of other operators (previously 0.8% APR) with a maximum remunerated limit of up to 200,000 euros (compared to the 100,000 euros previously established).
Be starting next March 1 when all customers, both those who already had an account open and those who are new, see this increase in the remuneration of the Orange Bank Account, which places the Orange bank as one of those that offers the highest profitability.
This account does not have permanence and allows money to be moved freely between the checking account and the savings account, to have the money whenever you want and without any type of commission or penalty. In addition, since December 19, 2022, Orange Bank is available to customers of any operator telecommunications in Spain. Obviously, what Orange customers will have are advantages over the customers of other operators.
Orange Bank already has almost 200,000 customers
The Orange bank recently shared the customer data for the past year 2022 and it has not done badly. It closed last year with a total of 191,000 customers, 33% more than in 2021. It is also consolidated as one of the main financing companies at point of sale in Spainwith more than 4.7 million terminals financed, thus increasing its business volume and positioning itself as a more than attractive option for Orange customers.
Also last year increased its volume of deposits by 43% compared to 2021, with a total of 306 million euros. A growth that was due, in part, to the previous improvement in the conditions of its savings account, which until now and after a series of revisions during the past 2022 offered a 1% APR with a maximum remunerated limit of 100,000 euros, for which is sure that the rise to 1.5% APR on 200,000 euros will surely attract new customers to the bank and improve those figures.
During the past year Orange Bank also continued to expand its credit offer with a total of 24.8 million euros in pre-approved loans up to 9,000 euros.