BBVA allows customers to switch their payroll to the institution through portability and complete the process via its application. The bank offers sections to set aside money in up to seven categories for specific objectives, such as travel, household expenses or savings.
Among its benefits, BBVA provides preferential rates for payroll loans between 12% and 23.7%, according to the product terms. The institution also offers free insurance linked to payroll, including funeral expense coverage of 30,000 pesos for the account holder and three insured family members, as well as life insurance with coverage of 120,000 pesos.
Banorte has a payroll product with no opening fees, minimum balance requirements or account maintenance charges. The bank offers payroll loans of up to 1.5 million pesos with terms of up to 60 months and without the need to provide guarantees or endorsements, although it is subject to approval. Banorte also provides payroll advances of up to 10,000 pesos at 0% interest rate, according to the product terms.
The institution offers additional financing options, including auto loans with down payments from 10%, terms of up to 72 months and fixed rates from 13.99%, as well as mortgage loans with fixed rates from 8.80% annually and terms between five and 20 years, subject to the corresponding conditions and approval.
HSBC offers a payroll account with no administration fees and coverages called Protect. Benefits include dental cleaning, eye exams, medical check-ups, funeral assistance and coverage of up to 20,000 pesos per accidental death. The bank also provides protection of up to 30,000 pesos per year for certain damage or unexpected events related to mobile phones, tablets, laptops, electric scooters and electric bicycles. HSBC provides access to payroll loans of up to 1.2 million pesos, as well as preferential rates on auto and mortgage loans.
