What is Best For us, a Bank or a Savings Part II
The boxes have to spend at least 50% of its profits to reserve requirements, to ensure their present and future solvency. The rest of the benefits they have to spend compulsorily Social Work, in fields as diverse as culture, sports, health, heritage conservation, etc.. Normally, the boxes for between 30 and 40% to Social Work, which means that spend between 70 and 60% to reserves.
Another difference resulting from the above is that banks are run and managed by a board elected by the Shareholders and Banks are subject to review of the Autonomous Region in which their head office and management bodies are elected and agreed by political representatives.
It is also true that small banks tend to be less present national banks, which can be a problem in finding offices when we travel. But large and medium boxes are already in almost all sites, after years of policy of expanding its offices.
So what is best for us, a bank or a savings?
Regarding this question, we can say that today we will not get more benefits or better in general for being a client of a bank or savings bank.
Although initially it was true that the savings banks were specialized in household savings and small clients and small businesses today have been a change in their strategies and have become more savings banks.
In fact, by volume of mortgages and deposits, large Spanish savings bank Caja Madrid and La Caixa as are the level of the big banks. And with the current financial market where institutions are struggling to win customers, banks and savings banks have similar strategic and financial plans, resulting in a great competition between them as to price their products (mortgages, deposits pension plans, etc.), and also in an effort to improve efficiency, attention, speed, etc.
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Tags: Bank of Spain, Business, Caja Madrid, Financial services, La Caixa, Savings bank, Social Work, Spain