Banks and savings banks are differentiated by their legislative character. Banks are corporations, while savings banks are limited liability companies. You can say that currently, banks and savings banks offer the same services, it is more, the two entities competing on price, efficiency and attention. The best way to know which is opt to study in detail all the factors that most interest us: commissions, interest, remuneration or proximity.
Savings Banks or what kind of entity suits me as a customer?
In our daily life, relations with financial institutions are indispensable. On many occasions we have to deal with banks or savings banks, from wages to collect our personal and mortgage borrowing. It can be said that banks in general is an economic sector clients we have to be almost mandatory.
But from the standpoint of our interests as customers, what kind of entity is best for me, a bank or a box?
Fundamental differences between Banks and Savings
We will try to briefly explain the fundamental differences between the two types of financial institutions.
The main distinguishing feature is that the savings banks are in essence non-profit entities. They were born as entities dedicated to carrying out in support of the lower classes, and currently are required by law to contribute part of their profits to social work. Therefore, the boxes do not have owners, but managers and unlisted, so it can not be acquired by private equity.
By contrast, banks are profit-making entities, and can use their profits to satisfy their shareholders and what they see fit.
The boxes have to spend at least 50% of its profits to reserves, to ensure their present and future solvency. The rest of the benefits you 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 they spend between 70 and 60% to reserves.
Another difference resulting from this is that banks are run and managed by a board elected by the Board of Shareholders, and the boxes are under the control of the Autonomous Community where its registered office setting, and the 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 expansion policies of its offices.
So what is best for us, a bank or a savings bank?
Regarding this question, we can say that today we will not get more benefits or better condition in general for being a customer 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, the volume of mortgages and deposits, the largest Spanish savings bank Caja Madrid and La Caixa and are level with 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, focus, speed, etc.
We can say that today there is no difference between the prices of mortgages or other loans, which charge fees or income from investment products we offer and savings banks.
In brief
We can say that the best entity for us as a customer we find by comparing all the options available, regardless of whether it is a bank or savings bank, but rather other factors such as proximity of the offices, Internet services and telephone, attendance at the state level, and in particular prices of specific services we need or pay we offer for our savings, in addition to professional treatment that we dispense (advice, speed, problem-solving ability, etc.). .
We appeal to the council therefore always stress: compare, compare and compare and then decide.