Banking Services: Checking, Savings, Mortgage

8 February, 2023 | Alba Tebar

Banks give a lot of different services to their customers. One of the most common ones that are offered are the following ones:

  • Personal loans
  • Costumer credits
  • Current and free saving accounts
  • Credit or debit cards
  • Transfers
  • Cash and back checks
  • Guarantees
  • Mortgages

In that sense, and according to the Banco de España portal, a series of products and services can be identified. Let’s dig deeper to learn a little bit more about some of them, especially those ones that can affect your housing search.

In Hipotecasplus, we are aware that it is not always easy to choose a bank and a mortgage. Those decisions are kind of crucial, because they will affect you and your family in a long-term (as well as in a short one) monetary field. That is the reason why we want to give you the most information as possible before you take a decision. And, among that information, it is especially relevant to know what services the banks offer, as well as to know how they act in terms of mortgages, checks, and savings.

Personal loans and Consumer credits

Those type of products consist in a loan between the bank and the costumer, as a way to obtain enough funding to buy different products or services. We are talking about trip, computers, dental treatments, cars, courses, houses, and so much more. In that sense, depending on the price of the good of service you may need to obtain, the bank will give you a different amount of money.

When talking about buying houses, and as you can imagine, the amount of money you will borrow from your bank is quite big. In those cases, we call that loan a mortgage. But, be careful, because it is not always easy to obtain a good one. Especially a mortgage that really fits your needs and personal interests. At that point, counting with a good advise from an expert view such as Hipotecasplus, is clue.

We act as intermediaries between banks and costumers. The main goal is to try to find the best bank and the best mortgage of the market for you, regarding your personal characteristics and needs. We can guarantee you that we will find the best mortgage of all of them for you.

Nevertheless, let us give you some tips and some advise on that topic. Banks will usually only offer you up to a 70% of the value of the property as a mortgage. The remaining 30% it is fundamental that you have it saved beforehand. Even so, you will have to count on extra expenses throughout this mortgage process, so it is usually recommended to have 42% saved previous, as the Bank of Spain itself suggests for non residents.

Types of loans

It is also interesting to know which different types of loans can be borrowed from a bank.

  • Consumer credits. They consist is a type of personal loan in which the bank entity grants to a consumer for their personal needs. It is subject to its own regulation, through the law 16/2011 of June 24.
  • Quick loans. Those are small amounts of money that are characterized by the quickness in which they are given. However, it is important to highlight that they are given under some conditions that can lead to much higher amounts of money than conventional loans.
  • Microcredits. Small amounts of money that are usually given in order to start a new business or project.
  • Subsidized loans. In that case, the interest rates that are associated with the loan are lower than the conventional ones. This is because they are given with the aim of financing a particular activity or project in with a public entity is participating or wants to help.

Other offered banking services

Checking accounts

We refer to checking account as those deposit accounts that allow withdrawals and deposits. They can also be called demand accounts or transactional accounts. Their main characteristic is that the checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.

Some of the different types of checking accounts are:

  • Regular (basic type)
  • Premium accounts
  • Student checking accounts: with more flexibility
  • Senior checking accounts
  • Interest-bearing accounts
  • Business checking accounts
  • Reward checking accounts

Saving accounts

Savings accounts are those type of accounts that are offered by banks or credit unions with the purpose of offering you a safe place to store your money. They are often know to earn compounding interest. In other words, you can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts.

Furthermore, many banks, credit unions, and other financial institutions offer savings accounts in addition to other accounts. You might even find some savings accounts that offer higher interest rates than others.

This type of account differs from the checking ones, which offer easy access to your money for your daily transactional needs and help to keep your cash secure. But, why? Because, on the contrary, saving accounts allow you to accumulate interest on funds you’ve saved for future needs. And those interest rates can be compounded on a daily, weekly, monthly, or annual basis.

So, taken as a whole, and thanks to our experience in that field, you can always count on Hipotecasplus as a reliable resource to stay informed and properly advised. We will stay completely open and ready for any question you might have regarding this topic or anything else related. And, of course, you can always contact with our offices with no need of commitment! We will be more than happy to help you and all your family to build a better future for all of you!