Credit cooperative in Spain
A cooperative is a group of people who join together to help each other and serve each other, without the intention of making a profit. When you are a member of a cooperative, you can enjoy the same advantages as other members.
If you become a member of a savings or credit cooperative, you can enjoy the same financial services as other banks, you can deposit, borrow and remit money.
What savings cooperatives are there in Spain?
Since the financial crisis in 2008, many savings cooperatives in Spain have been bought out by banks, and now there are few left. Some of the more famous ones are:
1. Laboral Kutxa
The main area of activity is in the north, in the Basque Country. However, it has offices in Madrid and Barcelona.
2. Caja Ingenieros
A savings cooperative based in Barcelona. Compatriots in Barcelona may want to open an account there.
3. Caja Rural
Caja Rural is not a single cooperative, but a federation of dozens of them, using only the same brand name. Each cooperative uses the name Caja Rural + the name of the place.
4. Bantierra
Bantierra is mainly active in the Zaragoza area. However, it also has offices in Madrid and Barcelona. It is now known as “Caja Rural de Aragón, Bantierra”.
5. Caja Almendralejo
Active only in Extremadura and surrounding areas.
6. Caixa Ontinyent
A small savings cooperative in the Valencia area.
Note: Although savings cooperatives do not have the same structure as banks, it is normal to ask for the relevant economic documents when opening an account, as they are also part of the system of financial institutions and are subject to anti-money laundering laws.
