When I first arrived in Spain and went to open a bank account, I noticed that besides the familiar ‘Banco’ like Santander and BBVA, there were many places with ‘Caja’ in their names, such as CaixaBank and Unicaja. I was a bit confused at first, thinking they were just small local banks. But after chatting with some local friends, I learned they have a significant history as the famous ‘Cajas de Ahorros’—savings banks.
So, what’s the real difference between a ‘Caja’ and a ‘Banco’? Simply put, Cajas were originally non-profit institutions founded by the church or local governments, focusing more on social welfare and regional development. A large portion of their profits was reinvested into the local community through social projects. In contrast, a Banco is a purely commercial bank, aiming to maximize shareholder profits. Of course, after years of evolution and post-financial crisis mergers, many Cajas now operate more like commercial banks, but their foundational principles and traditions remain distinct.
What Are the Main Savings Banks in Spain Today?
The financial crisis acted as a major reshuffle, causing many smaller Cajas to merge. The ones we encounter today are mostly the giants that resulted from these consolidations. I’ve compiled a list of some of the largest and most common savings banks in Spain for your reference:
CaixaBank
This is arguably one of the largest banks in Spain today. It originated from the famous Catalan savings bank, ‘la Caixa’. It now has a massive scale with operations across the country and a vast network of ATMs—you’ll often see their blue star logo on the street. Although it now operates entirely as a commercial bank, it continues to invest heavily in culture, scientific research, and social welfare through its foundation, thus preserving the traditional spirit of a Caja.
Unicaja Banco
This is another major bank formed by the merger of several Cajas from the Andalusia region, with its headquarters in Málaga. It has a very strong presence in southern Spain, with branches in almost every town and village. If you live in Andalusia, getting a card from them would be very convenient. Its name literally means ‘Union of Cajas’.
Ibercaja Banco
Originating from Cajas in Aragon, Guadalajara, and other areas, its headquarters are in Zaragoza. It’s more common in the northern and central regions of Spain and is a financial institution with a long history. While not as large as CaixaBank, it holds significant influence within its core regions.
To give you a clearer comparison, here is a simple table:
| Savings Bank | Main Origin/Region | Key Features |
|---|
| CaixaBank | Catalonia | Largest in scale, extensive network of branches and ATMs, significant social welfare investment |
| Unicaja Banco | Andalusia | Dominant force in southern Spain, high local penetration |
| Ibercaja Banco | Aragon | Strong influence in central and northern Spain |
| Kutxabank | Basque Country | Mainly serves the Basque Country and surrounding areas, known for its stable approach |
Nowadays, as regular customers, the experience of banking with these institutions that evolved from Cajas is not much different from going to Santander or BBVA. But understanding their history and background, as well as that of the Bank of Spain, is still quite interesting. When choosing a bank, besides looking at services and fees, you might also consider which one has more branches in your area, since you’ll occasionally need to visit a physical office. I’m curious, which bank do you use? Any recommendations or complaints to share?
