Investment Accounts

Long-term savings accounts and investment accounts are also available, although these generally have restrictions on the amount you can withdraw or penalties for withdrawing funds before time. Interest rates vary, although at present no standard savings accounts in Spain offer a good rate of interest. The best rates are obtained from investment account linked to stocks and shares, although there are associated risks of loosing some or all of your investment.
ATMs
There are numerous ATMs in Spain and you can even find them in larger villages, although you shouldn’t count on this, especially in rural Spain. Spanish ATMs are very sophisticated and start by offering you a choice of language (usually English, French, German or Spanish). Instructions are easy to follow and self-explanatory.
Three ATM networks operate in Spain –4B (the most common), ServiRed and 6000. You can generally use any ATM to access money from your account, although if the ATM you use isn’t one linked to your bank there may be a charge. Some banks allow you to make three withdrawals a month from ‘foreign’ ATMs before they charge you. Others are not so generous. Because of this, you may wish to consider opening a bank account with the bank owning your nearest or most convenient ATM.
As well as straight-forward cash withdrawals, some ATMs allow you to carry out a wealth of other transactions including paying cash into your account, consulting your balance or most recent movements, renewing your mobile phone card or making theatre, cinema and sporting events reservations.
Mortgages
The mortgage market in Spain has opened up considerably in recent years and now all banks generally offer mortgage facilities to both clients and non-clients, although obviously clients receive more favourable terms. In order to obtain a mortgage from a bank in Spain you must be over 25 and have a fixed employment contract or have been self-employed for at least 3 years. Residents can theoretically borrow up to 90% of the value of the property, although the amount is usually nearer 70 or 80% and the actual amount lent will depend on your income. Non-residents can usually only borrow up to 60% and 50% maximums are also common. Note that not all banks will lend to non-residents. Mortgages are available for up to 25 years, although 10 or 15-year mortgages are the most common.