Monts de piété in Spain were closely connected with savings banks. The system grew until in 1840 the "mont de pit" began to receive the sums deposited in the savings bank, which had just been established, for which it paid 5% interest. In 1869 the two institutions were united. This official pawnshop charged 6% upon advances for periods varying from four to twelve months, according to the nature of the article pledged, and a further months grace was allowed before the pledges were sold by auction. Private pawnbrokers were also common, especially in Madrid, often with much higher rates of interest but which made larger advances than their official rivals, and which did business during more convenient hours.