Today the editorial staff of ProiezionidiBorsa compares two possible profiles of savers. And he compares them to two of the many asset management tools on the market. In particular, we will ask ourselves if the saver who keeps money in a current account or who chooses to have a deposit account is more shrewd and farsighted. Let’s proceed in order.
The current account
The current account refers to a contract between customer and bank, through which the latter performs the so-called cash services in favor of the former. In other words, it manages the savings paid and provides a whole series of services for it. Such as cash withdrawal, utilities domiciliation, the issuing of checks, etc. Up to the threshold of 100,000 euros they are a safe product, if the chosen bank adheres to the FITD.
On the cost chapter, it must first be said that over 5,000 euros of stock you pay 34.20 euros per year stamp duty At the state. Most of them also include regular account maintenance fees, which vary from bank to bank. Most of the time these are package products, i.e. they include a number of free services per year, while they charge for everything else.
On the other hand, the so-called basic accounts are free, but valid only for certain categories of customers. Or any current accounts offered in promotion, or in any case the “minimal” ones provided by default in the commercial plan of the reference institution.
Finally, the vast majority of them do not offer interest income on the sums deposited.
The deposit account
The deposit account is a special remunerated account that allows you to park “surplus” sums from three months to three years. To live, he needs a current account called a support account.
Their advantage is that, often, they provide for forms of remuneration on the sums deposited. The measure of recognized active interest is, however, often reserved for new customers and tied savings.
Finally, two other considerations. Also for them the guarantee up to 100,000 is valid, as in the case of current accounts, and in addition, at the end of the year, the 2 per thousand tax is paid on the sums deposited.
Who is the most forward-looking saver
According to official estimates ABI and Bank of Italy IC / C of Italians overflow with cash. In particular, the average annual stock left with a current account fluctuates around 18,000 euros. So, is the saver who keeps money in a current account or who chooses to have a deposit account more shrewd and farsighted?
As always, let’s try to reason with data and numbers instead of proceeding in vague terms and not anchored to possible concrete examples.
Let’s take a hypothetical saver who has an average of 20,000 euros and who decides to keep them on the current account for a year. Now, how much would such a choice make him? Generally speaking, we have first of all the 34.20 euro stamp duty. Then let’s assume an average annual cost of account keeping equal to 12 euros (1 euro per month).
Finally, there is inflation: for 2020, ISTAT calculates it equal to –0.20%, but this figure is an exception resulting from the unprecedented serious crisis, which arose with Covid. To make the example more real, and not to pass the exception as the norm, let’s assume an average and, in any case, very low, for example 0.30%. So, in one year, another 60 euros would be lost in real (and not nominal) terms.
Combining the three items, and assuming an inflation of 0.3% as possible, the decision to keep 20,000 euros still would cost approximately 100 euros per year. Between costs actually incurred and inflation losses.
Always value your savings
Now, let’s imagine, instead, that, always the same saver, decided to keep 4,500 on the account for ordinary needs. And to want to allocate the remaining 15,500 euros to a deposit account. Of course, in these cases, any deposit constraints must also be weighed with what are one’s possible future needs.
We took a quick look around the net and discovered several good promotions going on. Among these, there is that of a bank that bears the stamp duty for the whole year to come.
It also offers 1.25% gross on the sums deposited until June 2021, and then brings this gross rate down to 1.00%. Furthermore, in the event of early closure of the account, the sums are available after about a month, without losing interest.
Therefore, net of taxes, it would be approximately 130 euros net, which would have to be subtracted from inflation. Again assuming it equal to 0.30%, a final balance would be around +70 euros.
Here, then, is illustrated if the saver who keeps money in a current account or who chooses to have a deposit account is more shrewd and farsighted.
Finally, in thisother article let’s compare the one-year yield of two other financial instruments: Postal Bills and BOTs.
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