ATM increases
Behind the increases in current accounts are the upward adjustments to commissions, in particular for payment cards, an increasingly profitable asset for banks and financial companies, with the spread of digital spending. The ATM, which was practically always free in the past, has an average fee of 10.80 euros compared to 9.190 euros in January, according to the analysis by Altroconsumo for L’Economia del Correre della Sera conducted at the beginning of December on accounts for families with average operations of ten institutions (Banco Bpm, Bnl Bnp Paribas, Bper, CheBanca!, Credem, Crédit Agricole, Intesa Sanpaolo, Mps, Poste Italiane and Unicredit). The debit card has changed and these are the new international ATMs, which also work contactless, by touch, and for online purchases.
Read also:
– Current account, increases of up to 22% (and zero returns): analysis and advice for choosing the right product
The other costs that weigh on the current account, from the credit card onwards
In ten months the credit card has increased less than the ATM, but it already had high fees: +3.13% to 51.36 euros today, on average. «The process of consolidation both in banks and in financial services affects costs, the process of mergers and acquisitions has restarted – says Donato Todisco, economist at Altroconsumo -. The PagoBancomat circuit can evolve and is the most widespread. However, Visa and Mastercard are also growing” (the two stocks on the stock market have risen by over 17 points in two years). There are banks, such as Fineco, that offer virtual ATMs, to be kept in the wallet on your smartphone: you save on shipping costs, around two euros.
Fines and payments to the PA: where the commissions come from
Among the growing commissions there is also the digital payment of public administration expenses, such as fines, with the Cbill/PagoPa system: the average cost per operation is now 1.77 euros, up by 4.5 % since January. The cost of paying bills at the counter (with debit from the account) also rises: +10.8% to 3.39 euros. It’s a 30 cent increase, but it signals how the banks’ tendency to discourage in-branch transactions continues. “Now bills can be paid with your smartphone for 1.80 euros”, says Todisco.
The simulation
The only decreasing commission among those analyzed is the bank transfer (with debit to the account) which drops by 6% to 5.19 euros. Let’s get to the rates. Here the continuous increase in costs for those who go into red is clear: the passive rate on the overdraft rises in ten months to 18.24% from 17.79% in January (and it was 17.08%, over one point less , in February 2022). But the lending rates of the large banks analyzed remain at zero. Some institutions outside the panel, however, have begun to offer returns. Ibl Banca, for example, announced at the beginning of December a promotion at a gross rate of 3.5%, for six months, for those who open their current account by January 16th. Altroconsumo has selected, with a simulation, the most convenient accounts of all (not only among the large banks) in its archive of 297 institutions, therefore also considering the banks that offer a return on the balance. The simulation, which excludes promotions, is on an account with an average balance of 4 thousand euros (under 5 thousand euros you do not pay the stamp duty of 34.20 euros), crediting of the salary, direct debit of the bills, ten online transfers to another bank, 12 mortgage payments, 12 ATM withdrawals.
The ranking
At the top of this ranking of the best online accounts are the banks that give an active rate: Banca Sistema with 1.5% gross (1.11% net), Banca Progetto with 0.25% (0.19% ), Banca Ifis with 0.20% (0.15%) and Ibl Banca with 0.10% (0.07%). Banca Sistema is in first place with «YES account! Current»: here the saver, in the hypothesized case, earns 44.40 euros per year (calculating the 26% withholding tax), rather than spending. With Banca Progetto (Key Account) the annual earnings are 7.40 euros and with Banca Ifis (Rendimax) 5.92 euros. Among all the traditional banks (here the selection is among those with at least one branch in Milan) the winner for convenience is Ibl Banca (Controcorrente-Semplice) where the customer has an annual profit of 2.96 euros. In all the others you pay: 18 euros in Banca Sella (Start account), 23.99 euros in Unicredit (genius Green), 24 euros with Widiba-Mps (Start account).
Current accounts and savings, all articles: For further information:
Current accounts, advice for spending less (and sometimes earning) Current accounts, increases of up to 22% (and zero returns): analysis and advice for choosing the right product Card payments, almost half of tobacconists don’t accept them : 80% in Naples and Genoa Instant bank transfer: what it is, how it works and what are the costs not to be underestimatedRevolut opens the Italian branch: preparing the launch of the Iban and personal loans The savings of Italians? They end up in unexpected expenses. And half are unable to put anything aside Credem: universal bank model, but in pocket format. Campani: «Ready for the risk» Unicredit is no longer systemic, the Chinese BoComAnima enters the list of banks that «cannot fail», Italian savings are once again the protagonist: who will make the next moveThe deposit account yields up to 5% , but how to choose? Interest, deadlines, constraints and taxes: what to evaluate
2024-01-07 08:57:37
#Current #account #ranking #expensive #Altroconsumo #weight #cards #taxes #payments
