MILANO – Four and a half million Italians have opened a shop in the last year deposit account. The data on the extraordinary current success of the vehicle is revealed by research by Facile.it, which shows how the increase in performance has brought them back into vogue. Last February, in an article on deposit accounts published in Affari e Finanza, we hypothesized that we were almost at the end of the moment of great fortune for deposit accounts. With the expectation of a rate cut by the ECB, it seemed that those at the beginning of the year were the last opportunities to benefit from it.
Time deposits
Banks are continuing to offer deposit accounts at attractive rates, even if lower than the sensational ones of last year, but also those of the beginning of 2024. The renewed interest in deposit accounts is easily explained if you look at the interest rates yield. According to Facile.it’s simulations, in the case of time deposit accounts, the rates with a 60-month constraint expiry have a gross profitability that can reach 4.75%, a percentage which drops to 4.45% in the case of a fixed term 36 months and 4.20% for those at 12 months.
Unrestricted deposits
As regards non-restricted deposit accounts, however, the interest rates currently offered by some banks can even reach 5% for all three maturities (12, 36 and 60 months). In this case, most banks require you to open a current account to have the deposit account.
The deposit accounts offered by credit institutions in the last period have gone against the trend: in fact, higher rates are often offered for shorter lock-in periods, reflecting expectations of a rate cut by the ECB. Let’s take for example CF+former Credito Fondiario, which has a subsidiary of the Elliott Management Corporation Group behind it – one of the largest investment companies in the world: today the bank offers 4% gross to those who tie up their money for 12 months (it was 4.8 % at the end of February) and 3.5 for those who hold it for 18 to 24 months, 3 for those who opt for an account that cannot be released for 36 months.
Italians’ savings are growing
by Sibilla Di Palma
Until May 11th, ING Direct offers 5% gross (approximately 3.7% net) for 12 months to all new subscribers of Orange Account. In this case, however, it is a current account. To receive 5%, however, you must credit your salary, or pay 1,000 euros per month into your current account. Since it is a current account and not a deposit one, it does not have any restrictions. The money can be transferred to the current account and withdrawn whenever desired, without sacrificing the return on the deposit account.
The fixed deposit account AideXa, launched in October 2021, allows commitments for a minimum of 3 months and a maximum of 36 and today offers a gross annual rate of up to 4.25% (3.15 net), for 36 month commitments. Here too, the rates are not incremental based on the lock-in period: locked figures for six months yield 4% gross while for 12 months the bank offers 3.5. In July 2023, Banca AideXa launched X Risparmio Libero, its free deposit account. The gross annual rate is 3.5%. The return is calculated based on the money in stock and is paid every three months. With Banca AideXa’s free deposit account, customers can deposit and withdraw when and how much they want, in compliance with the deposit limits in force.
Cherry’s restricted account Cherry Bank offers 4.25% gross for 12 months, as does the ioinpiù deposit account from ioinBanca, a brand of Banca Popolare del Cassinate. In both cases, for 20,000 euros deposited, the net profit after one year is 589 euros.
Those bound for 24 months
Among those tied to 24 months, however, the best rate of return – 4.75 gross – is offered by ViViConto Extra of ViviBanca, born from the merger between TerFinance, a company specialized in the family credit sector, and Credito Salernitano. Here a deposit of 20,000 euros yields 1326 euros net in two years.
Unrestricted deposit accounts, on the other hand, often have attractive rates only for the first few months, which then drop until they reach those offered by the average bank current account.
It is clear that if the ECB respects the forecasts and lowers the indices in the coming months, the returns on deposit accounts will also continue to be negatively affected.
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– 2024-04-17 22:48:57
