If you want to make your savings work for you without too many risks and you have a nice sum of money to deposit in the bank, a deposit account is what you need!
But what are deposit accounts? What are the best deposit accounts? Let’s explore everything in this article.
A deposit account, unlike a current account, is a financial instrument that allows you to make the most of your savings and guarantees high returns on the money deposited in the bank.
Having a deposit account has several advantages, including:
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- Low-risk investments with high returns;
- Deposit guarantee provided by the Interbank Deposit Protection Fund;
- No opening or closing fees for the account;
- Reduced taxation due to the lowered flat rate.
Let’s try to understand how it works.
How a savings account works
To understand how deposit accounts work you can think of a piggy bank. The piggy bank is used to accumulate, so it is a tool into which you pour your money more or less regularly to find yourself savings after a certain amount of time.
Here, the deposit account works in the same way except that, in exchange, the bank where you deposited the money will reward you by paying you interest.
Furthermore, it is good to know that there is a difference between time and non-time deposits.
In the first case, the bank binds the sum of money for a certain period of time and, generally, guarantees higher returns. In the second, however, it is possible to withdraw the capital at any time but lower returns are obtained.
How to choose a savings account
Even though it is a very simple product, both to open and to manage, it is still good to pay attention to a series of elements before depositing capital into a savings account.
The first thing to pay attention to is the return and stamp duty, equal to 0.2% of what you have invested.
Also pay attention to offers. Sometimes there may be limitations that mean that promotions are not accessible to everyone.
The 5 best deposit accounts
As we have seen, there are different things to keep in mind. This is why we have decided to look for the best deposit accounts on the market for you. Compare the various deposit accounts and then evaluate the most advantageous one for you!
1. Illimity
Fast, safe and flexible: here are the features that differentiate the Illimity deposit account. This account allows you to obtain an interest rate of up to 1.75% (timing your deposit to 60 months).
It is a 100% digital account, which can be managed independently from your PC or mobile phone, which can be opened online directly from the site. The great advantage is that the account meets all your savings needs, so you can choose the type, between Released and Non-Refundable, and the duration of the restriction.
The minimum duration of the Illimity Bank deposit account is 6 months, while its maximum duration is 60 months. A maximum of 3 million euros can be tied up and the minimum investment amounts to 1000 euros.
2. Findomestic deposit account
The Findomestic deposit account allows you to manage your savings in total freedom and autonomy.
In fact, it allows you to release your capital whenever you want, even if this translates into more modest returns. Furthermore, you have the possibility to choose how to feed it according to your needs, all in just a few clicks directly online.
Findomestic offers the following returns:
- Up to 10,000 euros invested, gross rate 1%
- Above 10,000 euros invested, gross rate of 0.5%
To fund your deposit account you have two alternatives: the first is through recurring payments, the second through an initial sum and additional payments based on your needs.
Keep in mind that the account is free and has no restrictions, so you can withdraw your money whenever you want.
3. CheBanca deposit account!
The CheBanca deposit account! it is the ideal tool to manage and enhance your savings in total convenience and simplicity and can be opened directly online.
This tool allows you to tie up even very small sums of money, for a minimum of €100, for a duration of 3, 6 or 12 months.
The advantage of this account is that the interest is credited at the time of the lien; then you can decide whether to withdraw them or keep them in the savings account to accrue further interest at the base annual rate.
The capital can be released at any time without penalties. In fact, if you choose to withdraw it, it will be immediately available and the base annual interest rate will be paid.
Safe, protected, solid and calculable, the CheBanca deposit account! it is one of the best deposit accounts you can choose, also considering the stability index of the group on which the bank relies.
4. Account deposit Completed
The deposit account offered by Banca Finint allows you to earn up to 1.35% per year, with semi-annual interest. The account is free and can be opened online in a few simple steps.
The minimum amount that can be deposited is 10,000 euros, while the maximum that can be deposited is 500,000 euros. It is possible to tie the deposited amount for 12, 18, 24 or 36 months.
Simple and safe, with Banca Finint your investments are insured up to €100,000, also thanks to membership of the Interbank Deposit Protection Fund.
5. Santander
The Santander Consumer Bank, belonging to the Santander group, is a true leader in the sector at an international level with an offer that is clearly among the best on the market.
There are two deposit accounts proposed:
- IoScelgo, which allows you to tie up your capital for 12, 24 or 36 months with an increasing yield of up to 1.20%;
- IoPosso, which without any type of constraint or expense gives you 0.80%.
The Santander deposit account has no opening costs and allows you to release the sum at any time without extra costs.
As we have seen, the deposit account is a type of investment with low risk and low returns. So if you want to make your savings work without wanting to take risks, this is an excellent solution. Now all you have to do is choose the account that’s right for you.
