Current accounts, conditions change: here are the most advantageous ones
Behind the increase in banking costs lie increases in commissions, especially for payment cards, have become an increasingly profitable asset for banks and financial institutions thanks to the spread of digital purchases. According to Corriere della Sera, the average annual cost of the ATM, once almost always free, is now 10.80 euros, compared to 9.190 euros in January, according to an analysis by Altroconsumo for L'Economia del Corriere della Sera conducted at beginning of December on ten banking institutions (Banco Bpm, Bnl Bnp Paribas, Bper, CheBanca!, Credem, Crédit Agricole, Intesa Sanpaolo, Mps, Poste Italiane and Unicredit). Debit cards, now international ATMs with contactless functionality and for online purchases, are one of the new features.
The credit card has undergone a lower increase than that of the ATM in ten months, but it already started with high feesi: +3.13% to 51.36 euros on average. Donato Todisco, economist at Altroconsumo, observes: “Consolidation in the banking and financial sector is influencing costs, with an increase in mergers and acquisitions. The PagoBancomat circuit is prevalent, but Visa and Mastercard are also growing” (both companies have seen an increase of more than 17% on the stock market in two years). Some banks, such as Fineco, offer virtual ATMs that can be saved on your phone to save around two euros in shipping costs.
Among the growing commissions, there is also digital payment for public administration expenses, such as fines via the Cbill/PagoPa system, with the average cost per operation now at 1.77 euros, up 4.5% from January. The payment of bills at the counter (with debit to the account) also increased by 10.8% to 3.39 euros. Although this is a 30 cent increase, it highlights the tendency of banks to discourage in-branch transactions. Todisco underlines: “Bills are now paid with your smartphone 1.80 euros”.
The only commission to decrease is the bank transfer (with debit to the account), which drops by 6% to 5.19 euros. Regarding rates, there is a clear increase in costs for credit in the red: the overdraft rate rose to 18.24% in ten months from 17.79% in January (and had recorded 17.08% in February 2022). The lending rates of the large banks analyzed remain at zero, but some banks outside the panel are starting to offer returns. For example, Ibl Banca announced at the beginning of December a promotion with a gross rate of 3.5% for six months for new accounts opened by January 16th. Altroconsumo has identified, through a simulation, the most convenient accounts (not only among the large banks) on an archive of 297 institutions, also considering those with returns on the balance. The simulation, excluding promotions, is based on an account with an average of 4,000 euros, salary crediting, direct debit of bills, ten online transfers to other banks, 12 mortgage payments and 12 ATM withdrawals.
THEAt the top of the list of the best online accounts are the banks that offer active rates: 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 at the top with “SI conto! Corrente”, where the saver 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, while with Banca Ifis (Rendimax) it is 5.92 euros. Among traditional banks (considering those with at least one branch in Milan), Ibl Banca (Controcorrente-Semplice) is the most convenient with an annual profit of 2.96 euros for the customer. In other cases you pay: 18 euros in Banca Sella (Start Account), 23.99 euros in Unicredit (Genius Green) and 24 euros with Widiba-Mps (Start Account).
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