As you know, deposit accounts are an old passion of mine and I am always ready to update you with the best offers on the insurance market.
Today I’m talking about Santander Consumer Bank which has always offered a very interesting deposit account.
In this article
- Who is Santander?
- What guarantees does the Santander deposit account offer?
- What options does it offer for deposit accounts?
- Can I join the account?
- What returns does the Santander savings account offer?
- When does the interest payment take place?
- How to deposit money into the Santander deposit account?
- How not pay the stamp duty?
- How to open a Santander deposit account?
- Conclusions
Who is Santander?
Santander Consumer Bank is a bank of the Spanish Santander Group, active since 1857 with 125 million customers worldwide.
It has been active in Italy since 1987, is based in Turin, and is a leader in the consumer credit sector related to the automotive sector.
What guarantees does the Santander deposit account offer?
The Santander deposit account is guaranteed by the solidity of the Bank and the Interbank Deposit Protection Fund.
Its solidity is evidenced by its history and by the balance sheet ratios including a CET 1 (ratio between capital and risk-weighted assets) equal to 13.32% higher than that required by the ECB.
The protection of the Interbank Deposit Protection Fund is instead offered up to Euro 100,000 per account holder.
It means that in the event of a default by the Bank, your possible deposit would be returned within the limit of Euro 100,000.
What options does it offer for deposit accounts?
Santander offers two possible options for its deposit accounts.
They are called ioSCELGO and ioPOSSO.
ioPOSSO is the classic free deposit account in which to pay one’s savings and obtain the remuneration offered.
ioPOSSO instead allows you to bind sums of money to 12, 24, or 36 months.
Can I join the account?
The answer is yes, in fact, the Santander deposit account can be jointly held by up to three subjects who can use it independently.
What returns does the Santander savings account offer?
As of today, the returns offered by the Santander savings account are as follows:
ioPOSSO – The gross rate of 1.15% without management costs
ioSCELGO – Gross Rate of 1.50%, 1.60%, 1.80% gross in the event of a restriction at 12, 24, 36 months and 0.50% on free stocks.
The rates on free deposits can vary and be updated at any time, while once the money is tied up, the rate is applied for the entire duration of the bond.
The tax of 26% is applied to the returns.
When does the interest payment take place?
In the case of the ioPOSSO account, the payment of interest is quarterly.
The interest is then credited directly to the ioPOSSO deposit account at the end of each quarter (with a value date of March 31, June 30, September 30, and December 31).
On the other hand, in the case of the ioSCELGO account, the payment of interest is quarterly for the unrestricted figures deposited on the basic account, while at the expiry of the periodicity of the deposit for the restricted lines (12, 24, or 36 months)
The early repayment of the restricted lines is freely allowed, the capital is remunerated for the time of restriction elapsed at the rate of the basic account.
In any case, by entering the account you will be able to check the accrued returns at any time.
How to deposit money into the Santander deposit account?
You can feed ioPOSSO and ioSCELGO from one of the support accounts as well as from transfers from different accounts, even in the name of third parties.
The free option of an accumulation plan (PAC) can also be activated from one of the support accounts, utilizing direct debits with the desired expiry date and amount.
You can have up to three support accounts which can be both deposit and current accounts.
It is, therefore, possible to connect an Orange Account, Che Banca! o Rendimax to the Santander Account.
How not pay the stamp duty?
Deposit accounts are subject to a stamp duty equal to 0.20% of the account balance on the last reporting day.
A sort of mini-equity on deposits …
The way to not pay it is to “empty the account” before sending the account statement.
For example, if you have 40,000 euros on a deposit account and you have chosen to send the annual account statement (I recommend it) a few days before you make some transfers to your current account.
On 31/12 the balance will be very low and on the deposit account, you pay only 1 euro as stamp duty and not 80.
In January, you return the money to the deposit account and return it to accrue interest.
How to open a Santander deposit account?
To open a Santander Deposit Account, simply visit the bank’s website and follow the procedure.
The opening request is online and it is possible to digitally sign the contract using an OTP code that will be sent to the mobile number indicated during the stimulation phase.
It is also possible to follow a paper form and have a copy of the contract to be signed and sent home.
If you have any doubts, you can contact customer service at no. 848 800193 (011.6318815) or visit the page dedicated to this product.
Conclusions
You may be thinking that just a few days ago I wrote an article on alternative instruments to the deposit account.
I began by declaring the death of the deposit accounts.
Ok in the meantime I haven’t gone crazy and haven’t changed my mind about deposit accounts.
The deposit account is what it is: a useful tool to manage liquidity and perhaps set up an automatic transfer to save a certain amount of money each month.
It is certainly not a speculative instrument and that offers important returns.
Indeed, most accounts offer ridiculous returns.
Santander’s offer has always been very interesting and above the average of the main market operators.
This is why I would like to advise every investor to use a deposit account as a tool to accumulate some money, perhaps to achieve a certain goal or for emergencies.
I also go as far as to say that the ioPOSSO and ioSCELGO accounts have interesting returns and should maintain them over time.
At least that has always been the bank’s philosophy.
So you can safely and safely open an account with Santander.