A deposit account is a bank account that offers the possibility to deposit and save money and to regain possession of it at any time.
Deposit accounts are a suitable tool for investing liquidity and have a low insurance risk. In terms of returns, they can be compared with BTPs, ie government bonds with maturities between 3 and 12 months.
They are guaranteed by the Interbank Deposit Protection Fund (FITD) within the maximum repayment limit per depositor of 100,000 euros. In our country, the first to bring this type of instrument to the general public was the Dutch financial group ING, with the famous Orange Account. Now the offer is much wider, more varied, and sophisticated. Many institutions offer this type of account and interesting contractual options have been introduced.
For example, there are often:
- the possibility of finding what has been deposited, that is, of obtaining a higher return to immobilize the capital for a certain period;
- the possibility of choosing the methods of payment of the interest accrued in advance or arrears;
- the ability to connect to your main account and then make automatic transfers.
The various banks on the market use the tool for two reasons:
- raise cash to invest in more profitable assets;
- attract customers to whom to sell retail banking products (eg mortgages, insurance, financing, credit cards).
This is how often – depending on contingent needs – they activate promotions and offers with a limited duration and which may provide for higher rates in the case of depositing new capital, or an increase in the rate if friends are joined or other bank products are purchased.
Until the introduction of the new taxation system, there were “nomads of deposit accounts”, ie a series of people who kept numerous deposit accounts open to take advantage of the best offer at the right time by transferring their deposits. Today, with the introduction of the stamp duty, the convenience of keeping accounts open without anything paid has been lost and therefore it is advisable to choose among those products that offer good basic returns.
If you want to view the performance of the main deposited accounts
If, on the other hand, you want to know the applicable taxation, consider that the interest is taxed at 26% while the stamp duty is equal to 0.20% of the amount deposited.