How to save with your current account

Start with your account holder needs. Avoid over-the-counter transactions. Check that there are no fees for ATM withdrawals. Avoid going into the red.

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How to save on current account fees: just choose an online one.

HOW TO SAVE ON YOUR CURRENT ACCOUNT

Unfortunately, there's no point in getting your hopes up: money in a current account almost never earns interest. But that doesn't mean we should give in to the bank's first offer, and we shouldn't always try to save on current account fees, which, according to the Bank of Italy, average €130 per year. Knowing that competition is fierce, we have some room for negotiation, and there are websites online that can help us find discount codes and promos.

HOW TO CHOOSE A CURRENT ACCOUNT

Let's start with a premise: we are not all the same, as consumers, when we open a bank account. Every saver and every account holder has a specific profile, with related needs. And this is where we need to start to avoid wasting money. money, choosing the right checking account, saving, and cutting costs. Banks offer numerous tailored solutions for each checking account, both online and offline. But how do you choose the best solution for you and your family? Analyzing these four profiles can help you understand your needs and therefore make the most convenient choice.

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ALSO READ: How to Waste-Free Grocery Shopping: Tips for Saving and Pitfalls to Avoid

WHICH CURRENT ACCOUNT TO CHOOSE

Practical. I need an account for my daily expenses and rarely use cards. I'm practical and appreciate simplicity:

  • I only need the account for daily expenses
  • I rarely use cards, even to pay online.
  • I want products that will help me realize my future projects

Classic. I want to rely on a professional to manage my banking needs. I have a traditional approach:

  • I often go to the branch for my banking needs
  • I use cards especially for more important purchases
  • I would like products and advice to manage my availability

Dynamic. I'm looking for tools to work quickly and easily on the go. I have a dynamic lifestyle and am always open to new experiences:

  • I need to manage my daily needs on the move and especially online
  • I use cards often and want to make my purchases with high security
  • I want tools that help me manage my expenses

Exclusive. I want personalized products and services to manage my availability. I'm looking for comfort and exclusive services:

  • I wish my Bank give me a personalized service
  • I use the cards and the exclusive services associated with them a lot
  • I need services to better manage my availability

TO KNOW MORE: Betrayed savings and grandchildren waiting for their fathers' and grandfathers' inheritance. It's all told in this book.

CURRENT ACCOUNT: HOW TO SAVE

Follow the advice below, which we've written in consultation with leading experts in the field. First, they provide some guidance on small expenses that can be avoided. In short: a tailor-made guide for save on the current account.

  • Bank transfers at the counterWhile with most current accounts—both online and traditional—online transfers are free or cost between €0,50 and €1, arranging a transfer at a bank counter involves a higher fee. It can cost up to €8. Check carefully and let us know: transfers can be free, especially if you choose a "packaged" current account, which includes all the necessary conditions.
  • Withdrawals from ATMsWith modern accounts, withdrawals are free from all ATMs, even abroad. But with traditional accounts, there's often a limited number of withdrawals per month from ATMs of any bank; beyond this limit, fees apply. It's best to always withdraw money from your own bank's ATM. And in any case, be sure to clarify the terms and conditions carefully. All major banks now no longer charge fees for ATM withdrawals from a bank other than your current one.
  • Be careful if you go into the red and pay attention to your mortgage payments.If you go into the red, the fast-track processing fee can exceed €50, which is added to the account's interest rate. To avoid being penalized so heavily, it's best to obtain additional liquidity through a credit line or loan.
  • Also check the costs and conditions of your credit card carefully. that the bank offers you: there may be additional fees hidden beneath the surface that you haven't considered. Reject the bank's offer of an additional credit card for a family member unless it's essential. It adds up to additional expenses and costs, and it's not free.
  • Don't pay your bills at the counterPaying bills at the counter always costs money, while direct debit is free. Alternatively, you can pay bills online with your credit card, but be careful, as this may incur a fee.
  • Balance and movementsNever at the counter. The list of transactions that are best avoided at the counter also includes checking your balance and transactions. Making this request to the teller may incur a fee. Check it online through your home banking, or download one of the many apps for smartphone and tablets that allow you to do this for free. Not familiar with the web, much less your mobile phone? Balances and transactions can also be checked for free at ATMs.
  • Paper bank statement: a waste of moneyThe end-of-month/end-of-year bank statement is important for keeping track of all your expenses. However, you don't have to pay to have your paper statement delivered to your home: you can view it online and, if you like, even print it.
  • Goodbye old account and the bank will change in two weeksDon't panic or give in to false and unnecessary worries: switching banks is no longer as complicated as it once was. Quite the opposite. By law, moving your account from one institution to another must be a transparent and quick process. It must be completed within 12 business days, or two weeks. Another option to reduce account costs is to choose an online account only.
  • When you go to negotiate a move You can also offer, especially if it's an online account, a minimum interest rate on the funds held. This would be a "bonus" for your transfer, and many banks are willing to offer it. Don't waste it.
  • Please note that the stamp duty, equal to 34,20, is paid only if your average balance is higher than 5 thousand euros.

CONTO CURRENT TIPS

When you open a new tale current or you move to another bank, it's a good idea to pay attention to a few things. To avoid unpleasant surprises and wasting your money money.
  • Examine all the costs of the tale, including those that don't appear at first. For example: is ATM use free or do you pay per transaction? The answer to this question could make a difference.
  • Check if they offer you an offer, how long it lasts and including It binds you to the bank. Woe betide you if you become its prisoner.
  • Reduce il Do as many paper transactions as possible, and use the Internet banking that all credit institutions now have.
  • Avoid transactions at the counter. They add costs and waste time.
  • Always negotiate. Banks' contracts for customers are standard, but this prevents the bank from deviating from them if it wants to. including customer. and you can get some more advantageous conditions which translate into a savingof money.

HOW TO MAKE MONEY WITH YOUR CURRENT ACCOUNT

When interest rates aren't low, as they have been for some time, you can also try to earn some money with your bank deposits. To attract new customers or retain existing ones, the bank may offer attractive interest on the liquidity in your current account (even up to 4 percent gross). Obviously, the bank requires a specific compensation: don't touch the funds. money For a certain period, which may be more or less short. And here it's up to you to decide whether the proposal is attractive and whether you need to use part of the capital deposited in the current account, thus entrusted to the bank's management.

FUNDS COMMISSIONS FOR SAVINGS MANAGEMENT

Generally, when there are savings, a current account is also combined with a securities deposit, in which the bank places the funds according to the (more or less prudent) profile of the individual. saverAnd here, account holders need to open their eyes wide, because Italy has a strange record, one that smacks of waste: we are the country in the world, along with Taiwan, with the highest fund management fees. These fees have continued to rise since 2019, while they have decreased everywhere else. Yet we are a nation of large savers: the fourth largest European country in terms of assets (money) under management. In short, reading these data, Italians are considered more like sheep to be sheared than savers.

USEFUL TIPS FOR SAVING MONEY ON HOUSEHOLD EXPENSES:

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