Deposito X Savings Account: Opinions and Interests. Is it worth it?

The offer of deposit accounts in Italy it is very varied, and is expanding very quickly, so much so that often each bank offers new ones. AideXa bankwhich only obtained authorization for the banking license in June 2021, proposes a deposit account detail that we are going to analyze today.

The proposed deposit account is a restricted depositfree of charge and 100% secure.

If you want to know more about advantagesThe disadvantages, i costs not characteristics of the deposit account of Banca Aidexathen you just have to continue reading.

Let’s start!

Banca AideXa Deposit account: reviews and features

Il deposit account X Savings it is a restricted deposit account: this means that the bank acquires ownership of the sums deposited by the customer and undertakes to return them to the customer upon expiry of the restriction.

The deposit also does not result in the issuance of any credit title.

AideXa bank remunerates the sum deposited to a set rate and unchanged for the duration of the bond. At each expiration the bond is automatically renewed.

For the subscription for this product a minimum payment of 1,000 euros is required, with stock limits of 100,000 euros.

Subscription is reserved for natural personsor to consumers, who are resident in Italy.

It is important to know that the subscription of the product takes place with a single payment, and that no other payments are possible after the initial one.

Let’s see the important thing, namely the interests. They take effect from the activation date of the restricted deposit.

When the contract expires, the amount you deposited comes back to you, together with the accrued rate of return: the rate of return is calculated on the basis of the constraint period.

I yields

Let’s see in detail what they are accruing interest ratesand how they are calculated:

• 3 months, gross annual rate of 2%;
• 6 months, gross annual rate of 2%;
• 12 months, gross annual rate of 3%;
• 18 months, gross annual rate of 3.75%;
• 24 months; gross annual rate of 3.75%;
• 36 months: gross annual rate of 4.5%.

On the official website of the bank you can also calculate the deposit yield and consequently discover the impact it can generate.

The peculiarity of this deposit account lies in the fact that through the deposit, while you earn, the bank finances the projects of small and medium-sized Italian enterprises.

There is not stamp duty until December 2022, and it is also not necessary to open a current account.

Costs

The X Savings deposit account has no cost either for opening the deposit or for closing the deposit.

There are also no liquidation fees and the annual fee is equal to 0.

L’stamp duty it is at your expense, and is currently 0.20% on the sums deposited. As mentioned above, until 31 December 2022 this tax will be charged to the Bank for all customers who signed up for an account by 30 December 2022.

There is also the withholding tax on accrued interest which is currently 26%.

How to open the X Savings deposit account?

The deposit account can be opened comfortably online.

The required time is about 10 minutes and you will need the tax code, the identification document, a device with video camera that is a computer, a smartphone or a tablet, and finally the IBAN of the current account that you will use to send the sum to be deposited .

Early releases

With the constitution of the restriction, you undertake, towards the bank, not to dispose of the sums registered or accounted for during the entire period of duration of the restriction itself.

Possible early partial releases they can take place with a notice of 32 days, with zeroing of the interest agreed on the sum subject to release.

At each expiry the bond is renewed automatically and without formalities, in the absence of cancellation by the Customer.

For partial or total releases of the amounts subject to the restriction before the expiry of the same, there are certain conditions:

• In case of partial early release, any interest agreed with the Bank upon establishment of the restriction is recalculated on the amounts remaining following the release from the beginning of the restriction period. The expiry of the restriction period and the remuneration rate agreed at the beginning of the restriction period remain unchanged;
• On the sums released the Bank will pay 0% interest in advance;
• In case of total early releasepossible in the event of exercising the right of withdrawal, the Bank will not recognize any interest.

X Savings: Opinions of Affari Miei on the deposit account

We have finished our discussion and have seen in detail the characteristics of the deposit account in question.

We are currently emerging from a phase of low rates: yields are finally starting to rise. In principle, this offer is in line with those of other banks, although you can find some that offer something more.

However, the problem is that the deposit account in general is a safe instrument and, as such, not too profitable. It may be good to support a buffer of savings, but certainly not to grow them consistently!

Despite this, the deposit account we have just analyzed is interesting from a number of points of view: first of all it is an online account, simple to open and manage, it is free of charge, there is no stamp duty to be paid until December 2022 and while you deposit your money, the bank finances the projects of small and medium-sized Italian enterprises.

Disadvantages of the deposit account

One of the main disadvantages of the deposit account is that of having a constraint to submit to, which in this case you can choose and which guarantees you higher returns depending on the constraint; returns which, however, are not entirely exciting, as in any case you will not be able to aspire to increasing interest rates.

If you want to look for the most advantageous offers you could search here, on the Deposit Accounts page of My Business.

Conclusions

We’ve really come to an end: now it’s only up to you to understand and make a weighted choice about the greater or lesser convenience of the product.

You have to decide whether or not to activate the service or whether to look for a another savings account.

If you’re even interested in just having one overview on multiple instruments and be able to compare them, using a convenient and effective tool, you just have to try the automatic account comparator, Top Deposit Account.

Before saying goodbye, I leave you some guides that could be useful for you to start managing your money:

Enjoy the reading!