Independent Financial Advisor and Co-Founder of Affari Miei
February 23, 2024
What you need to know about Findomestic Current Account?
If you regularly follow Affari Miei you know that I don’t miss a single account, I have reviewed all the main banking instruments for the management of the money that is in circulation… therefore it is the turn of the Findomestic Current Account.
To find out all the features of the account – additional services, costs and tariff plans, opening methods and discounts – you just have to continue reading the article.
This article talks about:
Who is Findomestic?
Findomestic is a bank active since 1984 and specializes in consumer credit: the institution has been a more than constant presence for Italian families, given that it has financed the purchases of durable consumer goods such as household appliances for decades.
In 2011 Findomestic was acquired by the BNP Paribas group, but despite the passage into French hands it continues to be a well-known brand among savers, especially for the provision of personal loans and mortgages.
Is the current account safe?
If you decide to open the Findomestic current account you would have the guarantee of entrusting your money to a solid banking group like BNP Paribas which currently reports a CET1 ratio of 11.7%.
It is unlikely that Findomestic will have difficulty returning the account holders’ money, but it still remains a risk, which is why the bank adheres to the Interbank deposit protection fund, a guarantee system that ensures each customer coverage of up to 100,000 euros.
If you intend to deposit less than this amount you can rest assured.
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Characteristics of the Findomestic Current Account
The current account is advanced, simple to use and functional, it allows you to safely store your savings and manage everything online in full autonomy, from your home or wherever you want, using your computer, tablet or telephone thanks to the practical mobile app, you only need an Internet connection.
The account allows you to make deposits, cash withdrawals and payments within the limits of your available balance, and integrates a series of services that enrich the offer: a debit card, SEPA transfers and extra SEPA transfers, direct debits, etc.
The peculiarities of the Findomestic offer are the credit line “Serene Payment” which allows you to defer your payments, the service “ Change Easy” which facilitates the transition from an old current account to the new one.
Promotion
The smart current account is free, you don’t pay €46.80: you can have the fee eliminated if you credit your salary and pension every month or at least an amount equal to €500.
Happy shopping
You can request opening from 15 January to 1 April 2024, after which you can activate the account by crediting your salary or pension or by making a payment of €500 (even in multiple payments) per month for three consecutive months. You can do this until July 15, 2024. By activating your account, you can request €150 in shopping vouchers!
Plus if, within 45 days of opening your Account, you spend €300 with your Debit Card to make transactions, excluding ATM withdrawals, you can request an additional €30 in shopping vouchers!
Costs
But let’s see in detail Smart tariff plan. The opening of the account is free of charge, while the monthly fee is €3.90; you don’t have to pay any stamp duty because Findomestic takes care of it for you.
Below I list the costs that are included in the fee:
Internet banking and phone banking services; Unlimited number of operations included; Issuance and renewal of Mastercard debit card; Domiciliation of utilities; SEPA bank transfers (if urgent €2.60); Payment of MAV and RAV bills; Free cash withdrawal via BNL ATM.
These are the separate costs:
€1.50 per operation, in the case of withdrawal or deposit of cash via the ATM of another bank, in Italy and abroad; Cash payment via SisalPay point, cost €1.65; €2 commission for payment of postal slips; Sending your bank statement online is free of charge, but if you send it on paper it costs €2; SMS Alert service for debit card, cost €0.16 per text message;
Additional services
The Findomestic current account is enriched with various services, let’s look into them starting from the inevitable international debit card Mastercard Debit.
Contactless technology, you can make purchases online and in stores, you can withdraw from branches in Italy and around the world, you can access your account from BNL branches enabled to deposit cash or checks, make bank transfers, check your balance and carry out other operations, and not you pay currency exchange fees.
The account has a daily cash withdrawal limit in Italy and abroad of 3,000 euros (monthly: 10,000 euros). Same figures regarding payment ceilings. You can independently change the maximum withdrawal and spending thresholds of your card.
Continuing with the analysis of the services…
Other services
“Pago Sereno” is a credit line that allows you to pay in installments through your current account (purchases in stores and online, bank transfers, bills, etc.), spreading them over three or six months. You can pay amounts equal to or greater than €100 in installments up to a maximum of 5 payments at the same time.
By way of example: if you make a payment of €300 and choose to repay it in 3 installments, each will have an amount of €101.65 (TAN 10.20% and APR 10.70%), the total amount due it will therefore be €304.95.
The current account also allows you to integrate some features of the deposit account: if you activate the “Earnings Threshold” you can set the maximum amount of the balance you wish to have on your account, the excess balances are automatically transferred to the Findomestic Deposit Account, accruing interest . It therefore goes without saying that you can activate the “Earnings Threshold” only if you have a Findomestic savings account.
“Salva Resto” is also a service that can only be activated for deposit account customers. Every time you make purchases with your debit card, choose to round up the amount and set aside a small amount which will be automatically transferred to your Findomestic deposit, causing you to accrue interest.
How to open a Findomestic current account
Opening a Findomestic current account is easy and you can choose the procedure you prefer:
Onlineby completing the appropriate form on the site; At an agency;
Per telephone;
Clearly the advantage of an online account is that you can do everything via the Internet, without paperwork and saving time.
Don’t worry if you think you may have difficulty because the account opening procedure is guided and you will be explained how to use the digital signature to sign documents online.
To open the current account you only need: a copy of your identity document, a copy of your tax code, your mobile number and a few minutes.
My Business Opinions on the Findomestic Current Account
Now you know the offer of Findomestic Current Account; in general the offer seems to be more or less in line with other account proposals that are in circulation. Findomestic offers some original services and promotions which are convenient if you are already a customer with other accounts or products.
It certainly has advantages but they are not as strong compared to the competition, among online current accounts there are some with zero fees and no fees (which however perhaps make you pay stamp duty), and which do not apply commissions for withdrawals from other branches.
Having said that, the Findomestic account may or may not be convenient for everyone’s different needs.
When the bill is right for you…
If you are looking for a 100% online account to speed things up, to finally say goodbye to paper and queues at the counter; If you are a modern customer who appreciates simple and practical tools, and you like the idea of checking your account directly from your mobile phone; If you don’t want to pay stamp duty; If you are interested in discounts and the variety of integrated services “Pago Sereno”, “Threshold Earnings”, “Salva Resto”; If you appreciate the versatility of using the account (making purchases, paying bills, paying utilities, etc.); If you are already a Findomestic customer and/or intend to purchase other bank services.
When is it better to choose something else
If you are not used to technology and an online account you don’t need it. If you are looking for a zero-fee, no-fee account. If the additional services of the Findomestic account don’t interest you much, nor do the discounts.
Conclusions
We saw the review together Findomestic Current Accountnow you know how it works, what costs it involves, what the advantages are and its leading services.
If you want to compare this product with other offers on the market you can access the section onCurrent accounts of Affari Miei and read the many guides and reviews.
I hope I have been of help to you. See you soon!
Happy reading and good investments!
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