After the uproar aroused by the decision to send customers the notice of possible closure of the current account in the event of liquidity exceeding 100 thousand euros, Finecobank launches a first move aimed at encouraging customers to move their savings. In conjunction with the start of the placement of the third Futura BTP (from 19 to 23 April), the digital bank led by Alessandro Foti will propose the elimination of costs for subscribing BTPs and government bonds. “It is our contribution to the recovery effort, to entice Italians not to keep their savings in the account”, says Foti in an interview granted today to Corriere, adding that at the moment there is “an incredible stagnation of liquidity that does not it is positive neither for customers nor for the system as a whole ”.
The details of the new Fineco proposal
The mechanism set up by Fineco provides that customers can buy all government bonds at zero commissions on the condition that they are kept in the portfolio for one year or until maturity if the duration is less than one year. The intent is in fact not to incentivize trading, but the holding of securities.
Foti in the interview with Corriere rattles off the monstrous numbers of savings in current accounts. We talk about 1.9 trillion in current accounts in such a delicate moment for the economy that it is struggling to restart and sectors are struggling to finance themselves. “By facilitating investment in BTPs, customers find an alternative form to stock in the account and contribute to the effort that the country is making. And we too, renouncing any form of income ”, explains the CEO of Fineco.
Returning to the numbers, Foti talks about 2.5 trillion savings available to invest. 1% of interest per year would be enough to generate 25 billion more wealth per year and an impressive 300 billion over a 10-year period.
Foti explains the closure of current accounts above 100 thousand euros
Foti then goes back to the discussed measure that provides for the closure of current accounts for customers with liquidity exceeding 100 thousand euros, explaining that these are a few thousand very well-off customers. “We want to stimulate our customers’ reflection on asset management – asserts Foti -. We could have increased costs, like other banks, but we preferred to go towards a model of transparency and interaction with the customer. We are receiving many calls from customers who have realized they need to pay more attention to managing their savings. There are important customers, entrepreneurs, who struggle to understand the concept of the impact of inflation on spending power ”.
From next May 18th, the bank may terminate the current account relationship if at the time of withdrawal and in the previous 3 months there are three conditions at the same time: 1) presence in the account of an average liquidity balance for a value equal to or greater than 100 thousand euros; 2) absence of any form of financing, even if already granted but not used, with the exception of credit cards; 3) absence of any form of investment in managed or administered savings products.