Opinions On Deposit Accounts For Your Savings

In this guide we will analyze the deposit account Of IBL Banking, available in free version and in restricted version.

As you may know, I am constantly on the lookout for accounts that offer i better interest rates on the market, in order to guide my readers in choosing the most convenient savings and investment instruments.

Today I tell you about Time Depositil IBL Escrow Account; in the course of this review we will see all the advantages and the critical points of the IBL deposit account, so that my readers can make an objective assessment of the product and compare it with the deposit accounts of other banks.

But let’s not waste any more time, let’s get started!

IBL Banca: a short presentation

IBL (Istituto Bancario del Lavoro) is a banking group that operates mainly in the consumer credit and mortgage sector.

For several years it has also been widely active in the provision of savings and personal finance management services, through traditional channels but also online. Current accounts, cards and free and time deposits stand out among the leading products.

As regards the security and soundness of the Institute, it must first of all be noted that the IBL group is not particularly exposed to so-called “toxic credits”, however, for greater peace of mind, we can check the CET1 ratio, the main soundness index of a bank.

IBL’s CET1 ratio stands at 16%, above the minimum threshold (8%) set by the ECB, so we can rest assured.

Customer deposits are protected

It is also worth mentioning that, regardless of the CET1 ratio, the money in current and deposit accounts held by customers is naturally covered by the guarantee of the Interbank Fund of Deposit Protection – guarantee which provides for reimbursement in the event of bankruptcy for a total maximum of 100,000 euros per customer.

Therefore, regardless of the Group’s effective solidity and its past, present and future vicissitudes, those who deposit sums of less than 100,000 euros can sleep peacefully.

Let’s continue with the analysis of the IBL deposit account, starting with the interest rates.

The IBL Escrow Account

ContosuIBL works like a classic deposit accountwhereby the Bank takes the depositor’s savings into custody and recognizes in exchange the interest that accrues for the entire period of storage of the sums in the account.

By binding your savings, you will be able to value them at a fixed interest rate established by contract which, obviously, is higher when you choose the binding method.

They are linked to the Account other free services: debit card, Internet Banking and telephone top-ups. The depositor can make payments to the account with bank cheques, bank drafts and bank transfers, while withdrawals, within the limit of the available balance, are made exclusively by bank transfers and debit card.

Given the general characteristics, now let’s get into the specifics.

IBL Conto Deposito: interest on the Time deposit escrow account

All savers who will activate a restricted deposit – Time Deposit IBL – until 30 April 2023, they will be able to take advantage of the new promotional rates which recognize a gross annual yield up to 3.30%.

With the new promotion the gross interest is in fact up to 3.30%, tying the sums to 36 months with a quarterly coupon.

The constraints can be activated by IBL Banca current account holders, both online (also via APP) and in the branch.

Here are the returns for those who do not opt ​​for the quarterly coupon:

• 3.10% for amounts tied up for 24 months;
• 2.95% for amounts tied up for 18 months;
• 2.85% for amounts tied up for 12 months;
• 2.35% for amounts tied up for 6 months;
• 1.50% for amounts tied up for 3 months.

You can also choose to lock with a quarterly coupon and collect interest every three months directly to the connected account. The bond with a quarterly coupon guarantees a gross annual return, for amounts up to 1 million euro, equal to:

• 3.30% for amounts tied up for 36 months;
• 3.10% for amounts tied up for 24 months;
• 2.95% for amounts tied up for 18 months;
• 2.85% for amounts tied up for 12 months;
• 2.35% for amounts tied up for 6 months.

Another advantage: even the term deposit is free of charge

Like the free deposit, even the tied one does not provide no setup fee, management and closing, and no monthly fees.

However, the payment of thestamp duty on stocks (0.2% for deposits of more than €5,000) and withholding tax on accrued interest (26%).

How to open the account

Opening ContosuIBL is very simple: it can be activated directly online, by filling out the registration form on the site, and without having to go to the branch.

Keep your identity card and tax code handy, then proceed to enter your data in the online form.

Read the information and tick the box linked to acknowledgment. The rest of the procedure will be communicated to you directly by the Bank.

Opinions of Affari Miei on the deposit account of IBL Banca

As always, I conclude my review by giving you a personal opinion. You know that I have been studying the economic and financial market for years to illustrate to you and other savers which are the best tools to grow economically.

Savings accounts are one valid savings solution but a mild investment since a low-risk product cannot allow us to really earn – the low interest rates are therefore a natural consequence.

From this point of view, we cannot expect who knows what from a savings account, be it ContosuIBL or another. However, if we extend our judgment to the mere profit we can make some important considerations.

IBL’s deposit account is a interesting savings product. It costs us little or nothing and is connected to other additional services, such as the debit card. The fact that the free mode still brings interest is definitely beneficial for us.

The flaw is represented by the fact that the bound games cannot be unlocked before the deadline, however this disadvantage is easily countered thanks to the fact that the bonds are short-lived.

Therefore, I think that this deposit account may be suitable for some savers but not for others…

Who is the IBL deposit account convenient for?

To answer the question, a distinction must be made between the Free and the Bonded account. The first is suitable for those who want to dispose of their savings freely, but without completely giving up interest.

The bonded deposit, on the other hand, is suitable for those who have reserves that can be set aside even for a few years, given that there is no way to extinguish a bond in advance. By doing so, you will be able to accrue higher interest and you will have a higher return.

It is a product with little flexibility, suitable only for those who are mathematically certain that the sums invested will remain unchanged. The minimum deposit is 5,000 euros, it is not an exorbitant amount but it can make a difference for some.

A final crucial aspect is theonline operation, through Internet Banking. Being able to manage your account completely from home is a undoubted advantage that other more traditional accounts do not allow.

ContosuIBL is not suitable for those…

For those looking for higher yields. There are deposit accounts which offer the possibility of being tied up for longer than 36 months and which recognize higher gross rates, above 2.00%. Some banks also offer to pay the stamp duty and relieve the customer of this expense.

In general, term deposits almost always provide for the possibility of requesting early repayment, if necessary. Usually a portion of the interest is lost or a pejorative rate is calculated. In any case, you can get your savings back without major penalties.

The IBL escrow account is the exception rather than the rule. Instead, those looking for deposit accounts that offer longer term options than those offered by IBL will inevitably have to look elsewhere: I talked about it in this video.

Conclusions

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Useful Resources

If you’ve come here because you’re looking for advice for investing your money and you want to understand how to operate at its best, I suggest you start from these thematic paths I’ve written for you:

Good continuation.