Co-founder of Affari Miei
1 March 2024
Today we talk about illimity deposit accountexamining them characteristicsi interest ratesi costs, advantages and disadvantages, to make it easier for you to choose the best tools for managing your finances.
In these days Illimity Bankthe 100% digital bank, is promoting its deposit account with gross rates up to 4.00% and maximum constraints of 60 months.
Find out more about the features of the illimity deposit accountthe terms of the bond, the interest rates and the costs, continue reading the review, also because at the end I will give you my expert opinion and I will tell you about thelast service on the subject of accounts that I have developed for the readers of My business.
This article talks about:
illimity: the new paradigm bank
illimity Bank was born as a banking start-up in 2018. Its peculiarity is that of being completely digital, without physical branches apart from the headquarters in Milan, and is characterized by a high-tech business model – we are talking about the new generation of banks totally within reach of your smartphone!
But like a traditional credit institution, illimity also has a complete offering of integrated products and services: savings, payments, loans and insurance.
The technological aspect is however supported by the human presence: over 700 employees including a team of experts who provide continuous assistance, remotely, to customers.
But is it safe?
Yes, the bank is safe: in the unfortunate event that the bank goes bankrupt, your money will be safe, since illimity joins the Interbank Deposit Protection Fund, which ensures coverage up to a ceiling of 100,000 euros per single customer.
So you can sleep peacefully, even if the bank is young and completely online. Let’s proceed to the analysis of the deposit account offer.
illimity deposit account: interests and restrictions
Il illimity deposit account it is naturally reserved for customers who already own one Bank account at the same bank, so if you don’t have one yet you will have to open it to access the promotion. The deposit account is activated in a few minutesit is 100% digital, you can manage it independently from your PC or smartphone.
By binding sums at the Bank for pre-established periods, of your choice, matured by fixed rate interest as agreed. When the bond expires, the sums plus interest are automatically credited to your current account.
The binding amounts range from a minimum of 1,000 euros to a maximum of 3 million. You have a wide choice of time horizons and you can also choose between two different account lines: the one with releasable capital and the one with non-releasable capital.
Open Account Now
Released capital
The “releaseable” option allows you to pay off the bond early, even for just a part of the capital.
However, you should know that this possibility is not without consequences, if you request to release the sums deposited before the agreed time you will not be paid the interest accrued since the start of the restriction or from the previous capitalization (depending on the duration of the line).
Besides this CRIMINALthe releasable line has some lower interest rates which are liquidated exclusively at the end of the lock-in period. Let’s see what the gross interest rates will be returned to you:
6 months – 0.70%; 12 months – 1.50%; 18 months – 2.00%; 24 months – 2.80%; 36 months – 3.00%; 48 months – 3.00%; 60 months – 3.00%.
The rates indicated above are relative to the time we are writing the article and may vary over time.
Non-releasable capital
The non-releasable line, however, does not allow the sums to be released before the deadline, for this reason the annual rate of return is higher.
The payment of interest it can take place at the end of the bond (for durations from 6 to 18 months), or it can be annual (for durations from 2 years upwards).
For all gross rates in detail see the list:
6 months – 1.00%; 12 months – 2.50%; 18 months – 3.00%; 24 months – 3.80%; 36 months – 4.00%; 48 months – 4.00%; 60 months – 4.00%.
Again, the rates indicated are relative to the time we are writing the article and may vary over time.
The premium account
The rate for those who open the premium deposit account it is obviously more advantageous.
I’ll list the gross rates if you choose the releasable capital:
6 months – 0.80%; 12 months – 2.00%; 18 months – 2.50%; 24 months – 3.30%; 36 months – 3.50%; 48 months – 3.50%; 60 months – 3.50%.
These are the gross rates if you choose non-releasable capital:
6 months – 1.30%; 12 months – 3.00%; 18 months – 3.50%; 24 months – 4.30%; 36 months – 4.50%; 48 months – 4.50%; 60 months – 4.50%.
Open Account Now
Costs
Let’s move on to the most important aspect: i costs. Since illimity is an all-digital bank, it has operating costs much lower than traditional banks which allows them to also offer better interests.
In fact, there are no costs for activating the deposit account, the only charges you are responsible for are the stamp duty, which is equal to 0.20% calculated on the balance, and the withholding tax of 26% on the interest generated.
In fact, don’t be dazzled, the rates reported so far are all gross!
How to open a savings account
If the terms of illimity’s time deposit are convincing you, you will want to know how to become a customer of the Bank. First of all you have to become the owner of an illimity current account, to do this you will need a few minutes.
You can open the account online, directly from the Bank’s website or by downloading the “illimity bank” App. Keep an identity document and your health card handy, you will also be asked to record a video to verify that it is you who opens the account.
If you are already an illimity customer then the procedure is even more direct, go to the “Deposits” section of your home banking, do everything online and without sending any further documents.
Before activating the deposit account, a simulator will allow you to calculate theinterest net associated with the various constraint options. There are no limits to the number of restricted lines you can open.
Affari Miei’s opinions on the illimity deposit account
As promised, now I’ll tell you what I think of the offer illimity Bank. The rates (remember that they are gross!) proposed by the Bank are certainly interesting and competitive compared to the average.
In particular, I am referring to the non-exchangeable line and the longer-term options, in which case the rates are among the best on the market. In shorter terms, the illimity deposit account is less competitive and normally expires in the case of the releasable line, so with the same offer there are better accounts on the market.
Having said that, opening an illimity deposit account means becoming a customer of the Bank with an ordinary account. However, it is a newly launched company so it is too early to be able to make a judgment on the services it offers, even if the premises are very good.
Certainly, being a highly innovative Bank, it offers cutting-edge and easy-to-use services.
Open Account Now
Why become an illimity customer
illimity offers every type of service: current accounts, deposit accounts, insurance, personal loans, payments – from bank transfers to instant payments – credit and debit cards developed with Nexi and enabled for mobile payments thanks to Apple Pay and Google Pay and can also be used for online purchases.
If you are looking for a young, technological and 100% onlinewhich works on a intuitive and simple platform to use, convenient even in mobile version. Then illimity is worth trying, especially because, unlike other more limited digital entities, this bank puts everything you need at your disposal.
For every problem you are not alone, the operators exist and are ready to assist you in real time via chat, on the phone, on video call, on request via email.
illimity Bank is not for you if…
Be a bank fully online that’s not really what makes you feel safe. If you are uncomfortable not being able to refer to a physical branch to contact in case of problems.
Conclusions
This is all you need to know about illimity Bank deposit account. If you want to delve deeper into the time deposit sector and compare this product with other proposals on the market, here is the new search service developed by My business:“TOP Deposit Account”! Compare Deposit Accounts with Affari Miei!
All I have to do is wish you happy browsing!
Find out what kind of investor you are
I have created a short questionnaire to help you understand what type of investor you are. At the end, I will guide you towards the best contents selected based on your starting situation:
>> Get Started Now