Co-founder of Affari Miei Independent Financial Advisory Company
31 August 2023
In this guide we talk about Time Depositil deposit account proposed by Banca Popolare Sant’Angelo.
Il time deposit it is a sort of hybrid between a current account and a deposit account, since the bank keeps the sums that the customer decides to block for a fixed term and pays the customer the agreed and accrued interest on the set deadlines.
It is in fact an ordinary current account in which it is possible to tie up money with the aim of saving and obtaining interest from the bank.
Now let’s see what they are characteristics del time deposit.
Let’s start!
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A few words about Banca Popolare Sant’Angelo
The bank was founded in 1920, with the first denomination of “People’s Economic Union”, with the main purpose of supporting small and medium-sized enterprises, families, artisans and even small savers in the chosen area.
In the 1980s, a policy of incorporation began, first in 1984 with the popular bank of Mussomeli, and later in 1989 with the popular bank of Palermo.
In 2005 the new headquarters of Palermo in the prestigious Petyx building.
To date, the bank has 29 branches and 242 people who work for it, and always maintains its territorial vocation intact in support of local realities.
It currently has its headquarters in Agrigento, with offices in Palermo and operational headquarters in many places in Sicily, with an office also in Rome.
Is escrow safe?
Bind Is your money totally safe?
Since your savings are tied up and managed by the bank, it is almost entirely unlikely that the bank could really find it difficult to repay the sums of money with interest, even if in any case it is a possibility that generates a certain, low risk but it generates it.
We are reassured that the time deposit account is protected by the Interbank Deposit Protection Fund: this is a guarantee system that ensures each account holder is covered up to €100,000.
Apart from this security, we can also mention the CET1 Ratioi.e. the level of capital solidity of the bank.
Banca Popolare Sant’Angelo has a CET1 Ratio which stands at 15.60%, above the average of Italian institutions, therefore it is a question of good capital solidity.
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The characteristics of the Banca Popolare Sant’Angelo Time Deposit
Il time deposit it is a form of fixed-term deposit at pre-established rates, settled on an ordinary current account of the same name. With this account, the bank will return the capital on maturity, recognizing the contractually agreed rate, provided that the deposit remains for the indicated period.
The interests agreed will be paid upon expiry of the individual coupons.
It is important that the customer has an ordinary current account with the bank in order to subscribe to the time deposit.
L’offer it is valid until 31 December 2023, and is offered to customers who contribute new liquidity or who make new investments in asset management products or services for a minimum amount equivalent to at least 25% of the time deposit subscription amount.
What sums can you bind?
Both with regards to detachable lines that those not detachable there is a minimum amount of €10,000 with multiples of €1,000.
The lines that can be released allow the customer to be able to make early releases with respect to the expiry of the restriction, under the agreed early repayment conditions.
The non-releasable lines, on the other hand, do not envisage being able to make releases prior to the expiry of the restriction, except for the cases provided for in the contract.
The interests
Now let’s see what they are interests for those subscribing to the time deposit (of which at least 25% managed savings financial product) as regards detachable lines:
24 months: 3.65%; 36 months: 3.65%; 48 months: 3.65%; 60 months: 3.90%; 72 months: 4.15%.
The coupon is annual in arrears and the interest is paid on expiry of the transaction.
Let’s see instead now the interests for unbreakable lines for those subscribing to asset management products:
6 months: 5.50%; 12 months: 4.35%; 24 months: 4.50%; 36 months: 4.50%; 48 months: 4.50%; 60 months: 4.75%; 72 months: 5%.
We add that those who decide to open the time deposit but not to subscribe to any asset management product or service will have a promotional rate of 5% per year gross for six months.
The single coupon is deferred for products with a duration of 6 months and 12 months, while the half-yearly coupon is deferred for products with a duration greater than 12 months.
The interest will be paid on expiry of the coupon.
Costs
The service fee time deposit is 25 euros, and is not applied in the event of early termination.
The communication expenses are equal to 0, as the communications are included in the statement of the account on which the time deposit is placed.
L’stamp duty is charged to the customer, equal to 0.20%.
The withholding tax on the interest accrued according to the regulations, it is equal to 26%.
How to open the account
We have already mentioned that in order to open the time deposit, the customer must be in possession of a current account at the bank.
Il time deposit therefore it is opened at the same time as the opening of the current account, or if you already have a current account at Banca Popolare Sant’Angelo.
I invite you to read all carefully modulito consult the information sheet and to better understand if it is a suitable solution for you or not.
To open the account you can go to the official website, open your account online by following the instructions or go directly to the branch.
Opinions of Affari Miei on the Banca Popolare Sant’Angelo Time Deposit
Now that we’ve seen all the characteristics of the Time Deposit we can try to draw some conclusions together.
Without a doubt, it is an interesting investment, which allows you to combine current account operations with the possibility of saving and accruing interest.
I rates they are interesting, even if you must remember that those rates are linked to the fact that you subscribe to an asset management investment product, so you need to understand if you are interested in doing this thing or not.
Second thing, evaluate also on the basis of theinflation: it is true that the rates proposed by this deposit account and in general by banks have recently increased, but they must always be related to the era of high inflation we are experiencing, so remember this detail too.
To get an idea of the convenience of Time Deposit, I can also suggest you compare this product with all the deposit accounts that I have reviewed on Affari Miei.
Additional helpful resources
If you are interested in this offer because you are evaluating the possibility of signing up for a deposit account then I invite you to read here, because you will find many complete and updated reviews on deposit accounts.
This way you can compare the many offers, see which ones are the best and choose the one that’s right for you.
If you’ve just started investing or if it’s your first time on the blog, I also invite you to read some useful resources that might interest you to start a new investment journey:
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