Updated on 24 September 2020
Illimity Bank (formerly Banca Interprovinciale) is focused on providing specialised opportunities that fulfill the needs of families and small- and medium-sized enterprises (SMEs). Illimity Bank operates mainly in the areas of SME lending, corporate non-performing loans, delivering retail banking products and services to SMEs and families via direct channels and mobile banking. Illimity Bank was established as a result of the merger of of Spaxs and Banca Interprovinciale.
Established in 1983, Banca IFIS specializes in providing short-, medium- and long-term financing solutions to SMEs. In 2008 Banca IFIS successfully launched "rendimax" project to provide high-yield online saving accounts.
Originally established in 1927, IBL Banca (Istituto Bancario del Lavoro) started its operations as a financial institution in 2004 and as a bank in 2008. IBL Banca specializes in providing consumer credit and savings solutions to retail customers. IBL Banca also provides insurance products.
Established in 1983, Banca IFIS specializes in providing short-, medium- and long-term financing solutions to SMEs. In 2008 Banca IFIS successfully launched "rendimax" project to provide high-yield online saving accounts.
CheBanca! was established in May 2008 as a retail bank of Mediobanca Group and provides retail banking and insurance products and services. CheBanca! operates mainly online as a direct bank but also has a branch network.
UniCredit SpA is the head bank of UniCredit Group, one of the largest European banking group with a strong presence in Central and Eastern Europe. UniCredit SpA operates as a universal bank: it offers a broad range of products and services in retail, corporate and investment banking and asset management. UniCredit SpA adopts a fully integrated multi-channel banking model, combining traditional channels with digital ones.
Webank S.P.A. is a direct bank offering retail banking products and services via direct channels like Internet. Being a direct bank, Webank doesn't have to maintain a costly branch network and hence can offer its products and services at competitive prices. Webank operates as a subsidiary of Banca Popolare di Milano.
Originally established in 1927, IBL Banca (Istituto Bancario del Lavoro) started its operations as a financial institution in 2004 and as a bank in 2008. IBL Banca specializes in providing consumer credit and savings solutions to retail customers. IBL Banca also provides insurance products.
ING Direct operates in Italy as a division of ING Bank (Italy). Being a direct bank, ING Direct doesn't have to support an expensive branch network, the resulting cost savings are passed on to the bank's customers which allows to offer fair conditions. ING Direct offers a wide range of simple and transparent retail banking products at competitive prices like deposit accounts, current accounts, consumer and mortgage loans, investments, online trading and insurance.
Banco BPM emerged on January 1, 2017 as the result of the merger of two major cooperative Italian banks, Banco Popolare and Banca Popolare di Milano. Banco BPM provides a broad range of retail banking products and services to private individuals and SMEs. Banco BPM serves its customers through an extensive and complementary distribution network and a comprehensive multi-channel model.
Banca Farmafactoring is an Italian bank, established in 1985 by a group of pharmaceutical companies and biomedical equipment manufacturers in order to consolidate complex activities of credit management in the industry into a single point of contact.
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Savings accounts are interest-bearing deposits accounts which allow to withdraw money at any time. While offering more flexibility, savings accounts usually provide lower interest rates than term deposit accounts.
The table above shows essential details of selected savings accounts products offered to retail customers by the banks in Italy: currency, interest rate per annum and deposit term. The savings accounts terms vary from 1 month to 1 years (12 months). The interest rates are within the range 0.04 - 1.50 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Italy.
Country Deposit Rating. Italy's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to Aa3 (high grade).
Deposit Guarantee. Savings accounts made with credit institutions in Italy are covered by deposit guarantee scheme up to 100,000 EUR per depositor.
Withholding Tax. Interest income gained on savings accounts by non-residents of Italy is not taxed. Interest gained on savings accounts by residents of Italy is taxed at 20.00% rate. When the interest is paid, this tax is automatically withhold from the savings account by the bank.
