When it comes to keeping your money safe and earning some interest without taking too many risks, savings accounts (conti deposito) are one of the simplest and most accessible options for many Italian savers. But what exactly are they? And more importantly, when are they truly worth it?
What is a savings account?
A savings account is a banking product that allows you to deposit money and earn a fixed interest rate. Unlike a standard current account, which is used for everyday transactions, the purpose of a savings account is specifically to help your savings grow over time.
There are two main types:
- Flexible savings account: you can withdraw your money at any time, but the interest rate is generally lower.
- Fixed-term savings account: your funds are locked for a set period (from a few months to several years), in exchange for a higher interest rate.
How much do savings accounts yield in 2025?
In 2025, fixed-term savings accounts can offer interest rates of over 3% gross per year, depending on the bank, the term length, and the account conditions. These yields are significantly higher than those of traditional current accounts, which average around 0.38% annually.
However, you should also consider interest taxation (currently 26%) and the stamp duty, which amounts to 0.20% annually on the total deposited amount.
When is a savings account a good choice?
A savings account can be a smart option in several situations:
- You have savings you don’t need immediately: if you know you won’t need part of your money for a certain time, locking it in can earn you more.
- You want to minimize risk: savings accounts are protected by the Interbank Deposit Protection Fund, up to €100,000 per account holder per bank.
- You want a simple, stress-free solution: they don’t require advanced financial knowledge and don’t expose you to market volatility.
- You’re waiting to invest in more structured products: some people use them as a temporary parking spot for liquidity before moving into ETFs or investment funds.
When are they not ideal?
Savings accounts may not be the best choice if:
- You need immediate access to liquidity and can’t afford to lock in your funds.
- You’re looking for higher long-term returns: in this case, options like stocks or balanced funds might be better.
- You’re open to managing controlled risk for greater potential returns.
In summary
Savings accounts are a valid option for those who want to earn safe, modest returns on their savings without being exposed to market risks. They’re especially useful for short-term goals or as a tool to manage unused liquidity. However, they may not be the best solution for those seeking high performance or with a longer investment horizon.