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The online current account in 2020: costs increase but convenience remains

The online current account in 2020: costs increase but convenience remains

Conto corrente online: la convenienza rimane

A series of analyses carried out in the first few months of the year reveal substantial increases in the price of online current account holders. In fact, there was a 29% increase in costs compared to 2019: the items that weigh the most on the increase are the annual fee, withdrawals at the counter and transfers.

The costs of traditional banks have also increased, + 27% in a year.

The increases are in addition to an already particular situation: the management of an online or traditional Italian current account costs more than foreign ones. The single over-the-counter movement in Italian banks costs on average 1.74 euros compared to 1 euros in other countries. Making a transfer in a branch costs us 3.77 euros compared to 3.33 euros in foreign banks. In addition, debit cards have an annual fee of 2.92 euros in Italy, while they are free in banks abroad.

In general, although the situation of traditional banks does not differ much, the price increases in the new year mainly concern online banks, where there are average increases of 29%.

Despite these figures, if we analyze the various items that contribute to the total cost of current accounts as a whole, online accounts seem to be the most convenient way to deposit and manage your savings.

It should also be noted that, in addition to costs, the solidity of both traditional and alternative Italian banks is also increasing. The latter, however, remain the most robust, because they need few branches, grant a reduced number of loans and, working on the web, have lower costs. 

According to the latest capital ratios of the third quarter of 2019, analyzed by the team of the pro-rector of Bocconi University, it emerges that, overall, despite the crisis cases of some credit institutions, the main Italian banks are well above the theoretical requirements of the ECB and show cleanliness in the portfolios of loans. 

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