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Does the zero-cost current account exist?


There is a simple and valid reason why the Bank account it should be at least one account zero current charges. In a time not many years ago and that many remember, the current account was not only a money parking but also a respectable form of investment and as such remunerated. It seems incredible, but the banks were competing on interest rates on current accounts to win over customers.

Today, however, the rates are so low, or more often non-existent, that if you have a sum to invest and you want to accrue interest, it is better to choose a deposit account or another form of investment. Consequently the most important thing in a Bank account, which usually does not pay interest, is its annual cost and that is to say that it is a zero-cost current account.

But the question is: does the zero-cost current account? Many of the so-called accounts 'zero expense' accounts in reality they provide for amounts to be paid in connection with certain financial transactions. The absence of remuneration of the sum entrusted to the bank should in theory be compensated by the exemption from expenses, but the truth is that a free current account does not exist. So to save as much as possible it is good to choose a credit institution that provides for expenses on Bank account only for infrequent operations.

The most 'sensitive' items in terms of sense expenses are wire transfers (at the counter and online), ATM withdrawals (including from other banks), withdrawals abroad and, of course, stamp duty. The latter amounts by law to € 34.20, many banks cover this item by removing it from the customer but others do not bother to do so and the Bank account it inevitably becomes an expense.

A few minutes invested on rate comparator by IdeeGreen helps to understand which current account is right for us, also by evaluating the number of transfers and withdrawals that, on average, are made during the year, your savings profile, age, online availability banking and so on. If it's not really a zero-cost current account, at least it will be a reasonable and calibrated expense on our profile.

An example: what was considered best Bank account of 2013, Banca Sella's Websella.it account has free online transfers, free ATM withdrawals from other banks and withdrawals abroad, but while the bank transfer is free, cash withdrawals at the counter costs 5 euros per transaction.

Among those that are advertised as current at zero costs, one of the most transparent is Orange Current Account: zero fee, unlimited operations, stamp duty payable by the bank; you only pay for the paper statement and for the SMS alerts on request (5 euros and 0.20 euros respectively).

Others zero-cost current accounts or such sayings are Hello! Money (you pay the bank transfer), CheBanca! Yellow Account! (stamp duty is free only for average stocks not exceeding 5,000 euros) and the Fineco current account (withdrawals and bank transfers are paid).



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