Over the past four years, current accounts have become more expensive: the costs for accounts with mixed operations (both online and in branch) increased above all. This is what emerges from a survey conducted by SosTariffe.it, which hypothesized and considered some profiles, differentiating them on the basis of preferences and usage habits: online-only accounts and traditional accounts used by singles, couples or families with web-only operations , mixed and only in the branch.
The survey also shows how some of the credit institutions analyzed are preparing to change certain contractual conditions of the accounts starting from October-November 2017, especially as regards the costs relating to operations at the counter, domiciliation of utilities and ATM withdrawals.
Below are the details of the extrapolated data.
Costs on the rise for current accounts: compared to 2013 up to 43 euros more
SosTariffe.it finds the higher increases especially for those who use the accounts of a traditional credit institution (therefore banks that mainly have over-the-counter operations) with mixed operations (i.e. both at the branch and online). Compared to 2013, in fact, an average of 27,9 euros more per year is paid for this operating profile and the greatest increase is found for the "family" consumption profile which, compared to 4 years ago, pays 36 euros more (133 euros against 97 euros).
Even the online operations of traditional accounts undergo a significant increase: compared to 2013, today you pay 24 euros more. In this case, the most affected is the "family" profile, for which there is an increase of around 28 euros.
The least affected by these increases are users who work exclusively in branches only: in this case the change was around 13,7 euros (for singles this operation is also cheaper by around 11,7 euros compared to 2013), although using accounts only with over-the-counter operations remains the most expensive option , today as 4 years ago. In fact, on average, carrying out one's transactions exclusively at the branch costs 136,5 euros a year, against 89 for those who carry out transactions only via internet banking and 109,8 euros for current account holders with mixed transactions.
For online accounts, i.e. those offered by credit institutions that have few or no branches in the area, there was an increase of 18,9 euros, even if using an account like this remains the most convenient option (those who use a traditional account via web pays 89 euros, while those who opt for the online account only 20,5 euros a year). The maximum savings would be obtained by families who use traditional accounts only at the counter: switching to an online account could cut costs by around 136,7 euros per year.
Online accounts, when are they cheaper?
By analyzing the details of the single costs for each operation, it can be seen how online accounts are cheaper from many points of view. In particular, the average annual rent is cheaper by 18,7 euros (25,4 euros against 6,7 euros). Even the cost of the credit card offered by online accounts is on average almost 17 euros cheaper. In fact, with traditional accounts, you pay around 34 euros for the card, against the 17,2 euros due for issuing the credit card with accounts that can be used purely online.
For online accounts, the most expensive transactions are made at the counter (2 euros for online accounts and 1,34 euros for others) including cash withdrawals (2,14 euros for online accounts against 1,21 euros for the traditional ones). This happens because about 22% of online banks do not provide these types of operations at the counter, offering only the same services via the web.
Changes in sight for autumn 2017
Analyzing the information sheets of the current accounts taken into consideration, SosTariffe.it found that some of the contractual conditions are about to be changed from October to November 2017. In particular, as regards traditional banks, the 12,5 % of the accounts analyzed foresees a variation in the costs of the following operations: counter movements, cash withdrawals at the counter, transfers arranged at the branch, cost for each user domiciled at the bank.
Some conditions will also change with regard to credit institutions active mainly on the web. In 11% of the cases analysed, in fact, changes are expected – this autumn – in the following items: cost for each domiciled user, ATM withdrawal on one's own bank, another bank and withdrawal in another EU country.
The voice of the Credit Institutions
SosTariffe.it contacted the main lenders under investigation to investigate the matter further. Some banks, such as MPS, confirm that they have not made any changes to the current accounts analysed. ING Direct also confirms that from 2013 to 2017 the costs remained unchanged for customers.
Intesa Sanpaolo, on the other hand, emphasizes its offer: “XME Conto is a modular account in which the customer pays only and exclusively for the products he purchases, unlike what happens with the purchase of a package account in which the customer is obliged to pay the entire offer, regardless of whether or not it corresponds to his needs”.
Banca Sella informs that “the offer has remained constant in recent years, providing customers with a fee-free and at the same time complete online account. Some cost items regarding some current account services have recently been changed, in particular relating to transactions made at the counter. These are services that anyone who decides to use a current account such as Websella, designed especially for online use, will find it difficult to request and therefore pay for. Spending for users who use our online account has therefore remained almost unchanged”.
Mediobanca, for CheBanca!, states that over the years it has always been consistent in its pricing model, conveying the digital offer with zero-fee current accounts and offering the main banking services free of charge, whether performed online or through Customer Service.
Poste Italiane, on the other hand, informs that on the offer analysed, "there have been no increases in these 4 years in the cost items analyzed (e.g. account fees, wire transfers, withdrawals, etc.), with the exception of the credit card fee ( Classic credit card) while remaining in line with the other main traditional banking players".
IW Bank underlines that the fee from your account can be canceled by respecting certain conditions (such as the periodic crediting of at least 1.000 euros), the same applies to the cost of the credit card, which is canceled if the request is made online.
BNL for the Hello Bank offer, confirms that since 2013 the account has never been subject to any price change, while as regards the traditional account there are conditions that decrease the annual cost of the account in presence, such as the 'credit of salary or domiciled domestic user.
Unipol Banca, despite due to "the increase in costs incurred by the banking system following certain legislative and/or regulatory interventions as well as commitments imposed by the customer safety authority" notes "a repositioning of the fees of almost all the agreements part of the Bank's catalogue, with an average increase of 20%”, states that he has extended special promotions throughout the year such as accounts with special fees for limited periods, as well as discounts on motor liability policies and elementary classes of UnipolSai Assicurazioni.
Lastly, Credito Valtellinese comments on the SosTariffe.it observatory that “the increase in costs that emerged from the survey is not surprising and is symptomatic of the fact that the main banks on the market, committed to pushing the online use of current accounts by of the customer, they have probably increased the rates applied to transactions arranged in the branch (transfers and cash withdrawals) this penalizes the customer when they operate outside a "self-service" context
