A growing issue: low interest rates on savings
The Unimpresa Research Center highlights alarming data: interest rates on Italian current accounts are at historic lows. For balances under €50,000, rates average between 0.15% and 0.20%, while deposits between €50,000 and €250,000 barely reach 0.35%. Only large deposits exceeding €250,000 achieve a maximum of 1.57%, mainly in regions like Trentino-Alto Adige.
The gap between lending and saving rates
Although the ECB’s official rates peaked at 4.5%, Italian banks continue to offer minimal returns to savers while charging high rates on loans and mortgages, often exceeding 6% or 7%. This imbalance has generated record profits, with €40.6 billion in 2023 and projections of over €50 billion for 2024.
Regional differences: North vs South
The study also reveals significant regional disparities:
- Northern Italy: Large deposits earn over 1% in regions like Trentino-Alto Adige, Lombardy, and Emilia-Romagna.
- Southern Italy: Returns are much lower, with rates below 0.5% for similar deposits in Calabria and Basilicata.
Small savers suffer everywhere, with average rates between 0.15% and 0.20%, failing to offset inflation.
European comparison: Italy falls behind
In countries like Germany and France, deposits over €50,000 enjoy rates exceeding 1.5%, thanks to stronger competition and fairer policies.
Unimpresa’s call for action: government intervention needed
Giuseppe Spadafora, vice president of Unimpresa, strongly criticizes banks’ practices and urges the government to narrow the interest rate gap. Spadafora emphasizes that savings should be a protected right, not merely a profit-making tool for shareholders.
Conclusion: steps to improve the situation
To address the issue, it is essential to:
- Ensure banking transparency: Align savings rates with market trends.
- Encourage competition: Attract new players to the banking sector.
- Enforce regulations: Ensure fairness for both savers and banks.
What’s your opinion? Share your thoughts in the comments below and suggest solutions to improve the current situation.
