Banca Mediolanum offers 4% annual interest on time deposits

Savings accounts, known in Italy as 'conti deposito', serve as low-risk investment tools where depositors earn interest in exchange for leaving funds with a bank for a set period. These products are protected by the Fondo Interbancario di Tutela dei Depositi, which guarantees reimbursements up to 100,000 euros per depositor in the event of a bank failure.

Investors should account for taxation, as interest rates are typically quoted gross of a 26% tax, and be aware of stamp duties.

Specifically, Banca Mediolanum is offering a 4% gross annual interest rate on its Mediolanum Time Deposit for six months. To qualify, customers must open a SelfyConto online account by October 30 and request the time deposit by November 6, provided they credit their salary to the account. The offer applies to deposits between 100 and 500,000 euros. Unlike many other institutions, this specific product allows for the withdrawal of funds without losing accrued interest.