Banca Mediolanum offers 4% interest on fixed-term deposits

Banca Mediolanum has introduced a new financial offer providing a 4% gross annual interest rate on liquidity. This follows similar trends set by other credit institutions such as BBVA and ING.

To qualify for the 4% rate, funds must be placed in a fixed-term deposit linked to the account for a duration of six months. Deposits can range from a minimum of 100 euros to a maximum of 500,000 euros. For example, a 10,000 euro deposit held for the full six months would yield approximately 200 euros gross, or 148 euros after the 26% tax withholding.

Eligibility for the rate requires the account to become the customer's primary account. To achieve 'PrimaBanca' status, customers must either credit their salary or pension to the account or alternatively make at least 500 euros in monthly expenses over four months. Qualifying expenses include card payments, prepaid card reloads, and direct debits such as utility bills.