There is no guarantee of Interbank Deposit Protection Fund which all Italian banks belong to, you don't have it the guarantee of the State as at the Post Office, but beyond a 1,2 millions of members entrust their savings to Coops and from 1 January 2024 have also seen an increase in the rates of the so-called "Social Loan".
E’ a booklet with few constraints, zero cost and the convenience of being able to make payments and / or withdrawals on any day of opening of the store. E’ Online management is also foreseen, to view the operations carried out, with authentication via OTP code via SMS.
Like most savings products with a strong liquidity component, the returns are not in double digits. In fact, in the three brackets in which they are diversified, depending on the amount deposited, gross interest from 1 January 2024 ranging from 1.00% to 3,00%.
The security is provided by the assets of the Coop, in the manner prescribed by the Bank of Italy: Supervisory Instructions for Banks "Collection of Savings from Members".
For information, to become members and then social lenders you need to contact the Coop sales points.
Read the interview to the Nova Coop Financial Management Manager Angelo Galati in the magazine Consumers.
Alex Gaetani