The basic account

Do you only need a current account for simple banking operations, such as making credit transfers, using a debit card, or receiving your salary or pension? If so, a basic bank account might be the right choice for you.

What is a basic bank account?

The basic bank account is a type of current account designed for people with basic banking needs. Its purpose is to make banking services more accessible and is more affordable than a standard current account. It has a low annual fee, and for those with lower incomes, it can even be free of charge. The fee includes a set number of transactions; if you exceed this limit, additional charges may apply.

The features of a basic bank account are defined by law. Relevant regulations include EU Directive 2014/92/EU, the Italian Consolidated Law on Banking (specifically Article 126-noviesdecies and following), the Banca d'Italia's rules on Transparency of banking and financial operations and services (Section III, paragraph 4), and the Ministerial Decree of 3 May 2018, number 70.

What can you do with a basic bank account?

A basic bank account gives you access to essential banking services, such as making and receiving credit transfers, having your salary or pension paid in, and using a debit card (known as a "bancomat" in Italy) for purchases and ATM withdrawals. However, it does not allow you to take out an overdraft facility, request a chequebook, link an investment account. The specific list of services included is determined by the Ministry of Economy and Finance.

When is the basic bank account free of charge?

The account is free if:

  1. you have an ISEE (Equivalent Economic Situation Indicator) of less than €11,600 – in this case, you are also exempt from paying stamp duty;
  2. you are a pensioner with a gross annual income below €18,000 – here, stamp duty (€34.20 per year) still applies, and the number and type of free transactions differ from the first case.

Note: even if the account is free, you will be charged if you exceed the maximum number of transactions.

Opening and closing a basic bank accounts

Who can open one? All banks, Poste Italiane, and other payment service providers are legally required to offer a basic bank account to anyone who is legally residing in Italy or another EU Member State including people without a fixed address or asylum seekers.

You cannot open a basic bank account if:

  • you already have a current account or another payment account in Italy;
  • you intend to use the account for business, professional, commercial, or artisanal purposes - basic accounts are strictly for consumers;
  • you are not legally residing in Italy.

Banks, Poste Italiane and other payment services providers must allow you to open a basic bank account if you meet the legal requirements. They can only refuse if:

  • you do not meet the requirements (e.g. you already have an account);
  • they have well-grounded suspicion that the account may be used for illegal purposes. In such cases, they must inform you immediately and provide the reasons for the refusal within ten working days. You may challenge the refusal by filing a complaint with the bank, lodging a report with the Bank of Italy, or appealing to the Banking and Financial Ombudsman.

Closing the account is straightforward: you can do so at any time, and it is free of charge, apart from any fees linked to optional services you may have used.

If you already have a standard current account or another payment account and wish to switch to a basic bank account at a different bank, you can use the account switching procedure to transfer your balance and any payment services (like direct credit of your salary or pension). The same service can also be used to switch in the opposite direction — from a basic account to a regular current or payment account. In either case, don't forget to have your old account closed as part of the switch procedure.

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