February 5, 2023

Hardwood Paroxysm

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Current accounts multiplied by 2022. Costs increased by 132 euros. However, banks benefit from higher interest rates

While the rates charged by banks on exchange Mortgages and loans are going upThe interest on current accounts (that is, the money we loan to banks) remains nailed to zero. Even worse. Management costs go up. According to the Observatory reports Compare Conti.it and SOStariffe.it and newspaper reports printing, In 2022 the cost of computation has increased on average 8% with an additional disbursement for each account holder of 132 EUR. Overcharge counts for a bit of everything, from simple account management, Counter withdrawals and wire transfers. The increases are particularly noticeable for online accounts, In some cases it comes 26% increases Although these products have originally presented themselves on the market demanding on favorable cost terms. Online accounts remain cheaper than traditional accounts but the gap is narrowing

Banks, some defending themselves by invoking inflation, and others ignore the cost of keeping active branches in an area with fewer customers. The fact is that, meanwhile, the prices charged to customers asking for money are constantly increasing. Second Bank of Italy Mortgage rates including incremental costs (global effective annual rate, Taeg) rose in November to 3.55% compared to 3.23% in October. New payment rates from Consumer credit rose to 9.25% (8.93 in the previous month). The interest rate on new loans to non-financial companies was 2.94 percent (2.54 in the previous month).

Normal dynamic since last July The European Central Bank has started to raise the cost of money (Basically the interest that banks pay for lending money held at the European Central Bank to each other) This has a cascading effect on all types of financing. In recent years, ECB rates have ended up in negative territory (the banks were basically paid to take the money) and in some countries, especially Northern EuropeThis situation has led some institutions to offer mortgages to customers at negative rates (a final amount less than the loan requested was made). right Now Things change Back to normal, banks noticed that their customers did not.

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