What is the bonus and how do you get it?
What costs does it eliminate? 2
Management costs and limits (for both categories of beneficiaries). 2
Limits for citizens with an ISEE lower than 11,600 euros.
Limits for pensioners with a pension of up to 18,000 euros.
How to obtain the necessary documents. 4
This is an initiative that , in line with European Union directives, aims to make access to banking services easier for those in difficult financial situations.
In this article, we’ll cover all the details of the Current Account Bonus: what it is, who is eligible, what costs it eliminates or reduces, and how to get it.
Regulatory References: What is the current account bonus?
In recent times, Italians have become very familiar with the term “bonus”: after the pandemic, the government implemented a program of incentives to help those most economically affected and to boost investment. This shouldn’t confuse us: although the Current Account Bonus is indeed called a bonus, it doesn’t refer to the Post-Covid Recovery and Resilience Plan, but to a decree dating back to 2018.
In compliance with the 2014 European Directives, the Italian Government issued a decree in 2018 ( MEF no. 70 of 3 May 2018 ) establishing the Current Account Bonus . The decree also contains all the details on those entitled to the bonus and the specifics of the benefit, which we will illustrate in this article.
Who is entitled to it?
The 2018 Decree clearly indicates that two categories of people can access the Current Account Bonus :
- citizens of all ages with an ISEE lower than 11,600 euros ;
- all pensioners , regardless of ISEE, who have a gross pension of 18,000 euros or less per year.
It goes without saying that citizens who fall into these categories, to benefit from the Current Account Bonus , must make an express request in the manner indicated in the decree and which we will illustrate later in this article.
What costs does it eliminate?
To briefly describe what the Current Account Bonus is , we mentioned that it eliminates current account management costs . The zero-fee account obtained with this benefit actually eliminates many of the management costs but has limits on the transactions included in the ” zero fee “. In this section we examine in detail which costs are eliminated, which are reduced, and the limits of the zero-fee account.
Management costs and limits (for both categories of beneficiaries)
With the Current Account Bonus, individuals who meet the requirements can obtain a current account with:
- zero opening costs
- zero annual fee
- exempt from stamp duty
With this zero-fee account, banking transactions are also free, such as:
- debit card release;
- cash withdrawals in Italy and abroad
- bank transfer issues
- other banking operations.
These transactions remain free, however, within certain limits. Specifically, the following are included in the zero-fee account:
- unlimited ATM withdrawals (at banks of the same group)
- unlimited SEPA direct debits
- debit card payments: unlimited
- 1 free debit card renewal (or replacement)
- 6 banking operations
- 1 postal communication
- 4 account statements
For other types of transactions, different limits are envisaged for the two categories of those entitled to the Current Account Bonus .
Limits for citizens with an ISEE lower than 11,600 euros
- 12 ATM withdrawals at another bank group
- 36 payments received by bank transfer
- 6 payments made by bank transfer
- 12 cash or check deposits
Restrictions for retirees with pensions up to €18,000
- 6 ATM withdrawals at another bank group
- unlimited payments received via bank transfer
- payments made by bank transfer not included
- 6 cash or check deposits
As you’ve seen, the zero-fee account provided by the Current Account Bonus isn’t unlimitedly free, but it does provide access to significant benefits that help you save on account management costs, up to and including, within certain limits, eliminating them entirely.
How to request it
As we mentioned, access to the zero-fee account for individuals who meet the requirements is not automatic but requires the citizen to make an express request.
The request must be submitted directly to the bank where you intend to open the account (as mentioned, all Italian banks participate in the initiative). Many banks now also allow you to complete the account opening process online: it’s also possible to access the benefit online, but you’ll still need to contact the bank to find out how.
In traditional ways, citizens can physically visit a bank and request to open a zero-fee account with the Current Account Bonus or, if they already have a current account, to switch to a zero-fee one. The bank will provide the necessary forms, while it is the citizen’s responsibility to provide the required documentation indicated in Decree No. 70 of 2018. Specifically, you will need:
- a valid ISEE certificate (an ISEE completed in 2023 is valid until December 31, 2023)
- copy of an identity document (identity card or passport)
- copy of the tax code
- a document certifying residency
- email address
- telephone number
Once the account has been opened, the account holder is required to submit the ISEE documentation annually by May 31st. Access to the zero-fee account is strictly linked to the ISEE bracket, so each year the account holder is required to provide the bank with information certifying their ISEE bracket.
How to obtain the necessary documents
Most documents are easy to find. The ISEE certificate and the residency certificate may be a bit confusing. Here’s how to obtain them:
How to obtain the ISEE
To obtain the ISEE certification, it is necessary to complete the Single Substitute Declaration (DSU), which can be completed:
- online, by accessing the INPS web services
- at the CAFs that provide free assistance to citizens
- You can also download the pre-filled ISEE in the personal area of the INPS website
How to obtain the document certifying residency
Banks that require a document certifying residency generally refer to:
- the certificate of residence, which can be requested online through the web services made available by your municipality
- a utility bill that includes your residential address (gas bill, electricity bill, etc.)
Conclusions
This is all the information you need to access the Current Account Bonus and thus obtain a zero-fee account .
