Fineco (FinecoBank) review

The monthly fee is €0, in line with the site median of €0, and Fineco ranks 1 on monthly fee among the brands compared. SEPA and instant SEPA transfers in Italy and abroad are free on the Fineco One plan, so the running cost sits in currency conversion rather than upkeep.

The currency conversion fee is 0% and the exchange rate markup is 0%, against a site median conversion fee of 0.5%. Fineco ranks 1 on conversion cost among 312 brands ranked, and the multicurrency account holds 20 currencies.

Deposits with FinecoBank S.p.A. are covered by EU DGS up to EUR 100,000. That is the EU scheme limit on balances held with the bank, and the legal entity behind the current account and its deposit account is FinecoBank S.p.A., based in Italy.

It pays a fixed rate of 2% for 12 on a minimum deposit of €1,000. The account kind is fixed, so cash stays put for the term unless you take an early partial or full release, which pays a far lower rate and takes days to reach you.

It is for existing Fineco current account holders only, funded with new cash on the current account from a minimum of €1,000. So Fineco cannot act as a first account opened purely for a fixed deposit, and the saving is tied to the banking relationship you already hold.

Payments run over SEPA and instant SEPA, free in Italy and abroad on the Fineco One plan. Currency trades settle after a lag rather than at once, which matters if you expect converted money to move on quickly, and local account details are issued as iban with payouts to bank and card.

Support runs on email, phone and help centre, so help comes by email and phone as well as a help centre. Fineco is based in Italy and trades as FinecoBank S.p.A., which is the entity named on the account and the deposit behind the protection listed above.

The account targets a teen audience, so teens and students opening a first euro account fit the design. There is no monthly charge, no credit check is involved, and cash machine withdrawals come with an allowance of €99.