Illimity review

The account carries a monthly fee of €0, and no monthly fee and fixed rate lists Illimity as a no monthly fee provider. That puts it among the cheaper places to park savings, which means the rate and the term are the things worth weighing rather than the cost of keeping the account open.

The headline rate runs 2% to 3.9% and the rate type is fixed, so the return is set for the whole term instead of moving with the market. Where you land inside that range depends on the line you open and how much you keep in it.

Terms run 6 to 60 and the account kind is fixed. Early redemption is free on releasable lines, so you can withdraw and give up the rate, while locked lines stay committed until the end of the term they were opened for.

The minimum deposit is €1,000, which is a sizeable first commitment if you are starting from a small balance. It is the main practical hurdle here, and it sets the floor for the fixed rate to start doing any work for you.

Deposits are covered by the EU guarantee scheme: EU DGS up to EUR 100,000. That protection is what makes a fixed line at a newer bank a reasonable home for savings, as long as the balance you park stays inside the covered limit.

The service is digital only, listed under digital only, and the account is opened and managed from home banking on a PC or smartphone. There is no branch counter to visit, so anything that needs a document or cash has to be handled in the app.

The listed audience is business, so this is a business product first. A company with euro turnover and a lump of cash to park for a term is the clearest fit, and shoppers looking for a general retail account are not the main market here.

Support runs on help centre, phone and chat, covering a help centre, phone, chat and email. Across this comparison, phone is the most common of those routes at 79.7% of providers, with a help centre close behind, so a stuck transfer has plenty of ways to get attention.