Italians Keep €1.16 Trillion in Bank Accounts, but Fees Are Rising
Italian households currently hold a total of 1,163 billion euros in bank current accounts, according to new figures. This huge amount shows how much Italians prefer to keep their money safe in deposits rather than investing it elsewhere.
The city with the highest wealth per person is Bolzano, in the north of Italy. It has the record for the richest population among Italian cities.
On a regional level, Lombardy stands out as the wealthiest area. It alone holds about one fifth of all the money deposited by Italians across the country.
However, having money in the bank is not free. Bank fees have increased sharply over the past decade. Costs for maintaining a current account have risen by 23% in ten years.
As a result, Italians now pay, on average, more than 100 euros a year just to keep their current account open. This is a significant extra cost for many families.
Financial experts suggest that savers should compare different banks to find lower fees. Some accounts online may be cheaper than accounts at physical branches. Choosing the right account, they say, can help reduce yearly banking costs.
The report highlights a growing gap between how much money Italians save and how much they pay simply to keep it in the bank.
Vocabulary7 words
- current account
- a bank account used for everyday money
- deposit
- money placed and kept in a bank
- fee
- money charged for using a service
- saver
- a person who keeps money instead of spending it
- branch
- a local office of a bank
- decade
- a period of ten years
- wealth
- a large amount of money or valuable things
Quiz
Answer key
1. 1,163 billion euros 2. Lombardy 3. 23%
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Italian households currently hold a total of 1,163 billion euros in bank _____ accounts, according to new figures.
This huge amount shows how much Italians prefer to keep their money safe in _____ rather than investing it elsewhere.
The city with the highest wealth per person is _____, in the north of Italy.
On a regional level, _____ stands out as the wealthiest area, holding about one fifth of all deposits.
Bank _____ have increased sharply over the past decade, rising by 23% in ten years.
Italians now pay, on average, more than _____ euros a year just to keep their current account open.
Financial experts suggest that savers should _____ different banks to find lower fees.
Choosing the right _____ can help reduce yearly banking costs.