Last month, Poste Italiane presented the new 3×4 postal savings certificate with prize. It is a long-term savings product, with a duration of 12 years, which combines a fixed return that increases every 3 years with a gross premium of 8% recognized at maturity.
How the 3×4 voucher with prize works
The name summarizes the structure of the interest-bearing bond: 4 three-year periods of 3 years each, for a total of 12 years. At each three-year maturity the rate rises and the interest is calculated on a compound capitalization basis, i.e. it also accrues on the interest already accumulated.
The Poste Italiane voucher is issued at par (the price coincides with its value), can be subscribed for from 50 euros and multiples and is reserved for natural persons of age.
How returns grow
The gross annual nominal rate starts low and increases every three years:
- 1% from the 1st to the 3rd year;
- 2% from the 4th to the 6th year;
- 3.01% from the 7th to the 9th year;
- 6.04% from the 10th to the 12th year.
Looking instead at the return accrued over the entire holding period, the gross annual rate is 1.00% for 3 years, 1.50% for 6 years, 2.00% for 9 years and 2.50% for 12 years (not counting the premium).
Only at the age of 12 is the premium added, equal to 8% gross of the nominal value invested and not reimbursed in advance – net of tax it becomes approximately 7%.
There are no subscription or refund fees. The only expected expense is 1.55 euros for any duplication of a paper voucher.
Taxes, stamp duty and ISEE
Interest is subject to the preferential substitute tax of 12.50%, compared to 26% for most financial instruments.
Furthermore, postal savings bonds are exempt from inheritance tax but remain subject to stamp duty, from which, however, those with a total redemption value of no more than 5,000 euros are excluded. For ISEE purposes, vouchers, postal savings books and government bonds are excluded from movable assets up to 50,000 euros per family unit.
How much does 10,000 euros make?
The information sheet shows the amount coefficients at maturity. Applied to an investment of 10,000 euros held for all 12 years, the capital becomes 14,248.89 euros gross. It is therefore 13,717.78 euros net, i.e. a net profit of 3,717.78 euros.
It is useful to remember that the subscribed capital is always guaranteed by the State and returned in full.
What happens with early repayment
Repayment is possible at any time but the interest is consolidated only at the end of each three-year period:
- anyone who repays before 3 years receives no interest;
- anyone who leaves during a three-year period that has already begun loses the interest accrued in that three-year period.
The prize, as already mentioned, is only available to those who reach the 12th year.
The 3×4 voucher with premium is therefore suitable for those who have a long horizon and can leave the capital fixed until maturity. Only in this way is the final 8% added to the increasing rates of the three-year periods. Those who expect to need the sums before the age of 12 obtain a lower return, linked to the three years actually completed. And you might consider other postal savings bonds.
