In a moment of market volatility, caused by global geopolitical instability, choosing instruments that can protect your savings and at the same time produce an income is not easy. However, postal vouchers and deposit accounts can be a good solution because they allow you to obtain a small return without risk. This prevents money held in current accounts from losing purchase value over time due to inflation. But what is best to invest in now?
How deposit accounts work
Deposit accounts are savings instruments made available by credit institutions with the aim of generating interest on the money left on deposit. They work like this: you entrust capital to the bank for a certain period, even a long one, and in exchange you receive a return in the form of interest. The longer the sum remains deposited, the greater the profit you receive – although this depends on the conditions offered at the time of subscription.
There are two main types of deposit accounts:
- free deposit accounts;
- time deposit accounts.
With the tied ones you undertake not to touch the sum deposited for a period of up to 10 years. In exchange, you receive a generally higher interest rate than the other method. If you withdraw the money early, however, it is possible not only that you will lose the accrued interest but that you will have to pay a penalty. It is therefore important to always read the contractual conditions. Free deposit accounts, on the other hand, allow you to withdraw savings at any time without paying any penalties. Precisely because there is greater freedom, interest rates are usually lower.
How postal savings bonds work
Postal vouchers are products distributed on the market by Poste Italiane and issued by Cdp. They work like this: once purchased, the invested capital generates interest according to the conditions established at the start. Unlike deposit accounts, however, they are more flexible. In fact, if the refund is requested in advance, there are no costs or penalties to pay.
Even in this case, however, it is important to check the contractual conditions. If you choose to subscribe to the 4-year Premium voucher, for example, you will have to wait until the end of the fourth year to receive interest. Before this period, in fact, you will only be entitled to the return of the subscribed capital.
Who guarantees these investments
Deposit accounts and postal savings bonds are low-risk instruments. The former are in fact guaranteed by the Interbank Deposit Protection Fund (Fitd) up to 100,000 euros for each individual bank and depositor. In practice:
- if you have 80,000 euros you are covered for the entire amount if the bank fails;
- if you have 120,000 euros deposited in a deposit account, the Fund reimburses 100,000 and the remaining 20,000 euros fall within the ordinary liquidation procedure – so you risk losing them;
- in the case of an account held jointly by two people, each joint account holder is protected up to 100,000 euros for a total of 200,000 euros at the same bank.
The BFPs are guaranteed by the Italian State.
Is it better to invest in BFP or deposit accounts?
Which of the two products to choose at the moment depends above all on the necessary time horizon. Time deposits can be especially convenient for short and medium durations as they tend to offer higher interest rates than postal bonds.
However, flexibility must also be considered. In this sense, postal vouchers, as we have seen, are usually more advantageous because it is possible to recover the money without penalties at any time.
Be careful about taxation. Postal savings bonds benefit from a preferential tax on interest of 12.50% compared to the ordinary tax of 26% which is applied to deposit accounts. This means that a higher gross rate does not automatically translate into higher earnings. The stamp duty is equal to 0.20% in both cases.
In terms of pure returns, therefore, deposit accounts can be more convenient, especially if you are willing to tie up the money. Vouchers, on the other hand, are more suitable for those who want greater flexibility and more favorable taxation.
Some examples of performance
Let’s look at some performance examples.
Cherry Bank restricted deposit account
Among the best deposit accounts of 2026 is the restricted Cherry Bank one which offers the following gross annual interest rates:
- 3.25% after 6-12 months;
- 2.20% after 18-24 months;
- 3.25% after 36 months;
- 3.50% after 48-60 months.
If you want to invest 2,000 euros in this account, from the calculator made available by the bank, it can be seen that after 5 years the net total will be 2,259.00 euros. However, the calculation does not include the stamp duty which must be subtracted from the net total and is paid at the end of the bond. By choosing this type of account, early release is not foreseen.
Premium 4-year postal savings bonds
Among the best short-term postal vouchers there is the 4-year Premium, reserved for those who bring new liquidity until 7 May 2026, subject to early closure of the postal savings book and/or BancoPosta current accounts through:
- salary/pension debit;
- payment of bank/cashier’s check;
- bank transfer.
The new liquidity must then be transferred to the Smart booklet, if it has not already been paid into the latter, via girofondo. This bond offers a gross annual interest rate of 3% at the end of the fourth year. The refund can be requested at any time but if you carry out this operation before this time period, you are only entitled to a refund of the amount invested.
Assuming you want to invest 2,000 euros in this security, from the calculator made available by Poste Italiane, it can be seen that after 4 years the net redemption value at maturity is 2,219.64 euros. Also in this case the calculation does not take into account the stamp duty which is calculated based on current legislation and at the time of reimbursement.
Postal savings certificate 4 years Plus
Everyone can instead subscribe to the 4-year Plus voucher which lasts 4 years and offers a gross interest rate of 1.25% upon maturity. It means that if you request reimbursement before four years, you are only entitled to recognition of the capital invested.
If you want to invest 2,000 euros in this security, at the end of 4 years, as shown by the Poste Italiane calculator, you will obtain a net return of 2,107.39 euros without calculating stamp duty.
