In this article, the ProiezionidiBorsa Experts ask themselves how to have 6,000 to 20,000 euros in the current account and not pay the stamp duty with their own money.
Every current account holder knows well that, whenever the average balance on his account exceeds 5 thousand euros, he pays the stamp duty. However, it is proportional to the period of time reported. The amount of the tax amounts to 34.20 per year and the bank usually charges it either quarterly or annually.
You do not pay, however, if the average value of stock on the current account does not exceed 5,000 euros in the reporting period. Now, here, let’s see how to have from 6,000 to 20,000 euros in your current account and not pay the stamp duty with your own money. Let’s proceed in order.
Combine stock and protection of savings on the current account
In practice, the purpose of our study is to understand how to avoid paying this tax using our money. In other words, we will always give our 34.20 euros per year to the state, but we will try to do so by not taking it from our own savings.
If the balance is between 6 and 20 thousand euros, in fact, it could be assumed that they are all we have in the bank. Or what we have decided to leave available on the c / c after all investments, and available for any eventualities.
In both cases, even the defense of just 1 euro of our savings proves to be noble and worthy of all the attention of the world. Especially when, in fact, those hard-earned savings are the result of a thousand sacrifices. So how can you win the challenge?
Which alternative to choose among the tools on the market
To succeed, we have only one way forward: to choose some form of investment among those on the market. Now, our specific purpose will be to find possible short-term solutions.
At this point, therefore, the goal is clear. Collect 34.20 euros net, pay the taxes owed to the state and not remit even 1 euro from our account.
The three main alternatives, in theory, could be: government bonds, postal vouchers or deposit accounts.
3-, 6- and 12-month BOTs currently all offer negative yields (but have always offered positive rates for decades). Put simply, we have to pay for them in our wallet. So discarded as they go in the opposite direction to our precise intent.
Then there are the Postal savings bonds, but they too have a small disadvantage. Even though they accrue interest from the first day of purchase, they ask, however, for the minimum time required to hold the Coupons in order to be entitled to collection. The “fastest” in this regard would be the ordinary coupon, which however gives the right to collect interest after the first year. Of course, we would then have to add that the lending rates of Poste Italiane products are decidedly very low.
The deposit account solution
So, we have come to consider the deposit account route. These “parking accounts” allow you to perceive some returns in fairly reasonable time frames. So, potentially, they could be suitable for us.
Now, given this objective, the best solution might be to choose some promotion on the market at the time of our decision. Usually, in fact, banks reserve the best offers for new customers and on tied figures.
We took a quick tour on the net and, among the various offers, we chose the proposal of a bank. It offers 1.25% gross (0.94% net) until next June 30, and then passes to 1.00% gross (approximately 0.74% net). In addition, the stamp duty is charged to the institution until the end of December 2021. A drawback of the offer is that, in the event of early repayment, you must first wait a month for the amounts to be credited back. However, even during this juncture, interest continues to accrue.
Some possible solutions
Let’s assume, at this point, that Mr. Mario Rossi makes the choice fall on this account. To solve our initial question it will be sufficient to use the classic formula of simple interest, that is:
I = (C xixt) /36.500, modifying (if applicable) the variables according to what we are going to calculate.
Let’s leave the calculations alone and already give the final results. So: if our hypothetical current account holder wants to get the net 34.20 in just 3 months, he will have to deposit € 14,590. On the other hand, if he opts for a period of 4 months, he will only need to bind 10,930 euros.
Still, the net 34.20 could be obtained even in 5 months by using only 8,730 euros of his current account balance.
By passing to the duration of 6 or 8 months, however, the time deposit decreases further. To be exact, it must be equal to 7,280 euros and 5,520 euros respectively.
Finally, if you opted for a duration of 11 months, it would be enough to bind approximately 4,060 euros.
Savings must not only be sweaty but also defended
In all these ways, therefore, you are guaranteed the full protection of 100% of the nominal value of your savings. Instead, only the losses due to inflation are incurred and the management costs for account keeping are paid to the bank.
What if more than € 20,000 were deposited in the account? In that case, the first thing to do is not so much to understand how not to pay this tax with your own money. But because it has taken the unfortunate path of investing in inertia.
Therefore, in all these cases, the first concern to be raised is whether the management of one’s finances is conducted according to the criteria of the so-called good family man.
Net of this, here is illustrated, therefore, how to have 6,000 to 20,000 euros in the current account and not pay the stamp duty with your own money.
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