In Brief (TL;DR)
Faced with inflation and new market options, we impartially analyze whether Poste Italiane’s traditional savings products are still a worthwhile choice in 2025.
We will analyze the returns, costs, and security of postal savings products, comparing them with the main alternatives available today to protect your capital.
Finally, we will analyze the main alternatives to postal products to protect your capital and counter erosion due to inflation.
The devil is in the details. 👇 Keep reading to discover the critical steps and practical tips to avoid mistakes.
For generations, Italians have entrusted their savings to Poste Italiane, considering it a safe and familiar haven. For decades, the postal savings passbook and savings bonds were the undisputed stars of household savings management, symbols of prudence and stability. But today, in a complex global economic context marked by inflation and a constantly evolving financial market, a question naturally arises: is it still worth keeping money at the post office? This article provides an in-depth analysis of postal savings products, comparing them with available alternatives to help savers make an informed choice, balancing the solidity of tradition with the opportunities of innovation.
Poste Italiane is no longer just the office where you send letters and pay bills. It has transformed into a full-fledged financial institution, offering a wide range of services, from checking accounts to investments and insurance. This evolution requires a more critical and detailed evaluation of its flagship products to understand if they are still a valid solution for protecting and growing one’s capital in 2025.
The Tradition of Postal Savings in Italy
The bond between Italians and postal savings has deep roots, dating back over 150 years to the introduction of Savings Passbooks (Libretti di Risparmio). These instruments, along with Postal Savings Bonds (Buoni Fruttiferi Postali), which were introduced about fifty years later, helped create a solid savings culture in the country. Trust in Poste Italiane is cemented by the State guarantee, exercised through Cassa Depositi e Prestiti (CDP), a joint-stock company controlled by the Ministry of Economy and Finance. This guarantee makes postal products extremely safe, a factor that has always attracted the most cautious and risk-averse savers.
CDP’s role is not only to issue savings products but also to reinvest the collected resources to finance infrastructure, support businesses, and promote the country’s economic development. Therefore, keeping money at the post office also takes on an ethical dimension: citizens’ savings directly contribute to the country’s growth. This combination of security, simplicity, and social purpose has made postal savings a pillar of the Italian economic system and a reference point for millions of families.
Postal Savings Products Under the Microscope
To understand if it is still worthwhile to rely on Poste Italiane today, it is essential to analyze its two historic products in detail: the Postal Savings Passbook and Postal Savings Bonds. Both are considered low-risk investments, but they have substantial differences in terms of liquidity, return, and purpose.
The Postal Savings Passbook
The Savings Passbook is essentially a deposit account that offers immediate liquidity. The deposited sums can be withdrawn at any time without penalties. However, this flexibility comes at a cost: the returns are extremely low. The base rate for the Ordinary and Smart Passbook is often close to zero (0.001% gross per year). To obtain a slightly higher interest rate, you need to activate the Supersmart offers, which lock in a portion of the capital for defined periods (from a few months to a year), offering more advantageous rates that can reach up to 2.75% or 3% gross in specific promotions. The tax on interest is 26%.
Postal Savings Bonds (BFP)
Postal Savings Bonds (Buoni Fruttiferi Postali or BFP) are debt securities issued by Cassa Depositi e Prestiti and guaranteed by the State. Unlike passbooks, they are designed for a medium-to-long-term horizon and offer returns that increase over time. Their main strengths are the preferential tax rate of 12.50%, no subscription or redemption fees (except for fiscal charges), and exemption from inheritance tax. You can request a refund of the capital at any time, but interest only accrues after a minimum period (usually after the first year). There are various types of bonds, such as the 3×4 (up to 3% gross at maturity), the Ordinary (up to 2.50% over 20 years), or those dedicated to minors, which can offer returns of up to 5% gross per year.
Analysis of Returns: The Acid Test
Security is valuable, but it cannot be the only selection criterion. To assess the real convenience of postal savings, it is essential to compare net returns with the inflation rate. If inflation is higher than the return, the invested capital loses purchasing power. This concept is known as real return.
The real return is calculated by subtracting the inflation rate from the net return of your investment. If the result is negative, your money, despite being safe, is losing value over time.
Let’s take a practical example: a Postal Savings Bond offers a gross return of 3%. After the 12.50% tax, the net return is 2.625%. If annual inflation is at 3%, the real return is negative (-0.375%). In this scenario, the saver is actually losing purchasing power. Postal passbooks, with their near-zero base rates, offer a decidedly negative real return. Even the Supersmart offers, although more attractive, often struggle to significantly outpace inflation. For this reason, it is crucial not to stop at the nominal return but to always calculate the impact of inflation on your savings.
Security vs. Return: A Delicate Balance
The distinctive feature and main advantage of postal savings products remains security. The direct guarantee of the Italian State, provided through Cassa Depositi e Prestiti, positions them as one of the safest instruments available, ideal for those with a very low-risk tolerance. This guarantee is different and, according to some analysts, even more solid than that of the Interbank Deposit Protection Fund (FITD), which covers bank checking and savings accounts up to €100,000.
However, this security comes at a price: modest returns. The choice, therefore, is not between a “right” and a “wrong” product, but boils down to a trade-off between capital protection and its growth. Postal savings are excellent for capital preservation, but not for its appreciation in the long term, especially in high-inflation contexts. It is a perfect tool for those who want to “park” liquidity, create an emergency fund, or accumulate savings for short-term goals without taking any market risk.
Alternatives to Postal Savings in 2025
For savers looking for a higher return than that offered by passbooks and bonds, while maintaining a low-risk profile, the market offers several valid alternatives. It is important to know them in order to diversify your investments and optimize your wealth management.
Deposit Accounts
Deposit accounts are banking products that work similarly to postal passbooks but often offer higher returns. They can be “non-restricted” (money can be withdrawn at any time) or “restricted” (sums are locked for a period in exchange for a higher rate). They are protected by the Interbank Deposit Protection Fund (FITD) up to €100,000 per depositor. The main disadvantage compared to BFPs is the higher taxation, set at 26% on interest.
Government Bonds (BTPs, BOTs)
Government bonds like BTPs and BOTs are, like postal bonds, guaranteed by the Italian State and benefit from the same preferential tax rate of 12.50%. They often offer more competitive returns than BFPs. The fundamental difference lies in market risk: the price of government bonds purchased on the secondary market can fluctuate, and if sold before maturity, you could incur a capital loss. Postal bonds, on the other hand, always guarantee the return of 100% of the invested capital.
Money Market and Short-Term Bond ETFs
For those with a basic familiarity with financial markets, money market or short-term bond ETFs (Exchange Traded Funds) represent an efficient alternative. These instruments, which track the performance of market indexes, offer diversification and very low management costs. They can be an important piece in building a modern portfolio, but they require a basic understanding of financial mechanisms. The tax rate is 26% for most of these instruments.
Innovation at Poste Italiane: Not Just Passbooks
Poste Italiane is making great strides to modernize its offerings and meet new customer needs. Technological innovation is at the heart of this transformation, with a strong investment in artificial intelligence and digital platforms. Today, most services are accessible online through the website or the App BancoPosta and the App Poste Italiane, which allow you to manage your savings, subscribe to products, and monitor investments with complete autonomy. For those who need a complete guide, it is useful to consult articles like this guide to installing the Poste Italiane app.
In addition to traditional products, Poste Italiane now offers more complex investment solutions, such as mutual funds, insurance policies, and wealth management services, often in partnership with specialized companies like Moneyfarm. These products are aimed at an audience with different goals and risk profiles, marking Poste’s transition from a simple custodian of savings to a 360-degree financial advisor. Even communications, once limited to the classic registered mail (raccomandata market), have evolved into an ecosystem of integrated digital services.
Conclusions
In light of this analysis, we can say that keeping money at the post office is still worthwhile, but only for specific goals. Postal Savings Bonds and Savings Passbooks remain an excellent choice for those seeking maximum security, for parking short-term liquidity, for building an emergency fund, or for completely risk-averse savers. The State guarantee, simplicity, and the preferential tax rate of BFPs are undeniable advantages.
However, for those aiming to grow their capital in the medium-to-long term and effectively protect it from inflation, it is necessary to look further. Alternatives such as deposit accounts, government bonds, or bond ETFs often offer more attractive real returns, albeit with different characteristics and risk profiles. The winning strategy, now more than ever, lies in diversification and building a modern and balanced investment portfolio, where postal products can coexist with other financial instruments based on each saver’s goals and time horizon.
Frequently Asked Questions
Yes, savings passbooks and Postal Savings Bonds are considered low-risk investments because they are issued by Cassa Depositi e Prestiti S.p.A. and have a direct guarantee from the Italian State. This guarantee covers the entire capital deposited, without the €100,000 limit provided for bank accounts by the Interbank Deposit Protection Fund.
The returns on Postal Savings Bonds vary depending on the type and duration. For example, a 20-year ordinary bond may have a gross annual return at maturity of around 2.50%, while shorter-term solutions like the 3×4 Bond can reach 3%. There are also specific offers, such as those for minors, which can achieve higher gross returns, up to 5% depending on age and duration. It is important to always check the information sheets, as rates are updated periodically.
Traditional postal savings products with fixed returns may not fully cover the inflation rate, especially in periods of sharp price increases. To address this need, Poste Italiane offers a Postal Savings Bond indexed to Italian inflation, which links its return to the performance of consumer prices in Italy, offering direct protection of the invested capital’s purchasing power.
The choice depends on the investor’s needs. Both are guaranteed by the State and have a preferential tax rate of 12.5%. BFPs offer the advantage of being redeemable at any time at their nominal value, without risk of capital loss. BTPs, on the other hand, are traded on the market and their price can fluctuate, potentially offering higher returns but exposing you to the risk of selling at a lower price than the purchase price. BFPs are often considered simpler and more suitable for those seeking maximum security and flexibility.
Generally, Postal Savings Passbooks have no opening, management, or closing costs. The only expense to consider is the stamp duty, which amounts to €34.20 per year for individuals. However, this tax is not due if the total average annual balance of all passbooks held by the same person does not exceed €5,000. The interest earned is subject to a 26% withholding tax.
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