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Italy approves 40% windfall tax on banks (www.reuters.com)

submitted 1 year ago* (last edited 1 year ago) by mxwarp@lemmy.ca to c/personalfinancecanada@lemmy.ca

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Italy dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits.

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[–] mxwarp@lemmy.ca 1 points 1 year ago* (last edited 1 year ago) (1 children)

Looks like they finally got the memo!

[–] deltatux@mstdn.ca 2 points 1 year ago

@mxwarp This is just a promo rate, all the Big Banks & their subsidiaries do this. They boost the rate for 3-4 months and then you earn their base crappy rate thereafter.

Scotiabank, Tangerine, Simplii & etc. have been doing this for years.

The options in the link I provided previously are non-promo rates.

Other options incl. fintechs like WealthSimple offer 4.5% if you have $100k deposited or invested with them, or via money market funds or investment savings account which all pay >4%.