From March 7, savers will be able to buy ten-year savings bonds indexed to Italian inflation and bearing the series IL110A240307. This is a Cassa Depositi e Prestiti product that can be purchased at the post office. But are they safe? Open he spoke about it with Professor Beppe Scienza, professor at the Department of Mathematics at the University of Turin and author of the book “Our money and inflation» (Ponte alla Grazie editions). In postal savings bonds, explains the teacher and owner of the site Il epargne betrayée, “the amount invested is revalued like Italian inflation with also a small interest. There is only an initial 18 month period where appreciation and interest are suspended, but are later recouped. So I would say it’s a very safe investment.”
But can delivery to the Post Office penalize them?
“This penalizes them a lot or, better yet, makes life difficult for those who want to subscribe to it. The Italian Post Office makes much more by passing on life insurance policies, pension funds and other terrible managed savings schemes to savers. It is for this reason that it is common for them to interfere with vouchers which are even called “postal”.
Are postal savings bonds generally a good investment?
“Here things get complicated because there are different cases. In general, it is a safe investment, because in monetary terms the invested capital can be withdrawn every day, without or with interest depending on the type, duration of ownership, etc. In addition, they are guaranteed by the Italian State without limits, that is to say even beyond 100,000 euros. »
Is it true that there are also some for children? What characteristics do they have?
“These are vouchers which can be registered in the name of a minor and which, at the moment, yield relatively a lot if they are taken out for a child of one year or less. In fact, they provide 6% of gross annual capital until the age of 18. But the real meaning of these vouchers is to prevent or at least make it very difficult for parents to use them personally, by taking them away from the child.”
Over the past thirty years, postal checks have been the most profitable investment. Can you give us a little history of this type of product?
“There too the cases are numerous and different. However, I will bring a concrete and particularly significant case, to demonstrate that it is false that they are the Cinderellas of savings, reserved only for ignorant old ladies. This is how the sellers of funds and contracts present them, to make money by setting their traps.”
Italian mutual funds were launched in 1984 and since the end of this year, specific indices have been recording their performance. Well, 1 euro invested at the end of 1984 in UCITS increased on average to around 5 euros in thirty years and on the contrary to 6.6 euros, if placed in equity funds. This is not good, because in ordinary postal vouchers it becomes 15.1 euros net. That is to say between triple and more than double compared to the much-vaunted managed savings. I don’t know if I can explain.”
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