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Are you looking for new ways to invest your savings or handle your cash? In 2018, a study found that a quarter of Brits don’t save money regularly. So, any new options that might tempt more people to be careful with their cash have got to be worth looking at.

Fineco brings us some intriguing possibilities in this respect, as they offer a variety of ways of investing and trading that might suit different people. They also provide low-cost banking to help you to stay in control of your cash.

Let’s see more details of what they offer and who might be interested in using them.

Who Are Fineco?

Fineco Bank is one of Europe’s biggest banks, having started up in 1999 and with over €81 billion in assets now held for 1.3 million customers.

They started out in Italy, as a subsidiary of the Banca Popolare di Brescia. It is now an independent company listed on the blue chip section of the Italian stock exchange. Fineco have raised millions of Euros in recent years with public offerings.

The reason you might not have heard of them before now is that they are new to the UK financial market. However, they have a strong track record, and are regulated by the FCA and PRA, as well as being authorised by the Bank of Italy. 

What Do They Offer?

There are a few different parts to the Fineco service, which are listed below. 

Banking. Their banking options let you carry out transactions such as payments, transfers and withdrawals. Accounts can be in EUR or GBP, giving you added flexibility if you need to pay bills or make other transactions in mainland Europe or in the UK. 

Investing. An investment platform lets you add money regularly to your funds. They have a selection of different ETFs, bonds and funds that you can open.

Trading. Their advanced online trading platform lets you trade easily in complex markets such as CFDs, FX and futures.

What Does It Cost?

It is worth taking a look at each of those services in turn, to see what cost they each involve.

As for banking, most things are available for free when you open a Fineco account*. For instance, your first debit card, UK and Eurozone ATM withdrawals, online currency exchange and unlimited UK/SEPA bank transfers have no charge. There is no minimum deposit and no commissions on your bank account either.

In terms of trading and investing, with shares CFDs there is no commission charged. Of course, this is a relatively high-risk way of trading that isn’t right for everyone. Other types of trading and investing have low charges. For instance, with bonds it is fixed at £6.95. UK ETFs and shares have a fixed commission of £2.95.

With fund investments, the fee depends upon how much you have invested. Up to £250,000 leads to an annual platform fee of 0.25%. This reduces to 0.15% for £250,000 to £1 million. If you hold between £1-£2 million the annual fee is 0.05%. Once you are over £2 million, there is no fee. In addition, funds dealing is free of charge and there are no exit fees. 

What Do Other People Say About It?

Since the Fineco service is reasonably new to the UK, there aren’t that many reviews for it yet. However, the online reviews I can see for it are largely positive. 

There are a couple of main areas where I can see that customers are generally satisfied. The first one is the ease of use. A lot of the people who have left feedback on Fineco Bank state that their platform is very easy to use. You certainly don’t need to be a tech expert or a financial whizz to get the hang of it.

The low cost is also something that has led to a good number of positive comments being left. The fact that just about everything related to basic banking is free means that it is a good option for looking after your money and paying bills. 

If you are interested in investing, then the low minimum amounts and small fees mean that more of your cash goes towards your future.    

The main negative feedback I could see was related to some problems with getting help opening an online account over the phone. As we will see in a moment, you are asked if you want to open online or via phone, so it is possible that these complaints are due to people choosing the wrong option. 

How Do You Get Started?

The easy to use platform lets you open an account online* in next to no time.

The starting point is with the Open Account button. Fill in your basic details like name and address information and contact details here.

You will be asked at the start if you are most interested in banking, investing or trading. I would suggest thinking about opening a Fineco bank account even if you are mainly interested in investing or trading. This is because it is free and offers a good deal of flexibility.

You can then choose between opening your account online or doing it by phone. It’s your choice, but the online option seems to be easy enough that anyone could do it with no hassle. There’s also a live chat option if you need to ask anything along the way. This is available from Monday to Friday, from 8am to 7pm.

Conclusion

This is a professional banking and investing service from one of Europe’s top banks. Their basic banking account seems like an excellent option. This is especially true if you want a free and easy way to move money around Europe or withdraw it on your travels.   

Fineco’s investing and trading alternatives are also interesting and competitively priced.

All in all, it is nice to see a new option enter the British banking market. If you are looking for a new way to save money or just to carry out basic transactions, I would recommend taking a look at the Fineco website to see if it suits your needs.   

Disclaimer – With all investments, your capital is at risk. Investments can go down as well as up, meaning you may get back less than you invest. 

Capital at risk. Investments can go up and down in value, and you may not get back what you put in. This blog does not constitute financial advice. If you’re unsure, seek independent financial advice.