Cherry Bank — Conto Corrente Online Cherry face to face (conto in filiale)
A plan byCherry Bank — Conto Corrente Online · Visa (Nexi Debit)
The Conto Corrente Online from Cherry Bank — a Padua-based bank born in 2022 and grown through acquisitions (Banca Popolare Valconca incorporated from 2024) — is a genuinely zero-fee account: no opening or maintenance costs, with the only fixed item being the legal stamp duty (€34.20, due only with a balance above €5,000). SEPA transfers, including instant ones, at €0. Watch the minor operating costs though: the Nexi debit card (Visa circuit) costs €10/year, ATM withdrawals at other banks €1.50 and each SDD direct debit €1.
Cherry face to face (conto in filiale)
- Price
- Free
What's included
- Traditional branch account: €0 for the first 3 months, then waivable under contractual conditions
- Detailed terms in the dedicated fact sheet
Data & conditions
| Account fee | Free |
|---|---|
| IBAN | dedicato · IT · IT |
| Deposit guarantee | EU guarantee €100,000 |
| Multi-currency | No (single currency) |
| Outbound transfers to third-party IBANs | Yes |
| Utility direct billing | Yes |
| SEPA direct debit (SDD) | Yes |
| On-chain crypto withdrawal | No |
| SEPA transfer | Free |
| Card included | Carta di debito Nexi Debit (Visa) su richiesta, canone €10/anno |
| Interest on balance | 0% |
| Network | Visa (Nexi Debit) |
| ATM withdrawal | Free |
| Free ATM limit | ATM withdrawal at other banks in Italy €1.50; abroad per the Nexi Debit card fact sheet |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | EEA · 1+ countries |
| Regulator | Banca d'Italia |
| Segment | B2C |
| Funding / solidity | Padua-based bank born in 2022 · grown through acquisitions (Valconca 2024) · led by Giovanni Bossi |
| MiCA / License status | Licenza bancaria (Albo Banche n. 5682) IT banking licence (Bank of Italy) |
Strengths
- Genuine unconditional zero fee: €0 opening, €0 maintenance, €0 internet banking and app
- Ordinary and instant SEPA transfers at €0, incoming and outgoing
- Supervised bank with FITD deposit guarantee up to €100,000 (also a member of the National Guarantee Fund)
- Linked interest-bearing deposit lines: Cherry Box 0.25%, Recall 1.75%, Vincolato up to 3.50%
- No notable sovereignty advantage documented.
Weaknesses
- Debit card not included in the fee: Nexi Debit (Visa) at €10/year, on request
- ATM withdrawals always paid: €1.50 at other banks in Italy (Cherry has no widespread ATM network of its own)
- Each SDD direct debit costs €1: utility domiciliations weigh on everyday use
- Non-interest-bearing account (0% credit rate), EUR only; formally zero operations included in the fee
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (IT banking licence (Bank of Italy)): reporting to authorities and freezes on order.
- FATF-aligned jurisdiction: strong cooperation with authorities.
- Closed source: no way to verify what it does with wallet and data.
Verdict
Cherry Bank's online account is one of the few zero-fee accounts without asterisks: no conditions to meet, free transfers including instant ones, a supervised bank with FITD €100,000. The score stops at 3.7 because the "free" ends at the fee: the debit card costs €10/year, every ATM withdrawal €1.50 (no own network) and every SDD €1 — for those who domicile bills and withdraw cash, the micro-costs add up. Good transparency: every number is in the fact sheet. Ideal as a light account for transfers and savings (deposit lines yield up to 3.50%), less so as a sole everyday account.
Supervised bank account: custodial, full KYC, censorable and freezable by court order or AML obligation. The FITD guarantee and Bank of Italy supervision — strengths for protection — are exactly what distance it from the trustless model. No self-custody, no permissionless use: on the sovereignty lens it sits at the opposite pole from a self-custody wallet.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is the Cherry Bank online account really free?
The fee is genuinely €0 with no conditions, as are opening and internet banking; SEPA transfers, including instant ones, are €0. What remains are the legal stamp duty (€34.20/year, only with a balance above €5,000) and some operating costs: debit card €10/year, ATM withdrawals €1.50, SDD direct debits €1 each.
Are deposits guaranteed?
Yes: Cherry Bank is an Italian bank supervised by the Bank of Italy (Bank Register no. 5682), a member of the Interbank Deposit Protection Fund up to €100,000 per depositor and of the National Guarantee Fund.
Who is Cherry Bank?
It is a Padua-based bank, born in 2022 from the merger of Banco delle Tre Venezie and Cherry 106, led by Giovanni Bossi (former CEO of Banca Ifis). It has grown through acquisitions — Banca Popolare Valconca was incorporated with effect from 2024 — and combines retail with wealth management and corporate banking.
Sources
- Official service page Data verified on Jul 12, 2026