illimity Bank — Conto Classic
illimity Bank S.p.A. (Gruppo Banca Ifis) · Mastercard
Conto Classic is the digital current account of illimity Bank, founded by Corrado Passera and now wholly owned by Banca Ifis: the merger by incorporation is expected by autumn 2026 and the retail brand will become "Ifis illimity" — an ongoing transition, declared to bring no substantial changes for customers, but worth keeping in mind. The fee is €3/month (charged quarterly, €9), waived for each month with a salary/pension credit or with non-redeemable term deposits of at least €5,000. Free Mastercard debit card, SEPA transfers (including instant) at €0 and 3 free ATM withdrawals per month in the euro area (only for amounts ≥€100).
Data & conditions
| Account fee | €3 |
|---|---|
| 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 internazionale Mastercard inclusa, canone €0 |
| Interest on balance | 0% |
| Network | Mastercard |
| ATM withdrawal | Free |
| Free ATM limit | 3 free withdrawals/month in the euro area only for amounts ≥€100 (then €1.50); below €100 always €1.50; outside the euro area €2 |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | EEA · 1+ countries |
| Regulator | Banca d'Italia |
| Segment | B2C |
| Funding / solidity | Digital bank founded in 2019 by Corrado Passera · wholly owned by Banca Ifis since 2025 · merger expected autumn 2026 |
| MiCA / License status | Licenza bancaria (Albo Banche n. 5710) IT banking licence (Bank of Italy) |
Plans & pricing
Conto Classic
- Price
- €3
- Fee waived in months with salary/pension credit or term deposits ≥€5,000
- Mastercard debit card €0
- SEPA and instant transfers €0
- 3 free ATM withdrawals/month in the euro area (amounts ≥€100)
- Opening month free · €34.20/year stamp duty if balance ≥€5,000
Conto Premium
- Price
- €7
- Quarterly fee €21 (€84/year), stamp duty paid by the bank
- Priority customer support
- Preferential terms on cards and linked services
Strengths
- Ordinary and instant SEPA transfers at €0 via internet banking, SDD direct debits at €0
- Free international Mastercard debit card included
- €3/month fee waived month by month: salary/pension credit or term deposits ≥€5,000
- Supervised bank with FITD deposit guarantee up to €100,000; linked interest-bearing deposit account
- No notable sovereignty advantage documented.
Weaknesses
- Free ATM withdrawals only for amounts ≥€100 and max 3 per month (then €1.50; below €100 always €1.50)
- Corporate transition underway: merger into Banca Ifis expected by autumn 2026 with the "Ifis illimity" rebrand
- Non-interest-bearing account (0% credit rate), EUR only; expensive extra-SEPA transfers (€8)
- Nexi credit card not free: €20/year fee (€44/year including taxes)
- 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
Conto Classic is an honest digital account: a bank supervised by the Bank of Italy, FITD €100,000 guarantee, transfers (including instant) at €0, free SDDs and an included Mastercard debit card. The €3/month fee is waived under clear, reachable conditions (salary credit or €5,000 in term deposits). Two caveats: free withdrawals only apply above €100 (an unusual micro-friction) and the bank is in full transition to Banca Ifis, with the merger and "Ifis illimity" rebrand expected in autumn 2026 — no risk to deposits, but terms and product may be redesigned by the new group. Score 3.6: good, with a declared corporate unknown.
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. Moreover, the merger into Banca Ifis is a reminder that the relationship depends entirely on third-party corporate decisions. No self-custody, no permissionless use.
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
How much does illimity's Conto Classic cost?
The fee is €3/month, charged quarterly (€9 per quarter), plus €34.20 stamp duty with an average balance ≥€5,000. It is waived for each month in which you credit a salary or pension, or hold non-redeemable term deposits of at least €5,000. The opening month is always free.
What happens with the Banca Ifis transition?
illimity Bank is already wholly owned by Banca Ifis and the merger by incorporation is expected by autumn 2026, with the retail brand set to become "Ifis illimity". The account remains open to new customers (fact sheet updated 1 July 2026) and no substantial changes for customers have been announced; deposits remain protected by the FITD.
Are transfers and withdrawals free?
SEPA transfers, including instant ones, are €0 via internet banking. ATM withdrawals are free 3 times a month in the euro area only for amounts of €100 or more; below €100 they cost €1.50, as do withdrawals beyond the third.
Sources
- Official service page Data verified on Jul 12, 2026
- a.storyblok.com Prelievi Data verified on Jul 12, 2026
- bancaifis.it Data verified on Jul 12, 2026