Cherry Bank — Cherry Vincolato
Cherry Bank S.p.A.
Cherry Vincolato is an add-on to Cherry Bank's Online Current Account: you must already be a customer to activate it. Interest is paid as a quarterly coupon and the rate stays fixed for the chosen term among 6, 12, 18, 24, 36, 48 and 60 months. The curve, however, does not rise steadily: from 3.25% gross at 6 and 12 months to 3.50% at 48 and 60, but in between 18 and 24 months collapse to 2.20%. Anyone choosing 24 months over 12 takes a point less and stays locked twice as long. Entry is €3,000, the ceiling €3m, activation and closing cost nothing and there is no account fee. The lock is total: no drawdowns, no partial releases.
Data & conditions
| Max gross rate | 3.5% |
|---|---|
| Max net rate | 2.39% — tax and stamp duty take 32% |
| Account type | Fixed term |
| Available terms | 6m · 12m · 18m · 24m · 36m · 48m · 60m — up to 3.5% gross |
| Early withdrawal | No |
| What early withdrawal costs | No early withdrawal: the information sheet does not permit «withdrawal operations, drawdowns and/or partial releases of the locked funds» for the entire agreed period. |
| Interest compounding | Quarterly |
| Interest paid upfront | No |
| Stamp duty | Paid by you — 0.2% of the balance per year |
| When stamp duty is charged | Charged once a year |
| Deposit amount | €3,000 – €3,000,000 |
| Deposit guarantee | EU guarantee €100,000 |
| Requires a linked current account | Yes |
| Supported countries | EEA · 1+ countries |
| Regulator | Banca d'Italia |
| Segment | B2C |
| Funding / solidity | Padua-based bank formed in 2021 from the merger of Cassa di Risparmio di Cesena and the Cherry 106 group, active in NPLs and business lending |
| MiCA / License status | Licenza bancaria (Albo Banche n. 5682 · ABI 03365) Italian banking licence (Bank of Italy) |
Strengths
- 3.50% gross at 48 and 60 months, with the rate fixed for the whole term and a quarterly coupon paid into the current account.
- No friction costs: zero activation, zero closing, no periodic fee and no charge for interest calculation.
- Stamp duty is charged to the current account once a year on 31 December or at maturity, rather than eating into the locked capital.
- No notable sovereignty advantage documented.
Weaknesses
- Anomalous rate curve: 18 and 24 months pay 2.20% against 3.25% at 6 and 12 months. Locking for two years pays a gross point less than locking for one — worth reading before choosing the term, not after.
- A Cherry Bank Online Current Account is required: the information sheet calls it a «fundamental prerequisite», and that account's costs are not included in this schedule.
- €3,000 entry, three times the threshold at Banca Ifis or illimity.
- Absolute lock-up: the information sheet rules out drawdowns and even partial releases for the whole term.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (Italian banking licence (Bank of Italy)): reporting to authorities and freezes on order.
Verdict
Score 3.5/5, solid profile. In its favour: 3.50% gross at 48 and 60 months, with the rate fixed for the whole term and a quarterly coupon paid into the current account. The trade-off to weigh: anomalous rate curve: 18 and 24 months pay 2.20% against 3.25% at 6 and 12 months. Locking for two years pays a gross point less than locking for one — worth reading before choosing the term, not after.
On the Sovereignty lens the score is 0.4/5 (weak): the strength is censorship resistance (1.5/5), while fund control (0.0/5) is the weak link.
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
Why do 24 months pay less than 12?
Because the 27 March 2026 information sheet sets 3.25% gross at 6 and 12 months, 2.20% at 18 and 24, then back up to 3.25% at 36 and 3.50% at 48 and 60. It is a saw-tooth curve, not an error: the middle terms are the worst paid on the entire scale. If your horizon is two years, two consecutive 12-month terms pay more than a single 24-month one — accepting the risk that conditions change when the first matures.
What does 3.50% actually pay?
After the 26% withholding tax and the 0.2% annual stamp duty on the balance, 3.50% gross becomes 2.39% net. Stamp duty is borne by the customer: the bank charges it to the linked current account, once a year on 31 December or at the operation's maturity.
Can I withdraw early?
No. The information sheet expressly rules out «withdrawal operations, drawdowns and/or partial releases of the locked funds» for the entire agreed period. Cherry Bank offers other deposit products with different mechanics, including a callable line with notice, but those are separate contracts.
Do I need to open a Cherry Bank current account?
Yes. The information sheet names holding the Cherry Bank Online Current Account as a «fundamental prerequisite» for activating the term. Note that the deposit's schedule of conditions does not include the costs of that current account or of the linked internet banking contract, which are covered separately.
How much can I deposit?
From a minimum of €3,000 to a maximum of €3m per operation. The Italian deposit guarantee scheme, however, covers only €100,000 per depositor: above that threshold the excess is unprotected.
Sources
- Official service page Svincolo · Bollo · Capitalizzazione Data verified on Jul 27, 2026