Cherry Bank — Cherry Vincolato
Cherry Bank S.p.A.
tax and stamp duty take 31%
Data verified on last change 3,50% → 4,00% the sources
Worth it if you can lock at least €3,000 for 48-60 months: you earn a fixed 4.00% gross with quarterly coupons and no opening or management costs.
Avoid it if you might need the money before maturity: the deposit bars any early withdrawal, even partial, and requires a separate Cherry Bank current account.
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. Under the 2 October 2026 information sheet the curve rises with the term: 3.25% gross at 6 months, 3.50% at 12 and 18, 3.65% at 24, 3.70% at 36 and 4.00% at 48 and 60 months. 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 | 4% |
|---|---|
| Max net rate | 2.76% — tax and stamp duty take 31% |
| Account type | Fixed term |
| Available terms | 6m · 12m · 18m · 24m · 36m · 48m · 60m — up to 4% 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
- 4.00% 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
- The term premium is thin in the middle: from 12 to 36 months the rate moves from 3.50% to 3.70%, two tenths of a point for locking two more years.
- 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, and each term takes a single deposit: adding money means opening another one.
- 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: 4.00% 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: the term premium is thin in the middle: from 12 to 36 months the rate moves from 3.50% to 3.70%, two tenths of a point for locking two more years.
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.
Reputation
What happened to people who used Cherry Bank — Cherry Vincolato, and what users say. External signals: they do not feed the promp.it rating.
Incidents & regulatory actions
History not verifiedWe have not yet completed the incident search for this service: no entries here does not mean no events.
Public reviews
- Trustpilot ↗ 3.2/5 ~ 185 reviews
- Google Play ↗ 3.3/5 80 reviews
- App Store ↗ 3.7/5 21 reviews
Weighted average across 3 public review platforms (286 reviews in total), weighted by volume. This is not our rating: it is those platforms’ average.
FAQ
Is it worth locking for longer?
The 2 October 2026 information sheet sets 3.25% gross at 6 months, 3.50% at 12 and 18, 3.65% at 24, 3.70% at 36 and 4.00% at 48 and 60. Compared with the 27 March version, 18 and 24 months no longer pay 2.20%: the curve now rises with the term. The biggest step is between 36 and 48 months, three tenths of a point; between 12 and 36 months you gain only two. The rate stays fixed until maturity, so a long term cannot benefit from any rate rise.
What does 4.00% actually pay?
After the 26% withholding tax and the 0.2% annual stamp duty on the balance, 4.00% gross becomes 2.76% 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 per operation up to a total maximum of €3m across all active terms on the account. 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 Nov 4, 2026
Update history
- tasso_lordo_max_pct 3,50% → 4,00% New information sheet dated 2/10/2026: rates up on every term except 6 months (3.25%). 12 and 18 months at 3.50%, 24 months at 3.65%, 36 months at 3.70%, 48 and 60 months at 4.00%. 18 and 24 months no longer pay 2.20%.