- Protected up to an equivalent of €100,000
About BFF Bank
BFF Banking Group is the largest operator of specialised finance in Italy and a leading player in Europe, specialized in the management and non-recourse factoring of trade receivables due from the Public Administrations, securities services, banking and corporate payments. The Group operates in Italy, Croatia, Czech Republic, France, Greece, Poland, Portugal, Slovakia and Spain. BFF is listed on the Italian Stock Exchange.
Note: BFF Bank is an Italian bank (ie has a banking license in Italy) but offers deposits on Raisin.ie through its Spanish branch in Madrid. This means that your savings at the bank fall under the Italian deposit guarantee (up to EUR 100,000 per customer), but that Spanish tax regulations apply (due to withholding tax).
- Prolongation is only possible 28 to 5 days before termination
- 100% online
- Interest payout possible
Tax process and documents
The term deposits are offered through the Spanish branch of BFF Bank. Spanish witholding tax is 19%, however this will be reduced to 0% by providing the Spanish tax form "Auto Declaración de Residencia Fiscal de Persona Física y Jurídica" when opening the account. This form is only required once per customer upon opening their first deposit with BFF Bank. Ordering additional deposits or prolonging an existing deposit can be done 100% online and does not require submitting another form.
An electronic order in online banking is sufficient to open the account. The Spanish tax form to reduce withholding tax must be sent once in original to Berlin to open the first deposit account.