Italy offers some of the best sovereign bond yields in the eurozone in 2026: BTPs (Buoni del Tesoro Poliennali) pay between 2.66% and 3.59% depending on maturity, with liquidity on the secondary market. For European savers looking to diversify beyond Spain or Germany, Italian BTPs and Italian deposits via Raisin are concrete, accessible options.
Italian sovereign bonds (BTP) — 2026 yields
| Instrument | Maturity | Yield | Risk |
|---|---|---|---|
| BTP 2Y | 2 years | 2.66% | Italian sovereign |
| BTP 5Y | 5 years | 3.06% | Italian sovereign |
| BTP 10Y | 10 years | 3.59% | Italian sovereign |
BTPs are Italian government bonds issued by the Ministero dell'Economia. They can be bought on the secondary market through any European broker (Interactive Brokers, Trade Republic) or directly at Italian Treasury auctions if you hold an account at an Italian bank.
BTP-Bund spread: the 10-year BTP pays ~150 basis points more than the equivalent German Bund. This premium reflects Italy's higher sovereign risk versus Germany, but both are euro-denominated assets within the eurozone.
Italian deposits accessible from abroad
Via Raisin you can access deposits from Italian banks without opening an account in Italy:
| Bank | Product | APY | Term | Guarantee |
|---|---|---|---|---|
| Banca Sistema | 2-year deposit | 2.37% | 24 months | Italian DGS €100,000 |
Banca Sistema is a bank regulated by the Bank of Italy and the ECB. The Italian DGS (Fondo Interbancario di Tutela dei Depositi) covers up to €100,000 per account holder, the same as in Spain. Accessible via raisin.com without travelling to Italy.
BTP vs Bund vs OAT: eurozone sovereign debt comparison 2026
| Country | 10-year instrument | Yield | S&P rating |
|---|---|---|---|
| Italy | BTP 10Y | 3.59% | BBB |
| France | OAT 10Y | 3.37% | AA- |
| Spain | Bono 10Y | 3.20% | A |
| Germany | Bund 10Y | 2.53% | AAA |
Higher yield means higher perceived sovereign risk. Germany is the risk-free benchmark in the eurozone; Italy offers 106 additional basis points. For long horizons (+5 years) within the eurozone, many investors combine Bunds (security) with BTPs (yield).
How to buy BTPs from outside Italy
- Broker: Any European broker with access to Euronext or Borsa Italiana — Interactive Brokers, Trade Republic, Scalable Capital
- ISIN: Find BTP ISINs on the Ministero dell'Economia website (dt.mef.gov.it) or directly in your broker
- Minimum: €1,000 nominal at most brokers
- Tax: Interest is taxed in your home country as capital income. Italy withholds 12.5% at source — recoverable via your annual tax return using the Italy double-taxation treaty
Alternatives if you want no Italian sovereign risk
- XTB Savings Account — 3.50% APY, no sovereign risk, guaranteed
- EUR money market funds — 2.50-2.75%, diversified, no single-country risk
- Raisin — deposits across multiple countries with European DGS protection
Frequently asked questions
Are Italian BTPs safe for a European investor?
BTPs are Italian sovereign debt denominated in euros. The main risk is sovereign risk (Italy failing to pay), which in 2026 is considered very low — though higher than Germany. Within the eurozone, an Italian debt restructuring would be an extreme event affecting the entire euro area. For reasonable allocations (~5-10% of a portfolio), BTPs are a legitimate alternative to traditional savings.
How much do BTPs pay in 2026?
In 2026, BTPs pay between 2.66% (2-year) and 3.59% (10-year). The 10-year BTP offers the highest yield and is the most liquid. Yields fluctuate daily on the secondary market.
Can I buy BTPs without an account at an Italian bank?
Yes. You can buy BTPs on the secondary market through any regulated European broker — Interactive Brokers, Trade Republic or Scalable Capital. No Italian bank account is needed. The process is the same as buying stocks: search for the BTP ISIN, place your order, and you are done.