Comparison of banks online: which one to choose?

Comparison of banks online: which one to choose?

They are more and more important. Since their appearance in the 2000s, online banks continue to deter thousands of users. Increasingly important players on the market are competing with marketing tips and arguments to attract new customers. These banks are called N26, Fortuneo, Orange Bank, Boursorama, Fortuneo, ING Direct, Axa Bank, Monabanq or BforBank. But what are these online banks really worth? Are they revolutionary? Here is our comparison.

Why go for an online bank?

If more and more people opt for an online bank, it is mainly through the development of the Internet and mobile applications. It is becoming increasingly unnecessary for many customers to physically visit a bank branch. Online banks now have all the services that a "normal" banking agency can offer, less physical store.

Due to lack of rent and centralized operations, online banks may offer lower management fees than conventional banks. For example, with some exceptions, online banks do not charge a small fee for handling an account or for a transfer or withdrawal. Be careful, this does not mean that everything is free, far from it. We are talking about banks, we must remember.

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Online banks offer often quality applications to manage their accounts. AndroidPIT

Are online banks safe?

This is one of the big fears for many people interested in change. If the first online banks could scare, this is no longer the case today. The financial crisis in the late 2000s reinforced the controls. The Prudential Supervisory Authority and Resolution (APCR) and the Banque de France, the APCR thus monitor the seriousness and operation of all banks, including those online. Concretely, you do not risk more with an online bank than with another classic.

FYI, also know that most online banks are also subsidiaries of major banking groups (Boursorama es for example a subsidiary of Societe Generale, Fortuneo Credit Mutuel, BforBank Crdit Agricole …).

What is the best online bank?

It is difficult to answer this question by citing a particular bank. Each online bank offers different features. Some may be more suitable for those who want to save, others who want life insurance, credit … In general, it must be admitted that the rates for current operations are quite similar between the actors.

We have selected several banks and offer some comparisons of their offers, classes according to the type of account.

For a current account

Current account

Bank
Minimum income conditions
Compulsory payment opening
Opening gift
Bank card
Maintenance fee per year
Orange Bank 0 0 0 Visa Classic ClassicCard Free if you make at least 3 payments or withdrawals by credit card or mobile payment per month. Otherwise 5 per month
N26 0 0 0 Free Mastercard free
HelloBank

1000 net / month

300

80

Visa Classic ClassicCard free
Boursorama 1000 net / month 300 80 Visa Classic ClassicCard free
Fortuneo 1200 net / month 300 80 Free Mastercard free
ING Direct 1200 net / month 300 80 Gold MastercardGreat Card free
monabanq no 150 120 Visa Classic ClassicCard 24
BforBank 1600 net / month 300 80 PrimeFree Visa Card free

For the savings

Saving

Bank
Savings booklet
A booklet
Housing Savings Plan (PEL)
Sustainable Development Booklet (LDD)
Housing savings account (CEL
Orange Bank 1% Ceiling: unlimited Not about 0.75% Ceiling: 12,000 Not about 0.75% Ceiling: 12,000
N26 Not about Not about Not about Not about Not about
HelloBank 0,40% Ceiling: unlimited 0.75% Ceiling: 22,950 1% Ceiling: 61,200 0.75% Ceiling: 12,000 0.5% Ceiling: 15,300
Boursorama 0.20% Ceiling: unlimited 0.75% Ceiling: 22,950 1% Ceiling: 61,200 0.75% Ceiling: 12,000 0.5% Ceiling: 15,300
Fortuneo 2% for 4 months then 0.30% Ceiling: 10,000,000 0.75% Ceiling: 22,950 Not about 0.75% Ceiling: 12,000 Not about
ING Direct 2% for 2 months then 0,10% Ceiling: 3,000,000 0.75% Ceiling: 22,950 Not about 0.75% Ceiling: 12,000 Not about
monabanq 0.30% Ceiling: unlimited 0.75% Ceiling: 22,950 Not about 0.75% Ceiling: 12,000 Not about
BforBank 2% for 2 months then 0.20% Ceiling: 4,000,000 0.75% Ceiling: 22,950 Not about 0.75% Ceiling: 12,000 Not about

For credit

credit

Bank
Personal loan
Real estate credit
Orange Bank 0 0
N26 Yes, via a partner accessible from the app Not about
HelloBank

From 1,000 to 75,000 From 4 to 72 months

From 3,000 From 2 to 30 years
Boursorama From 1,500 to 75,000 from 4 to 72 months From 100,000 From 7 to 25 years old
Fortuneo Not about

100,000 100,000 1,000,000 7-25 years old

ING Direct Not about From 80,000 1,500,000 From 8 to 25 years
monabanq From 1,000 to 30,000 from 12 to 72 months Not about
BforBank From 1,000 to 75,000 from 12 to 72 months From 80,000 From 7 to 25 years old

For life insurance

Life insurance

Bank
Euro background
Fees
Management fees per year
Orange Bank Not about Not about Not about
N26 Not about Not about Not about
HelloBank

+ 1.70% in 2017 on BNP Paribas Multiplacements 2+ 1.70% in 2017 on BNP Paribas Multiplacements Avenir

From 1 4.75% 0.70%
Boursorama + 2.10% in 2017 on Exclusive Euro + 1.77% in 2017 on Eurossima 0% 0.75%
Fortuneo + 2.00% in 2017 on Suravenir Yield + 2.80% in 2017 on Suravenir Opportunits

0%

0.60%
ING Direct + 1.77% in 2017 on Eurossima + 2.10% in 2017 on Netissima 0% 0.75%
monabanq + 1.77% in 2017 on Eurossima + 2.10% in 2017 on Netissima 0% 0.60% for Eurossima0.75% for Netissima
BforBank + 2.15% in 2017 on the Euro Dolcea Life Fund + 3.00% in 2017 on the Euro Long Term Allocation Fund2 0% 0.60% for Dolcea Vie0.70% for Long Term Allowance2

Finally, as some of our readers have pointed out, those who opt for N26 must not forget to declare it to the tax because the domiciliation of the account is in Germany. On the other hand, it is true most online banks are reserved more to employees.

Conclusion

As explained before, your decision will depend on your needs. If you are simply looking for an online bank to manage your current transactions, N26 or Orange Bank appear more appropriate. On the contrary, if you are looking for more complete banking services, the other online banks deserve more attention.

Have you taken the leap to online banks? If so, have you been? Tell us everything in the comments.

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