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.
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
|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|
1000 net / month
|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
|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|
|N26||Yes, via a partner accessible from the app||Not about|
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|
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
|Orange Bank||Not about||Not about||Not about|
|N26||Not about||Not about||Not about|
+ 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||
|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.
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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