Today’s Best Online Banks
It appeared in the early 2000s. Online banks rhyme low bank fees and dematerialization of banking transactions with innovations in payment methods. All while maintaining the big banks’ strengths, including the full range of services they can offer. Boursorama Banque, Fortuneo, or even ING, follow the guide to find the best online bank, the one that best meets your needs.
Fortuneo: the best online bank for travelers and geeks
The bank with the green man. A subsidiary of Crédit Mutuel Arkéa is undoubtedly the one that has best responded to the attacks of neobanks. Its new Fosfo card stands out with little more excellent features if we compare it to basic cards from neobanks like N26 and Revolut. For example, as its name suggests, the menu is radiant, which means the guaranteed effect in the evening, even if you are granted that this device is more gadget than anything else.
More seriously, Fosfo makes it possible to withdraw without counting from distributors. At the same time, this type of operation is invoiced (N26) or granted within certain limits (200 euros/month at Revolut, then 2% of the amount of the withdrawal). With this Mastercard, with systematic authorization, you can also access, via the bank’s application, a virtual card generator whose number changes each time to secure your purchases on the Net, which is even more reassuring than static virtual cards, like those from Revolut.
Fosso Makes it Possible.
To open a Fosfo account, no need to prove regular income or savings in the establishment. When opening, however, it will be necessary to make the first payment of 300 euros. Once opened, the account gives access to all the functionalities related to the CB (modification of the ceilings, opposition, virtual cards …) as well as to the entire range of bank products: credit (real estate, consumer goods, etc.), savings (life insurance, passbooks, stock market, etc.) and even an overdraft authorization of 200 euros which can be granted after an observation period. Fosso is also compatible with the following mobile payment services: Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.
Latest novelty, the possibility of taking out a personal loan 100% online thanks to a partnership with Younited Credit. To buy a car, do some work… the answer is given within 24 hours.
Boursorama Banque: the best alternative to Fortuneo
As its name indicates, Boursorama was at its origins, in 1998, a site allowing to follow the quotations on the stock markets. While this DNA has not left the establishment, the launch of Boursorama Banque in 2005 signals its switch to that of a full-service bank in France, under the leadership of its parent company, Société Générale. Like that of its competitors, it is evident: bank charges are reduced to nothing, and the bank card is free (including high-end ones). But on condition of showing white paw, in other words, to justify a certain level of income to join. Even today, Boursorama Banque still applies this condition to some of these cards. For example, at least 1000 euros net / month of income to access a Visa Classic,
But things have changed! Titillated by the arrival of new banks with their free cards, the absence of fees, especially abroad, and their innovative applications, Boursorama Banque has finally aligned itself. Two of its banking offers are now accessible without income conditions and free: Ultim and Welcome and their international Visa cards (with systematic authorization). But there is a difference between these two proposals.
First Payment Required
The first payment required to open an account: 500 euros for Ultim, 100 euros for Welcome. There are also more limited withdrawal and payment ceilings: 300 euros over seven days of withdrawals and 1,500 euros over 30 payment days for the first, 100 euros over seven days, and 400 euros over 30 days for the second. Another nuance: you have to remember to use them (payment or withdrawal) at least once a month. Otherwise, 15 euros/fees are automatically charged with Ultim, 5 euros/month with Welcome. Besides, Boursorama Banque gives you access to a whole range of banking services (credit, savings account, life insurance, etc.). A positive point for geeks: Boursorama Banque cards are compatible with almost all existing mobile payment solutions: Apple Pay, Google Pay, Samsung Pay, Paylib, Fitbit Pay, and Garmin Pay.
ING: the best online bank for those who do not travel often
Aggressive offers from neobanks succeeded in bending ING’s strategy. While the first online bank to enter the market (in 2000) remained firm and demanded minimum income to access its offers, the lion bank has reviewed its position. Since last September, it has launched ING Essentielle, an unconditional offer of access and income payments each month to the account. Above all, it is completely free, therefore without account maintenance fees. It includes a current account associated with a standard Mastercard card, that is to say, with immediate debit, but with balance control and therefore without an authorized overdraft. No incident costs to fear, so in the event of a budget slippage.
ING stands out from the competing offers Ultim from Boursorama Banque and Fosfo from Fortuneo by charging no fees if the card is not used. It also includes free means of payment insurance to activate in the event of theft or loss (even if the law is already very protective in these cases). Regarding the ceiling for payment and withdrawals at ATMs, ING Essentielle is rather generous, with 2,000 euros in purchases authorized over 30 rolling days and 500 euros in retreats over seven rolling days.
Boursorama Banque Fosfo
The only limit: free withdrawals: only the first five are free each month, then you have to pay 1 euro per additional leave. However, another small disappointment: ING does not offer free transactions abroad and charges a commission of 2% of the amounts spent or withdrawn from currency distributors. However, the bank offers many features related to the Mastercard: blocking / unblocking, personalizable secret code, and real-time transactions. On the other hand, it picks up on mobile payment: no service apart from Apple Pay. Best security cameras The establishment reviewed last June the Android application interface, which becomes much more readable than previously. It is now possible to log in to your account through the fingerprint reader of your smartphone.
Hello Bank: the banking on mobile
Long before the neobanks, Hello Bank was the first online bank to offer all of its services on mobile. Owned by BNP Paribas, the establishment recently launched two new offers similar to those of the newcomers: “Hello One,” a completely free and unconditional account and card, and “Hello Prime,” for 5 euros per month, but accessible on condition of being able to align 1000 euros of income per month.
Let’s take a look at the strengths of the free version. It is at least on par with N26 and Revolut. With the absence of account maintenance fees, extended functions linked to the Visa card (transactions displayed in real-time, blocking/unblocking, activation/deactivation of contactless payments, etc.), no international payments fees, and free ATM withdrawals from BNP Paribas distributors and its subsidiaries abroad.
Hello, Bank authorizes the deposit of cash and checks in BNP Paribas ATMs (2,200), a very practical little extra, free and unlimited, for those who often handle money and that no other online bank offers. The ATM withdrawals and payment limits are also comfortable: 400 euros over seven consecutive days for the first, 1,000 euros over 30 straight days for the second. But it does not include any overdraft authorization. The “Hello One” offer is compatible with two mobile payment services: Apple Pay and Paylib. In July 2020, Hello Bank launched the first banking app on macOS.
BforBank: the bank for regular income customers
Initially, BforBank only targeted the crème de la crème, in other words, wealthy clients, and therefore (very) wealthy. But that was before. Since 2009 and its launch by Crédit Agricole, online banking has shown more openness. But unlike its competitors. It has not yielded to pressure from neobanks. BforBank does not, therefore, offer any offer without access conditions. To get an account with a Visa Classic card. You have to show a white footing, that is to say, the income of 1,200 euros net monthly minimum. In exchange, this Visa has advantages since this immediate debit card does not bring the disadvantages associated. With the use of a systematic authorization card. Which sometimes poses a problem at tolls. In particular service stations or parking.
However, if you do not make it to your main account, the constraint of this offer lies in billed fees if you do not use your credit card: 6 euros per quarter if you do not make at least three payments withdrawals within the same time frame. It is far from impossible, you will tell us, and you are right! But there is a more annoying point for techies: banking is still not compatible with mobile payment services. However, Apple Pay (which should arrive in early 2021), Google Pay, or Samsung Pay users, go your way!
Monabanq: the best online bank for those who need the minimum
With its slogan “people before money,” Monabanq has established itself as an online bank close to its customers’ needs. Here, no free offers in exchange for which the establishment does not ask its customers to present minimum and regular income. The fact remains that proof of income is required at subscription to “adapt the means of payment and ceilings offered to your situation.” Suddenly, you have to pay monthly fees to access the offers of this subsidiary of Crédit Mutuel. Its basic Pratiq and Pratiq + accounts cost 2 euros and 3 euros per month respectively. As for those offering more services. Uniq and Uniq + cost respectively 6 euros and 9 euros per month and include access to a checkbook or means of payment insurance.
So let’s focus on the Pratiq offer, which supposes to meet everyday needs. It offers a current account with a card of your choice. A Visa Classic or a Visa with systematic authorization. To avoid overdrafts. But also to a Visa Premier on the condition of paying an additional 3 euros per month. Or an annual fee of 60 euros which remains reasonable for a gold card. On the services side. Payments and withdrawals made in the eurozone are free. But not those made from more distant regions (2% of the amounts withdrawn). Significantly
it is possible to deposit checks at the 2,000 counters of CIC branches (which also belong to Crédit Mutuel). On the other hand. It is impossible to obtain a checkbook to deposit cash for free (5 euros charged per transaction!) or makes an instant free transfer (1 euro each!). Monabanq also does not offer any mobile payment service. Pratique is therefore not the most suitable account for customers looking for a complete offer.
The best online bank in according to France
It was not easy for us to separate the banks from the market. Each interesting advancing argument for very different profiles. Today, the best online bank, in our opinion, is Fortuneo, thanks to its range of complementary offers and its accessibility.
Why do we prefer Fortuneo over another? This is because online banking took its time before launching its Fosfo card. And that she suddenly succeeded in positioning her on the first step of the podium for free offers. This is thanks to the complete absence of fees for withdrawals from ATMs. And operations carried out abroad or even thanks to the multiple. Card control functions are found on the home application. Thus, Fortuneo offers completely free offPortableable BlueTooth speakers, Including against Boursorama’s Ultim card and even against neobanks like N26 and Revolut. All this while being able to benefit from the bank’s dematerialized services such as online checks. The only downside to this idyllic picture: if you are currently a client of a neobank,
The key points to choose the online bank that suits you Difficult to navigate among all these online banks, and the arrival of new banks in France does not help. Here are the things to remember before embarking on the adventure.
What is an online bank?
Online banks, without branches, are not young. They have been active in the French banking market for more than 20 years. Boursorama Banque, Fortuneo, ING, Monabanq… All of them emanate from the significant network banks. What did they bring to their clients? Bank fees flush with the daisies. Online interfaces were allowing you to manage your budget independently. As well as innovations in payment methods. Such as virtual bank cards to pay securely on the net, the delivery of digital checks, or, now, instant transfers.
Better still, Put under pressure by the arrival on the market of neobanks. Suanne Bank, N26, Nickel, or Revolut also adapted to the new situation imposed by these mobile and agile establishments. Leading change: while online banks reserved access to their classic and high-end bank cards free of charge at minimum income conditions, all have launched free current account + CB formulas without entry conditions. Something to think twice before choosing.
What are the differences between an online bank and a neobank?
Unlike the majority of neobanks. Online banks allow access to the full range of banking services. Real estate and consumer loans, savings books, investments. But the border tends to blur more and more so much so that it is now elementary to confuse them—some neobanks. Now have a banking license like their cousins. This sweet sesame allows them to offer a traditional bank (current account and card, authorized overdraft, checkbook, loans, savings products, etc.). Remember that online banks launch by large banks 20 years ago. In comparison, neobanks are much younger and generally come from either a start-up or a large company.
Why switch to an online bank?
An online bank generally offers the same services. As a traditional bank, and allows its customer to manage his account, with much more flexibility from a computer or an application on a smartphone or tablet. Heart-healthy recipes It also considerably facilitates specific procedures. Subscription. To life insurance or a savings account can be done exclusively online.
What is free online banking?
All the online banks mentioned in our comparison have free. 0ffers except for Monabanq, but that does not prevent it from. We are among the most interesting on the market.