Online banking, what are they really worth? Our opinion on the offers
Among the changes that can seriously impact your budget, the transition from a traditional bank to a 100% online bank is becoming more and more attractive, and for good reason: according to the 2018 UFC-Que Choisir survey on bank fees, these have increased by 2.2% in 1 year... An inflation that is nothing exceptional, since these fees evolve in this direction almost every year.
So is it really necessary to switch to online banking to save money? Is this solution reliable enough for consumers? Here is our opinion on these questions, as well as the main information you need to know before getting started.
Attractive subscription offers, then permanent benefits
Before getting to the heart of the matter, you should know that our favorite banking offer on the internet is currently :
Hello bank! with the following conditions: minimum income of 1000 € net / month and 300 € mandatory payment at the opening.
Without bad surprises, it is reliable and recognized for its many qualities.
In our opinion, these are the 4 criteria that make online banking worth it:
1. Attractive subscription bonuses
Online banks often succeed in recruiting new customers with attractive welcome offers.
Almost all web banks offer a bonus upon subscription. For example, for every new account opened, you are entitled to a "gift" payment, usually ranging from €80 to more than €150. This bonus is more important if you ask for a free bank card, or if you create a savings account: the conditions vary from one bank to another, so don't hesitate to compare them to choose the most interesting option in your configuration.
However, make sure you also read the terms and conditions of the welcome offers. Sometimes the bonus is only paid out if you have made a certain number of payments, or after a first deposit for which the minimum amount of money is specified in the contract. Finally, some referral offers still allow you to increase your subscription earnings.
But these commercial gestures alone should not convince you. Before signing, take a good look at all the fees of the internet bank.
2. Bank fees are much lower than those of traditional banks.
Online banks also promise rates that defy all competition on current fees.
With no offices, no real estate fees and a reduced payroll, web banks enjoy more flexible accounting, which allows them to charge significantly lower rates than their physical competitors (3 times higher on average, according to the UFC-Que choisir).
In the vast majority of cases, the bank card is free (sometimes subject to income conditions) and account maintenance fees are non-existent or anecdotal compared to traditional banks, which sometimes cost their customers several hundred euros per year.
Whether opening, maintaining or closing an account, none of these services are charged by online banks and, most of the time, you are also offered insurance against loss and theft of the means of payment.
3. Flexible and personalized bank account management
For all those accustomed to the use of computers and mobile applications, our opinion is that online banking brings real comfort. It often develops more sophisticated programs than traditional offers: navigation on the phone is fluid and simple, and with a few movements, you get familiar with the interface very quickly.
There is never again the need to move around to make transfers or fill out a digital check slip. Even better, you can easily contact advisors. In some establishments, it is possible to reach a contact person by telephone - and even by videoconference - on very flexible schedules, until late in the evening and all day Saturday.
4. Security and equivalent quality of service
If you opt for online banking, you have easy access to a lot of information about life insurance, booklets, aids, etc. The sites of these establishments are particularly well designed to give you the best possible guidance, and the possibility of contacting a professional quite simply allows you to claim a good quality of service.
As far as security is concerned, your money is well guarded: your accounts are just as well protected in online banks, as these establishments are subject to the same regulations (commercial and legislative obligations) as physical companies. They all have an ACPR, an approval from the Autorité prudentielle de contrôle et de résolution, to certify their seriousness. To reassure you, you should also know that the offers on the Internet most often depend on physical banks (for example: the Société Générale for Boursorama, the Crédit Agricole for BforBank or the Crédit Mutuel CIC for Monabanq).
The disadvantages of online banks
If you are looking to vary your investments, you will generally find a wider offer in terms of passbooks and savings products in physical banks. Likewise, taking out a loan is easier when you stay in a traditional bank, knowing that you will also give up your "dedicated advisor" with a 100% dematerialized bank.
Finally, if you have a partial mastery of the Internet, you risk endangering your personal data: you should get into the habit of changing your password often, logging out every time you leave the page and never transmitting your contact information on a site whose identity you do not know.
Generally speaking, online banking does save money and even time. However, it is not necessarily compatible with all profiles, so you need to think about it carefully to make up your own mind and take the next step.