It's a fact: the French easily leave their traditional bank to turn to an online bank. These establishments represented more than a third of all account openings in 2023. Internet finance has been growing exponentially in recent years for all types of banking products.
Our comparison of online banks gives you an overview
of the players involved. We have only taken into account institutions that
offer a complete alternative to traditional banks. They offer at least a
current account, a card, a savings account, investment and loans. Neo-banks can
be found here.
Comparative:
the best online bank 2023
The market leader, Boursorama Banque, crossed the
threshold of 4 million customers in mid-2022. The Societe Generale group's
online bank is experiencing phenomenal growth with an offer that is just as
impressive. The competition is struggling to resist: its runner-up ING
announced at the end of 2021 that it was closing its activity in France. Since
then, he has transferred some of his clients' accounts to Boursorama Banque.
Just behind Boursorama Banque, we find the subsidiary
of BNP Paribas: Hello bank!. The latter is positioned with two complementary
offers that are on the rise (Hello One and Hello Prime). Otherwise, among the
best online banks, we also find Monabanq, BforBank and to a lesser extent
Orange Bank. In the end, the market is relatively small.
Among the key players, we also note the presence of
Fortuneo Banque. The latter also has a complete offer with all everyday banking
products. It should reach one million customers in 2023. Like Boursorama
Banque, it has enjoyed strong popularity for its stock market products.
For this online banking comparison, the table
summarizes the services of each banking institution. This ranges from current
account, bank card, savings, stock market and credits to the welcome bonus.
Depending on the profile and needs of each customer, the best online bank can
therefore change. The fact remains that some banks stand out overall for their
offer.
Online
banking, a strong trend
More
than 10 million customers in France
Online banking has gained popularity and visibility
with the French public over the past few years. According to figures from the
regulator (ACPR), these establishments recorded more than 1.3 million customers
in 2018. Growth has accelerated over time: in 2022, Boursorama alone recruited more
than 1.4 million clients !
In total, online banking would have convinced more
than 10 million customers, or more than 15% of the French population. This
figure does not include neo-banks which are considered as payment solutions.
N26 alone already has more than 2 million customers in France. Revolut has
crossed one million users. The Nickel Account reached 3 million customers at
the start of 2023.
Ranking of the best online bank in 2023:
- Boursorama Bank
- Hello bank!
- Fortuneo Bank
- Monabanq
- Orange Bank
- BforBank
- Fortuneo Bank
- N26
- Revolut
- My French Bank
ING no longer appears in this comparative ranking of
the best online bank in 2023. The Dutch giant has thrown in the towel on the
French market. It thus leaves the way open to players such as Boursorama
Banque, Hello bank!, Fortuneo or Monabanq. Orange Bank is struggling, the
telecom group would like to get rid of it. ING customers were invited to
transfer their account to Boursorama Banque, which a large number of customers
did.
Switch
to an online bank
The loyalty of the French to their historic bank is
eroding. They no longer hesitate to change banks to find a better online bank
like one of those in our comparison. According to the consulting firm Bain, 5%
of French people changed banks in 2018, twice as many as in 2014. In 2023, the
trend will be even stronger.
This figure should increase further in the years to
come because the French are less emotionally attached to their bank. If loyalty
has long been an asset of retail banks, the French are tired of paying too
much. Often the high costs are not justified or not transparent. In an exchange
with Presse-citron, Paul de Leusse, the CEO of Orange Bank summed up the
situation: “it is irritating to see a bank levy fees for reasons that we do not
understand”.
This tendency to switch banks benefits online banking.
The younger generation is logically more sensitive to online banks and is less
loyal to the original banking establishments. In 2018, 7% of 25 to 34 year olds
changed banks and online banking is the gabothered by these changes. In 2023, the
situation will be the same.
In addition, the pandemic has favored remote banking
management. The French are now used to managing their accounts remotely without
having to contact their physical bank advisor. For this reason, they can also
more easily turn to online banking. This was the downside of the latter
(although it has much better telephone customer support than a traditional
bank), it is no longer an obstacle.
A
full range of products
The best online bank is the one that brings the most
answers to its customers – at the best price. Beyond the current account, it is
necessary to take into account the banking products of the offer which make it
possible to make online banking its main account. Banks like Hello bank!,
Monabanq, Fortuneo or Boursorama have a range of products similar to that of a
network bank. There are bank cards, life insurance, savings, stock market,
mortgage or consumer loan.
It is interesting to see that the millions of online
banking customers have not all subscribed to the current account. For now,
there are more than 10 million current accounts online, out of a total of 80
million bank accounts in France. Some French people have chosen to focus on
other products with a digital bank.
Over the past few years, online establishments have
recorded tremendous growth to the detriment of traditional banks. Still
according to the Bain study, the best online banks in our comparison have taken
on around 14% more customers over the last 3 years. Some have done better, such
as Boursorama Banque, which went from 700,000 to 4.4 million customers between
2016 and early 2023.
Criteria
for choosing an online bank
Why
choose an internet bank?
Online banking presents itself as a serious
alternative to traditional network banks. In the majority of establishments on
the Internet, there are product ranges as complete as in basic banks, at a
lower cost. Moreover, most online banks have a free offer. Boursorama Banque
explained in 2018 that 53% of its customers paid no bank charges.
If you are tired of paying too many fees, and if you
want a bank in your pocket, online banking is the solution. Today, 6 million
French people have succumbed to offers on the internet, and this trend is
strengthening over time.
What
is the best online bank?
Every customer has different needs, so there is no
one-size-fits-all best online bank. Nevertheless, some banks stand out for
their global offer, for the aggressiveness of their prices and for their
customer support. In our comparison of online banks, you can find out which
ones rank best on certain criteria.
Over the years, these online banks have evolved – and
they are still evolving. To cope with the arrival of neo-banks, many have
redesigned their offer. This is the case of Hello bank!, ING, Boursorama Banque
or even Fortuneo which arrived with unconditional and free options.
What
parameters to take into account in your choice?
If so many people decide to take the plunge and go to
a better online bank like those in the comparison, it is because they offer a
level of service to match. All this goes beyond the fears of a dematerialized
relationship. Among the advantages of an online bank, we can mention the free
life operations such as account management or deposits.
Then, the easy management of the account, the quality
of the banking products offered and the adapted customer support are 3 strong
arguments which contribute to the success and development of online banking.
Below in our comparative guide to the best online bank, the essential points to
consider when looking to start a new establishment.
Are
online banks free?
As you can see above in this online banking comparison
table, most online banks are indeed free. Zero euro account fees, €0 card fees
and €0 fees for day-to-day transactions. It is therefore logically more than
half of the customers of these establishments have no bank charges in the year:
their online bank is therefore really free.
While a traditional bank takes an average of €200 in
bank charges per year from its customers, online banking is therefore already a
revolution at this level. And it is not satisfied with just a basic offer,
since certain establishments like Hello bank!, BforBank or even Boursorama Banque
offer a premium bank card (Visa Premier) free of charge to itscustomers,
subject to monthly income. It should however be remembered that the best online
bank is free for those who can prove a minimum level of monthly income or a
savings deposit.
In some cases, bank customers still have access to
branches and physical ATMs to make deposits (checks or cash), transfers or view
their account directly. All of this, again, for free. This is the case, for
example, with Hello bank! which offers access to the 2,000 BNP Paribas branches
across France.
Often considered the best online bank in the
comparisons, Monabanq offers access to CIC distributors (to make deposits and
transfers from them) across France to its customers, but it asks for a monthly
fee (admittedly very low, but suddenly it is not free). The particularity of
Monabanq is that it does not require any income condition.
What
products are offered in these banks?
The best online bank model like the ones we've shown
you in the comparison above is interesting because it's very similar to a basic
network bank - and therefore stands out from all the fintech news. which are
often specialized in a single fairly technical banking product (international
transfers with Transferwise, mobile payment, payments abroad with Revolut).
Indeed, most French online banks offer a range of
banking products similar to those found in a traditional bank: current account,
bank card, mortgages and consumer loans, savings account, stock market, life
insurance or insurance. In the majority of cases, the remuneration of all
savings solutions offered by online banks is higher than that of traditional
banks. Similarly, credits in general have more advantageous rates on the
internet. All these banking products are accessible via the customer area, on
the internet. Few traditional banks have managed to offer the management of all
their products online today.
Is
the customer support of these banks responsive?
The great fear of many French people when they migrate
to a better online bank like the one in our comparison is the fear of losing
the customer relationship with their advisor. In reality, it is ultimately very
different. The awards obtained by the Monabanq bank in 2018, 2019 and 2020 as
"Customer Service of the Year" illustrate that these establishments
now offer a much more constructive and intelligent relationship than in many
traditional establishments. Due to the fear of the dematerialized and
non-physical relationship, online banks have therefore worked on their customer
support.
This support is accessible by many means, and over
very extended hours (in most cases, until 9 p.m. or 10 p.m. on weekdays, and 6
p.m. on Saturdays). It is also important to emphasize the responsiveness of
these best online banks, which respond in a few minutes thanks to customer
support based in France and where each of the advisers is specialized in a
banking product: you therefore have the best advice on each of the products.
Conversely, you can sometimes wait a few days for your traditional bank adviser
to answer your questions, sometimes with a lack of knowledge.
How
are they structured?
Subsidiaries
of banking groups
In this comparison of the best online bank, all
players are owned by established banking groups. The latter have a solid
reputation and have no difficulty in finding financing. It also implies that
your money is safe in a digital bank. However, this is not the case for
neo-banks, which cannot put forward this argument. It is also a good way to
benefit from the expertise of a group, in particular on certain support
functions.
For example, Boursorama Banque is a subsidiary of the
French group Société Générale, Hello bank! from the BNP Paribas network,
Monabanq from the Crédit Mutuel CIC group, Fortuneo Banque from the Arkea group
and BforBank from the Crédit Agricole group. However, online banking offers are
different from those seen in traditional banks.
The groups advance the high cost of agencies as a
reason that justifies the fees of traditional banks. Conversely, the online
banks in this comparison do not have a physical presence (apart from Hello
bank! which relies on the network of BNP Paribas branches and Monabanq which
benefits from Crédit Mutuel ATMs), which explains why the costs are lower. On
average, a customer in an online bank saves 200 euros in fees per year.
With a dematerialized model, customers are the
winners. While traditional banks encourage their customers touse dematerialized
interfaces for budget management (on computer or smartphone), they are
converging on online banks. There remains the price, which does not converge.
That's why they lose customers.
Online
banks: welcome bonuses in 2023
Advantages
of choosing an internet bank
The best online bank is perceived to be free. The
customer will not pay any fees for the maintenance of the account, the card and
the transactions of everyday life. There is just Monabanq which asks for a
subscription from €3 per month with its Pratiq+ account. The subsidiary of the
Crédit Mutuel group overhauled its offer in 2020 with 3 coherent formulas.
At Boursorama Banque, about two-thirds of customers
pay no fees. On average overall in 2021, customers paid 7.79 euros in fees. It
is for this reason that it was voted “least expensive bank” for the 15th
consecutive year in December 2022. Others like the best online banks Hello
bank! or Fortuneo keep the same promise of free in their offer.
With the free online banking presented in our
comparison, you should know that institutions sometimes have trouble achieving
financial balance. The support of their parent company is essential to continue
to grow and finance growth. The managing director of Boursorama Banque, Benoit
Grisoni, confided to us that it could “be immediately profitable if they stop
the acquisition costs”.
The first online bank in France knows no stoppage: it
registers 100,000 new customers per month in 2022. It crossed 4 million
customers during the summer of 2022 and it should exceed 5 million in the first
quarter of the year. year 2023. Very quickly, it should converge towards the
number of customers of more traditional banks such as BNP Paribas or Société
Générale.
Intensifying
competition
Online banking can retain customers on products where
the margins are higher. Credits can be a godsend for these establishments in
the long term. Unfortunately, the population on the web is still not very
sensitive to these products. Indeed, only 10% of online banking customers have
taken out a loan. And yet, online establishments are much more competitive on
loans than network banks.
If online banks today are willing to concede so much
effort (and even lose money on customer acquisition), it is because they want
to get ahead of new banking services. who are emerging. If the neo-banks are
direct rivals, it could be that the tech giants (GAFA) are getting on board
soon. Free launched on the payment of professionals during the month of
September 2022: it could one day develop for individuals.
Apple also took its first step into finance with a
card via a collaboration with the American Goldman Sachs (Apple Card). This
card is specific to US use, but it may one day come to Europe. Finally, Google
is present in mobile payments with its Google Pay solution.
Every
bank is different
It is difficult to say which is the best online bank
of the comparator for a given customer profile. Depending on the needs of each,
banks have advantages and disadvantages. According to customer profiles,
internet banks do not have the same characteristics, the same price and the
same service. You can see in our guide that depending on the income that can be
proven, the bank card offer is different.
To help you make your choice, beyond the comparison
table above, we have prepared a summary below. This will allow you to know the
strengths of each bank. It will allow you to quickly find out what the
advantages of each online bank are and what profiles they are targeting. You
can look beyond this comparison of online banks on their websites to see what
the situation is.
1)
Boursorama Bank
If it is considered the best online bank by many
French people, it is because Boursorama Banque has managed to offer competitive
products for all profiles. With 4.4 million customers to its credit at the
start of 2023, the Société Générale group subsidiary is the largest online bank.
In December 2022, it was re-elected “the cheapest bank in France” for the 15th
year in a row according to a study by Le Monde.
For the past few months, Boursorama Banque has skipped
all the eligibility conditions. Its classic formula, Ultim, is accessible to
everyone regardless of income. It is free and only withdrawals abroad (beyond
the third) will be charged. It includes a current account and above all an
unconditional Visa Premier card. In short, for everyday use, it's everything
you can dream of at an unbeatable price.
2)
Hello bank!
Hello bank! is one of the best online banks and its
new offer has something to seduce. The BNP Paribas group brand divides its
offer into two: Hello One and Hello Prime. The first is an unconditional
accountand free, which allows you to have a card and all the tools to use your
bank on a daily basis. Hello Prime is reserved for premium customers, who prove
€1,000 net per month and who will have to pay €5 for this account. It is
associated with a card that benefits from the same advantages as a Visa
Premier.
If we judge that it deserves its place among the best
online banks, it is because Hello bank! offers a wide range of products similar
to that found in a neighborhood bank. As such, it is one of the few banks on
the internet to offer its customers access to ATMs and BNP Paribas branches to
deposit checks and cash. If you handle cash, Hello bank! is ideal. Boursorama
Banque cannot boast of doing the same.
3)
Fortuneo Bank
Like Boursorama, Fortuneo first found success through
its stock market portal. Since then, the establishment has developed very well.
With soon a million customers to its credit, it is the second largest online
bank in France. Renowned for many banking products (including life insurance),
it offers a complete choice for its customers.
Online banking also knows how to be very innovative.
You have access to numerous mobile payment solutions, instant transfers as well
as real-time monitoring of your accounts on the mobile application and the
website.
4)
Monabanq
Monabanq is a subsidiary of the Crédit Mutuel group,
and it lists hundreds of thousands of French customers. In April 2020, the
online bank overhauled its range of accounts: Pratiq+, Uniq and Uniq+. The
first is ideal for day-to-day banking, while the Uniq/Uniq+ formulas are
intended to offer a solution for travelers (no fees abroad on payments and
withdrawals).
If Monabanq is one of our favorite online banks, it's
because it's open. By subscribing to it, you do not need to justify a level of
income. In return, it requires its customers to pay between €3 and €9 per month
to have this account. A Visa Premier card and a Visa Platinum are accessible
without income conditions, and against €3 and €9 in additional fees per month.
The bank has facilitated its fee schedule, you will not have any bad surprises.
Note that Monabanq also opens the CIC counters to allow cash and check
deposits.
Finally, we also remind you that Monabanq has been
“Elected Customer Service of the Year” for 5 years. If you are afraid of lacking
support through an online bank, Monabanq is the most comforting. It is recalled
that its basic formula, Pratiq+ at 3 euros per month therefore amounts to a
total of 36 euros per year. To give you a point of comparison, the average
French person pays 219 euros in bank charges per year in a traditional bank.
5)
BforBank
BforBank also belongs to the best banks on the French
market. The subsidiary of the Crédit Agricole group was originally exclusive
and demanding on the conditions of its customers: it was necessary to justify
€1,600 of income to have an account (which came with a Visa Premier) free.
Today, it has significantly lowered its requirements since it only takes €1,200
net to hold an account there.
BforBank is the only bank on the web to offer its
customers a Visa Infinite bank card in addition to the Visa Classic and the
Visa Premier. If it belongs to the best banks, it is because it also offers a
fairly long range of products. Often, it also rewards the opening of products
such as savings accounts, life insurance or the stock market with convincing
bonuses.
Banking
products available
The
current account
The current account is the most popular product on the
internet. All online banks offer one and so do neo-banks. It is often necessary
to hold an account to then access the second part of the products. For example,
you will need one to get a savings card or passbook. In some cases, banks offer
advantageous conditions on loans if you hold an account there.
In general, the current account is free. On the other
hand, it is access to a bank card that will be billed by the bank. Very often
the two are correlated, but it is the card that is actually charged. Each
online bank has its own conditions for the current account. In some of them,
you will have to prove a minimum income to hold an account. At Monabanq,
Boursorama Banque or Hello bank!, you can go there without having to justify a
level of income.
The
credit card
In our comparison of the best online bank, the bank
card is a key element of the offer. Depending on the bank, you will benefit
from a card on the Visa or Mastercard network. From one to the other, there are
few differences. That said, each of these networks offers different levels of
bank cards. s – which give more or less benefit. At Visa, there are Classic,
Premier, Infinite or Platinum cards. At Mastercard, it's Standard, Gold or
World Elite.
Depending on the level of income that you can justify
in the bank, you will receive a more or less premium card. In general, internet
banks require an average of €1,000 in income for free access to a Visa Classic
(or Mastercard Standard). To obtain a Visa Premier, it will be necessary to
justify between 1,600 and 1,800€ of income. Finally, the black card (Infinite
or World Elite) is reserved for a very small part of customers, on file.
If you want to know more about credit cards, our bank
card comparator here will give you all the elements to consider in your choice.
You should also know that online banks have made their mark on neo-banks. In
other words, you can take advantage of certain bank cards without commitment
and without justifying income.
Savings
and the stock market
If you have capital to grow, online banking offers a
series of savings or investment solutions. Whether it is the Livret A, life
insurance or the stock market, these investments are available at the majority
of the establishments in our comparator. They have a range of products
equivalent to that of a traditional bank. The only difference is that they are
much cheaper, and the fees are known.
For savings, the current market rates mean that the
remuneration of passbooks is not very advantageous. On the other hand, the
stock market can allow you to generate interesting profits (but beware of the
risk). Boursorama Banque has been the most reputable in this area for years.
The bank is capitalizing on the stock market news portal to differentiate
itself and attract its first audience. Fortuneo Bank does the same.
Loans
in an online bank
Credit is starting to grow in online banking. That
said, less than 10% of all customers of these establishments succumb to a loan.
The main web banks in our comparison offer both options: consumer credit and
mortgage. The courses are done 100% online, so you do not have to go to
physical appointments.
Again, credit is much more relevant in a digital bank
than in a traditional establishment. If you open an account in the bank, you
can also take advantage of an even lower interest rate. For large amounts,
using a credit broker is a good solution to get the lowest possible rate.
Conclusion:
which is the best bank in 2023?
In our bank comparison, there is no single “best
online bank” in 2023. Each meets different expectations and needs. It is
therefore up to everyone to see which one will best meet their profile. Some
establishments stand out overall, such as Hello bank!, Fortuneo, Monabanq and
especially Boursorama Banque.
Our favorite is Boursorama Banque and its Ultim card.
This is a free CB, unconditional and which is of the Visa Premier type. No other
online bank provides you with such a card with such flexibility. Boursorama
Banque's product range is also the most complete and aggressive on the market.
Its applications (desktop and mobile) are excellent, as is its customer
service.
The table at the top of the page is updated to
highlight the offers and formulas of each of the banks. Please still consult
the site of each bank to see the prices and all the associated conditions in
real time. If online banks tend to keep the same prices (free) throughout the
year on daily operations, it is the costs of operations abroad whose price
changes.