2. Which French Bank?

1. 2.1. French Banks
   2.2. International/Offshore Banking
   2.3. Online Banks
   2.4. Which Bank?

2.3. Online Banks in France

There are a number of online internet banks in France, and within the last few years they have become a strong alternative to the traditional High Street branch.

The most notable of these banks are:

• Axa Banque
• AGF Banque
• BRED
• e.LCL
• Monobanq
• Boursorama Banque
• ING Direct
• Groupama
• Filbanque

Some of these banks are affiliated to the main high street banks and others to insurance companies, e.g. Boursorama is part of Societé Générale, BRED part of Banque Populaire and Filbanque part of CIC.

Axa, AGF and Groupama are all insurance companies.

None of them are all entirely internet only banks, in the sense that some do have a presence on the high street. However, the services offered by the branch network are very limited, so you need to ensure you know what you want from your bank. If you are using the bank to deposit cash on a regular basis, then you are probably going to need a branch network.

As all the main high street banks now have internet access available to their clients, you will need to be satisfied that you are getting something from an internet bank that you cannot get from the High Street.

In order to try and hook new customers they regularly do promotions that offer a high rate of interest on savings accounts. However, there are all sorts of conditions attached to these offers, and the period of validity of the headline rate is restricted to three to six months.

The advertised rate will also be the gross rate, before deduction of tax and social charges. As a general rule of thumb, expect to have to pay one third of all interest earned in tax and social charges.

You also need to look out for fees on transactions undertaken on-line. Ask the bank for their list of tariffs.