Letters
Current account charges meant reader was losing money despite interest
French bank accounts can come with an array of charges
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To the Editor,
I was interested to read John Cowan’s letter on bank charges.
Like him, I was shocked by the cost of banking in France.
The charges on my Crédit Agricole current account (quarterly account fee and for the debit card) significantly exceeded the interest on a significant sum in my livret A savings account.
Effectively I was paying the bank to look after several thousand euros for me but I would have been better off putting the money under my mattress.
Earlier this year my (French) brother-in-law told me about Fortuneo, an online bank.
They offered a free current account, with a free gold debit card which has much higher weekly limits for both cash and purchases.
My CA bank card had been refused for a set of new tyres for my car because the cost exceeded the weekly limit.
Along with this was a ‘livret +’ savings account with a bonus introductory interest rate.
The online service is really easy, and cash withdrawals are free at my local CA cash machine. Switching was really simple too.
Eight months after opening, I have had no bank charges, but a healthy amount of credit interest. That is how banking should work.
J.H., by email
Do you find banking to be too expensive in France? Share your experiences at letters@connexionfrance.com