After the book and the mobile plan, the banking offer at 2 euros. The first to open the ball of the low-cost banking package at 2 euros, the online banking Monabanq quickly became emulated. EKO from Crédit Agricole, Enjoy from Caisse d'Epargne, Ma French Bank from Banque Postale, Kapsul from Société Générale and, last week, Globe Trotter dedicated to young travelers at Crédit Agricole…
"The 2-euro offers are now part of the arsenal of banks, of their range of entry-level offers to meet the more digital needs of customers and retain those already in their fold," summarizes Angelo Caci, managing director. from Syrtals Cards, specialist in digital payments.
At a time when an account opens with a few clicks, who is not tempted by a bank offer at 24 euros per year? Costs up to nine times lower on paper than those expected on average this year (215.50 euros according to the calculations of the Panorabanques comparator). But is it really for you?
Who is she talking to ?
This entry-level offer is open to everyone but rather targets young workers, seeking to control their budget without the constraint of domiciling their income. "A connected population living in real time and 100% mobile," says Héloïse Beldico-Pachot, marketing director of Ma French Bank, the online bank of Postal Bank.
These accounts are most often opened online, but traditional banks offer to launch the subscription on the Internet and finalize it in branches or carry it out entirely in branches. At 2 euros, the formula is also aimed at all those who are looking for an additional supplementary account with no time commitment, no income conditions, no account maintenance fees.
"This can serve as a dedicated account for household expenses or concern an expatriate who seeks to reduce his bank charges", specifies Stéphanie Vuillemin, head of personal services at Société Générale. In short, a wide range of customers looking for a low-cost account with a range of basic services. “LCL Essentiel is priced at a coffee every month, likes to sum up Laurent Fromageau, director of development for the retail bank. It is a strategic response for those who do not want to pay more ”.
What does it include?
By opening a checking account, you have the right to access the mobile application as well as a traditional international payment card (Visa or MasterCard). This must be immediately debited with balance control and systematic authorization.
Upon subscription, some banks require an initial deposit such as Ma French Bank (50 euros) and Monabanq (150 euros). No overdraft is in principle authorized. Crédit Agricole's Globe Trotter offer could tolerate one, subject to prior acceptance by your regional bank.
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If you are traveling, be aware that all offers, except Kapsul (optional at 2 euros per additional month), include free payments and withdrawals, at least in the euro zone. Finally, the checkbook is available on request at no additional cost from most operators, except from Ma French Bank.
The pluses and minuses?
By launching into this segment, traditional banks have of course sought to differentiate themselves from the entirely digital offers of their competitors, and played on their strengths. Some traditional banks like LCL include access to an advisor. "Our customers can even choose between an online or agency advisor," insists Laurent Fromageau.
Société Générale launches “satisfied or reimbursed”: “We believe that a bank can be tried out and if a client is not satisfied with our Kapsul offer during its first year, we reimburse its payments”, explains Stéphanie Vuillemin.
At 2 euros per month, impossible to have a high-end bank card or insurance, except that attached to any bank card (travel insurance). Insurance in the event of loss or theft of means of payment, in the event of identity theft, loss of papers and keys is not included and will most often double the cost of your package.
What is behind this offer?
It is an appeal product. It is used to recruit new customers and to slow the departures of those attracted by cheap offers from the competition. "Since its launch in 2017, our EKO offer has attracted 130,000 customers, 76% of whom are new, it's a real success," said Pierre Metge, director of marketing for the Crédit Agricole group.
And, like any calling product, this offer enables customers to be equipped with other ancillary products. "Over 30% of them take out another product in the first year, most often insurance," concludes Pierre Metge.
