Neobanks and the reduction of bank fees

Neobanks and the reduction of banking fees

You are tired of paying money exorbitant bank charges each year to your traditional bank? The solution is to adopt neobanks and online banks.

Between account maintenance fees, intervention commissions and agios for overdraft, your traditional banker does not hesitate to regularly puncture your account. result: tens or even hundreds of euros swallowed up which significantly reduce your purchasing power.

However, there are concrete solutions to put an end to this waste of money and regain control of your finances. By embracing neobanks and 100% online banks, you can melt your bank charges like snow in the sun.

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Discover in this article how these new players in online banking can reduce its bank spending drastically. Thanks to their flexible offers and their ultra-competitive rates, no more unpleasant surprises at the end of the month with your traditional banker.

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🌿 What are the bank charges to watch out for?

Bank charges refer to all sums withdrawn by a bank. These samples are taken from customer accounts, whether private or professional. They are debited in exchange for the services provided by the bank to manage customer account.

These are therefore commissions received for administrative management of the bank account. Their amount pays for the various tasks carried out as part of this management. These fees cover both private and professional customers.

First of all, let's take a quick look at the main bank charges to pay attention to:

  • The account maintenance fees, billed annually just for account management
  • The intervention commissions, levied for each particular transaction
  • setup costs a standing order or direct debit
  • The cost of the bank card, in particular deferred debit or Gold cards
  • fees for sending the checkbook and paper account statements
  • Agios for overdraft unauthorized or account irregularities
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Over a year, these costs can easily exceed a hundred euros in traditional banks. It's time to save money !

🌿 Neobanks, the new wave of 100% mobile banking

In recent years, young 100% online banking startups have emerged to offer a different approach to banking: these are the neobanks. Their strengths?

Flexible banking services via a mobile application, ultra-low fees and a simplified customer experience.

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N26, Revolut, Orange Bank, Hello Bank… these neobanks meet a resounding success with young city dwellers, won over by their ease of use and low prices. Let's take a closer look at the advantages of these newcomers.

✔️ The strengths of neobanks

  • Unbeatable rates, even a completely free basic offer
  • 100% mobile: account opening and management via the application
  • No income condition: accessible to all profiles
  • No account fees or credit card fees
  • Foreign transactions at the Mastercard exchange rate
  • Instant transfers free between users
  • New options like shared pools

Clearly, neobanks offer a very good value for money for a flexible and modern banking experience. Something to appeal to young mobile customers.

✔️ Limits to consider

Certainly promising, neobanks nevertheless have some limitations:

  • Little or no physical agencies at all
  • Customer service only accessible online via chat or email
  • Limited range of savings and investment products
  • Reduced card and transaction insurance
  • Applications sometimes still perfectible on certain points

Neobanks are therefore more suitable as a secondary account or for a well-defined use.

🌿 Online banks, the alternative to traditional banks

In addition to neobanks, 100% online banks such as Boursorama Banque, ING, Hello Bank, Monabanq are an interesting option to substantially reduce your bank charges. Overview of their strengths.

✔️ Why switch to online banking?

  • Personalized low rates : no or little account maintenance fees
  • A large network of free vending machines
  • A full range of savings and investment products
  • Responsive customer service by email, chat and phone
  • management 100% digital if you wish it

Online banks combine low costs and comprehensive services. An excellent compromise for many.

✔️ What are the disadvantages of online banking?

However, online banks have some restrictions:

  • Very few physical agencies, located in major cities
  • Sometimes long telephone wait times to reach customer service
  • Account opening procedures still complex
  • Offers somewhat more limited credit than in traditional banks
  • Mobile applications not always very ergonomic

However, their advantages in terms of tariffs remain undeniable compared to traditional networks.

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🌿 How to select your neobank or online bank?

Several criteria should be studied carefully to choose your neobank:

  • Compare in detail the offers : free, ceilings, associated insurance…
  • Check the reliability and financial strength of the neobank
  • Consult detailed customer reviews on mobile applications and after-sales service
  • Make sure the compatibility of the offer with your needs specific
  • Test apps for yourself with free trials
  • Check the ease of exporting your data if you change your mind

Take the time to study these points in detail to find the neobank with the best quality/price ratio for your profile.

🌿 Difference between neo-banks and online banks

Online banks have been around for the 1990s, while neobanks have appeared much more recently, after 2010. Online banks have therefore been operating in the market for a longer time. They have developed with the advent of the Internet and online services.

Neobanks are players very recent in the banking landscape. These are fintechs, startups that offer innovative banking services. They have been able to take advantage of new technologies such as mobile.

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Online banks generally depend on large traditional banking groups. They are part of their diversification strategy distribution channels. Conversely, neobanks are independent entities who seek to revolutionize the banking sector.

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Furthermore, neobanks are only available online through mobile apps. Their services are 100% dematerialized. Some online banks still have physical branches in addition to their remote offer.

Neobanks are targeting priority a young clientele, urban and mobile. Online banks are aimed at a broader target, with customers of all ages and profiles.

CriteriaOnline bankingNeobanks
Date of onsetYears 1990 📆After 2010 📅
StatusSubsidiaries of large banking groups 🏢Independent startups 🏗️
AccessibilityWebsite + mobile apps 💻📱100% mobile 📱
TargetAll types of customers 👨‍👩‍👧‍👦Young and connected 🧑‍💻
Range of servicesLarge: credit, savings, insurance… 🏦Limited to daily services 💳
PricesReduced fees 💰Often free 🆓
Customer ServicePhone, email, chat 📞 💬Email, chat 💬

🌿 In conclusion

Thanks to their flexible offers, their advantageous prices and their 100% digital experience, these actors make it possible to make serious savings compared to traditional banks.

Take the time to analyze the different options according to your profile. Do not hesitate to combine neobanking and online banking to enjoy the best of both worlds. The main thing is to get out of the expensive schemes of classical banks.

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I will wish the greatest success in this change in banking habits. Feel free to share your feedback in the comments. Your wallet will thank you!

But before you leave, here is How to Create an Irresistible Business Offer

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