Published on: December 04, 2024 | By: @rprasanth_kumar
When comparing online-only bank accounts, the focus shifts to features like low fees, higher interest rates, and digital convenience. Let us explore the pros and cons of Bourso Bank (formerly Boursorama), Hello Bank, and Fortuneo. These accounts often come with no monthly maintenance fees, competitive interest rates, and 24/7 access via mobile apps.
Key points to compare include monthly card charges, ease of transfers, savings accounts, ATM networks, customer service options, and added perks like budgeting tools. Since online banks lack physical branches, their appeal lies in streamlined banking with fewer overhead costs passed on to customers.
How to open a bank account in France?
Are you planning to relocate to France or recently arrived in the country? Opening a bank account is one of the basic things to do after reaching the country. This article covers the basic steps required for opening a bank account in France, Banking: Opening a Bank Account in France.
Compare: Bourso Bank vs Hello Bank vs Fortuneo
| Bank | BoursoBank | Hello Bank | Fortuneo |
| Parent Company | Société Générale | BNP Paribas | Crédit Mutuel Arkea |
| Bank Account | Online only (Website and Mobile App). No physical branch. | ||
| Free Current Account | Yes | Hello One (Free) Hello Prime (5€/month) | Yes |
| Free Bank Checkbook | Yes | ||
| Initial Deposit | 50-300€ | 300€ | 300€ |
| Instant Money Transfer (SEPA area) | Free | 1€/transfer for Hello One. Normal transfer is free. Free for Hello Prime. | Free |
| LEP | Yes | No | |
| Livret A & LDDS | Yes | ||
| PEL | Yes | No | |
| PEA (Regulated Brokerage Account) | Yes | ||
| CTO (Brokerage Account) | Yes | ||
| Assurance Vie | Yes | ||
| Home Loan | Yes | ||
| Personal Loan | Yes | ||
| Vehicle Loan | Yes | ||
Free Bank Card | Welcome card (Visa classic) without any income requirements. | Hello One. No income requirements. Must be used minimum once every month. If not, it is 3€/month. | FOSFO Mastercard. No income requirements. Must be used minimum once every month. If not, it is 3€/month. |
Ultim card (equivalent to Visa Premier). No conditions for an immediate debit type card but 2400€ monthly net income is required for a credit type card. | Hello Origin (for children 12 years and above) without any income requirements. | Gold CB Mastercard. Net monthly income of minimum 1800€ for single account and 2700€ for joint accounts. Must be used minimum once every month. If not, it is 9€/month. | |
| World Elite CB Mastercard. Net monthly income of mimimum 4000€ and 5500€ for joint accounts. Free with atlest one monthly transfer of 4000€. If not, it is 50€/quarter. | |||
| Paid Bank Card | Offre Metal at 9.90€/month. No conditions for an immediate debit type card but 6250€ monthly net income is required for a credit type card. | Hello Prime at 5€/month and available for people with at least 1000€ in monthly revenue. | None. All cards are free but conditions apply. |
| E-card | Free Welcome and Ultim digital cards. Offre Metal digital card charged at 5.90€/month | Free Hello Prime digital card | Free |
| Outside Euro Zone (Withdrawals & Card Payments) | 0% with all 3 cards (Welcome Ultim and Metal) | 1.5% for Hello One (withdrawals free at BNP Paribas global network ATMs). 0% for Hello Prime (worldwide) | 0% with all 3 cards (FOSFO, Gold, World Elite) |
| Contactless Payment | Apple Pay, Google Pay, Samsung Pay, and Garmin Pay | Apple Pay, Google Pay, PayLib (via Lyf Pay) and Garmin Pay | Apple Pay, Google Pay, Samsung Pay, and Garmin Pay |
| Advantages | All savings products are available. No fees for card use outside the eurozone. Loan interest rates are one of the best in the market. Customer service is available until 10 pm. | All savings products are available. Deposit of checks and cash is possible at BNP branches | No fees for card use outside the eurozone. No LEP and PEL savings accounts. |
| Disadvantages | No English-speaking helpline. Checks must be couriered to the Bank. No option for cash deposits. Only Visa cards. No Mastercard. | No English-speaking helpline. Only Visa cards. No Mastercard. | No English-speaking helpline. Only Mastercard. No Visa cards. |
| Promotional Offer | Up to 220€ of account opening benefits depending on the current offer. | Up to 180€ of account opening benefits depending on the current offer. 1€/month for 6 months with Hello Prime. | Up to 80€ of account opening benefits depending on the current offer. |
Note: The article is updated regularly. However, consult the official bank websites for the latest tariffs.
Conclusion
- Comparing the offers from all 3 banks, Bourso Bank emerges as the best option for a primary bank account. With the addition of LEP savings account recently, it has become a complete banking option.
- However, it does not offer Mastercard and cash deposit features. Checks must be couriered to the bank.
- Hello is another good option. Also, it allows check and cash deposits at BNP Paribas branches.
- Existing BNP accounts can be converted to Hello bank accounts.
- Fortuneo has some good features too. Also, it is the only one offering Mastercard.
- I have all 3 accounts: Bourso and Hello (opened as BNP in 2015) since 2018 and opened Fortuneo in 2024 for the experience.
DISCLAIMER
Any finance-related information shared is not professional legal, tax, or investment advice. The information provided is of an educational and general nature and is not investment advice within the meaning of Articles L. 321-1 and D. 321-1 of the French Monetary and Financial Code. Investment carries risks of loss and past performance does not guarantee future performance. Please consult a financial advisor for any professional advice.