Which are the cheapest banks on the market in 2023? Network bank? Mobile banking?

Traditionally at the end of the year, the comparisons of Bank charges come to award the distinctions of the least expensive banks for the following year. As with any comparison, the bases of comparison are arbitrary (subjective defined profiles). The results may therefore vary from one comparison to another. In 2023, talking about the online banks remains a sweet anachronism. All banks are online or mobile. Former “online banks” or “mobile banks” are those that offer few or no physical bank branches.

Banks: price differences still just as small

Many bank rate comparison sites report significant differences in bank rates, of several tens of euros! Hooks always so seductive which are obviously not a reflection of reality: “Savings of up to 160 euros in bank charges…“. For these sites, it is above all a question of baiting suckers. It is easy to display significant differences in prices when you do not compare banks in the same category (network bank vs mobile bank). Compare the rates of a private bank and a online bank for a 25 year old obviously makes no sense. The 100% mobile bank will be the least expensive, but the possibilities of services rendered are not quite the same. But when it comes to comparing the rates of traditional banks between them, the price differences are minimal, only a few euros. Not what change bank for such a small amount. And that’s also why the French only change banks very infrequently, the price differences are too low, given the obstacle course to be followed to change banks.

The cheapest banks in 2023?

To this question, the comparisons will multiply the customer profiles. Basically, always the same clichés, the young active 25-year-old, the 40-year-old executive, the 65-year-old senior, etc. With very often included unnecessary services (means of payment insurance, sending of checkbook by registered mail, etc.). The goal is to create significant price differences, otherwise the differences would only be a few euros. Thus, on the side of online banks, unsurprisingly Boursorama bank and Fortuneo would be the cheapest. The established profile then targets a young worker aged 25 (these bank accounts are subject to income conditions). Thus Boursorama bank can claim to be the least expensive bank for the 15th consecutive year. The bank charges then amount to 0 euros with these two banks. It is therefore difficult to make it cheaper. However, the comparison is obviously biased, because the terms of use of the account are mandatory in order not to have to pay account fees for inactivity. In addition, it is necessary to justify minimum income, otherwise a paid formula will be proposed.

TOP 5 cheapest banks in 2023

Cheapest network banks in 2023

This year 2023, the Agricultural credit dethrones again The postal bank. Please note, however, that the comparisons use averages of the rates of the Crédit Agricole regional offices, which constitutes a notorious bias. Thus, on the side of network banks, for executive and senior profiles, Crédit Agricole stands out as the cheapest bank (€132.40 / year), while Banque Postale would display a bill of €143.70, i.e. barely 12 euros difference over one year.

TOP 5 cheapest network banks in 2023

TOP Banks
🥇 1 Agricultural credit
🥈 2 The postal bank
🥉 3 Societe Generale
4 People’s Bank
5 Savings Bank

This classification above concerns an atypical customer profile, equipped with a top-of-the-range credit card and having their check book sent by registered mail, and making 5 withdrawals of €100 outside the euro zone.

The price differences between the different banks for a range of chargeable banking services (occasional bank transfers in branches, rejection of direct debits, credit card withdrawals outside the euro zone, insurance for loss or theft of means of payment, etc.) are low (from 10 euros to 20 euros).

However, when we compare bank charges for a more realistic profile (external transfers, 1 checkbook sent by ordinary post, 2 non-bank credit card withdrawals, but still including no less than 5 payment incidents, which is not the average bank user…), it is then the LCL which emerges as the least expensive bank, ahead of the Banque Postale and finally the Crédit Agricole. Here again, the differences in bank charges are ridiculous, around 4 euros (97.10 € for LCL, 101.90 € for Banque Postale and 109.30 € for Crédit Agricole).

TOP Banks
🥇 1 LCL
🥈 2 The postal bank
🥉 3 Agricultural credit
4 Savings Bank
5 Societe Generale

(Source: comparison of PanoramaBanques bank rates 🅿)

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Which are the cheapest banks on the market in 2023? Network bank? Mobile banking?


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