As a historic banking institution, Société Générale is a dinosaur in a field resolutely turned towards digital technology. However, it regularly evolves its offer and its platform towards a simpler and more transparent online model to attract new customers. Let’s see if we are facing a real change of identity or a beautiful facade hiding the old school.
Characteristics of Societe Generale
| ? Opening bonus | 130 € |
| ? Income requirement | None |
| ? Bank card | VISA |
| ? Initial deposit | None |
| ? Account maintenance fees | None |
| ? Sponsorship | Yes |
| ? App | Android/iOS |
| ? Mobile payment | Apple Pay / Paylib |
| ? 3D Secure | Yes |
Societe Generale in a nutshell
Société Générale is one of the three major pillars of the banking industry in France, alongside Crédit Lyonnais and the BNP Paribas group. The bank was first nationalized to participate in the reconstruction of French territory after the war, then was privatized at the end of the 1980s to compete with the major international banking authorities. Today, Société Générale is established in more than 60 countries to develop its activities and its growth.
Société Générale has always emphasized innovation and has been trying for more than 20 years to change its ecosystem. For example, it owns the subsidiary Boursorama Banque, which practices a 100% online model and which SG is trying to approach with its offers, in particular Sobrio. It has thus completely modified its offer to get closer to the growing digital competition.
Societe Generale tariffs
| Kapsul | Sobrio (Visa Evolution) | Sobrio (Visa Classic) | Sobrio (Visa Premier) | |
|---|---|---|---|---|
| Price | 2€/ month | Between 18 and 24 years old (3 €/month) Between 25 and 29 years old (€5.76/month) Over 30 (7.20€/month) | Between 18 and 24 years old (3 €/month) Between 25 and 29 years old (6.32€/month) Over 30 (7.90€/month) | Between 18 and 24 years old (13 €/month) Between 25 and 29 years old (14.90€/month) Over 30 (€14.90/month) |
| Initial deposit | None | None | None | None |
| Type of debit | Immediate debit | Immediate debit | Immediate debit | Immediate debit |
| Income conditions | None | None | None | None |
| Payment cap | 1000€ per month | 1300€ per month (over 30 days) | 1600€ per month (over 30 days) | 3100€ per month (over 30 days) |
| Withdrawal limit | 300€ per week | 300€ (over 7 days) | 500€ (over 7 days) | 1500€ (over 7 days) |
| Account opening and closing | No fees | No fees | No fees | No fees |
The Kapsul offer is the real novelty concerning Société Générale’s banking offer. This card is aimed at people looking for autonomy in their controllable budget management entirely online. Even if it is actually inexpensive and subject to full refund in the event of non-satisfaction, it is a little difficult to define the target clientele of this offer. This is much more of an entry point for the most skeptical before potentially moving on to a higher card level. However, it is poorly provided with insurance and benefits, especially regarding the management of its money abroad.
Sobrio constitutes the core of the bank’s offer. Of course, the level corresponding to a Visa Premier card is the most advantageous and allows easier access to additional banking products. We can only advise you to orient yourself towards this offer if you intend to make Société Générale your main banking institution.
Another offer named Visa Infinite completes the picture, the latter has the highest entry ticket with a subscription of 330 euros per year. This card is aimed at advanced users and travelers by promising total free payments and withdrawals in the euro zone in addition to better features such as deferred payment and increased withdrawal limits. Too bad that for this tariff, payments and withdrawals outside the euro zone are not free.
It should also be noted that the bank does not have an internationally oriented offer. If you plan to travel and pay abroad outside the euro zone, you will therefore need to subscribe to an international option in addition to the classic price of the card. Finally, the note can climb quite quickly if you intend to opt for a maximum of guarantees and options for your daily life. Do not hesitate to read the price list, certain operations and additional costs may dampen your enthusiasm. Clearly, real online banks or neobanks are much more advantageous in this area.
Open a Societe Generale account
By copying the model of online banks and especially neobanks, Société Générale is moving towards a more open registration and account opening model, based on 100% online. Like what Boursorama Banque offers, it is possible to open an account from the bank’s web platform, which was not the case a few years ago when you had to go to a branch to open an account with an advisor. Once the subscription form has been completed, you will be asked to provide the supporting documents which will serve as the first verification of identity.
The next step is more restrictive, because it requires an exchange by videoconference (or via appointment in a branch) with a bank advisor. In our case, this was done quite quickly, because during the opening hours of the bank. This step acts as a check on the part of the bank and is intrusive to say the least. We would almost have preferred a more classic and contactless verification. It should also be noted that this step is only carried out via the Société Générale application.
Once the account opening request has been validated, you are then asked to sign the account agreement via electronic signature.
Sobrio, an account almost immediately accessible
To validate an account at Société Générale, an initial payment is required. As part of a Sobrio account, it starts at 50 euros and is requested when opening the account. This money can then be used at will and no additional costs are deducted during the operation.
Money as soon as the account is opened
As a traditional banking institution and like many online banks, Société Générale regularly offers welcome offers with more or less high sums. If you wish to open an account and benefit from these offers, it is recommended to follow the updates on our Good Deals page or on our Twitter account @FrandroidBonplan in order to be informed in time.
Société Générale often offers special operations with welcome bonuses of up to more than 100 euros. Of course, these offers are subject to conditions and are proportional to the types of cards chosen. So be sure to read the details and conditions of these offers before you start.
Up to 640 euros of sponsorship bonus
Société Générale offers sponsorship bonuses from the moment you have an individual or joint account. Via a dedicated platform accessible from the site or the application, the bank offers 80 euros for any account opening of a godchild, most often validated after one to two weeks. It is possible to sponsor up to eight people.
Insurance, offers and services of Société Générale
Société Générale Kapsul/Sobrio cards are of the VISA type and therefore offer the organisation’s insurance guarantees.
As part of a Sobrio account, each level entitles you to assistance in the event of a problem during travel (repatriation, advance of medical expenses, etc.) and to travel insurance. However, only the Premier card grants the right to the most complete insurance package including protection against theft of personal effects, papers or the extension of the manufacturer’s warranty for a car, for example.
You can consult all the guarantees according to the card from this link.
VISA card insurance in addition to many banking products
Société Générale also cultivates its identity as a pluralistic bank and allows all its customers to benefit from insurance and additional services for an additional monthly subscription. For example, it offers classic home and car insurance, but also more specific for connected objects.
We also note the presence of complementary health in four formulas which can be given to your family. Of course, all this is subject to conditions and acceptance of the file with a bank advisor. We would have liked to be able to subscribe to its offers directly from the application for example.
A Cashback system compatible almost everywhere
We were pleasantly surprised to find that Société Générale offers its own system of cash back and not via partnership with certain specialized sites. Concretely, by registering for the program, it is possible to benefit from deferred refunds on purchases made via partner brands, and there are more than 800 of them.
Big bank customer service
This is one of the strengths of a traditional bank, customer service is developed and attentive. Most of the time, it was very easy to get assistance from a physical person by phone or email.
Still no cryptocurrency support
Despite its progress and its openness on the subject, Société Générale does not yet offer a wallet or services related to cryptocurrencies. It is therefore impossible to carry out online brokerage transactions from dedicated platforms, as well as movements of capital. We hope for a change of mentality in the years to come despite the reluctance of traditional banking groups on the subject.
Our opinion on the Société Générale mobile application
One might think that the Société Générale application is a little below its 100% digital competitors. As much to say it immediately: it is not so. The application (iOS and Android) is very complete, with many features and above all visually successful. Nice thing: it even acts as an account aggregator, like Bankin, to consult all its accounts from a single application and make transfers more easily. However, its interface is a bit difficult to understand because of its many functions and options.
Via a configurable gauge system, the visualization of the state of the account is child’s play and the management of the budget is facilitated. We appreciate the fact that improvements have been made on the speed of execution and display of notifications. In a few manipulations, it is also possible to block your credit card, make overdraft authorizations, manage the ceiling and make instant transfers.
Of course, contactless payment is possible via the NFC functions of your smartphone. Unfortunately, you only have to rely on Paylib and Apple Pay (VISA only) where many other online banks have already integrated Google Pay.
We also appreciate the consideration of expenditure categorizations in budget management. Even if it is still impossible to customize them. We also note that it is still impossible to correctly configure real-time transaction notifications, despite the presence of a dedicated option. It seems that this kind of functionality was added gradually without having redesigned the interface, hence the potential bug.