La Banque Postale is studying the possibility of closing Ma French Bank, its mobile banking subsidiary. Ultimately, nearly 700,000 customers may have to find a plan B. Here are 3 options available to them.
The project is officially only at the study stage, but the press release published by La Banque Postale (LBP), Wednesday December 20, leaves little room for doubt: the year 2024 should see the end of Ma French Bank (MFB)the nobanque launched in July 2019. The accumulated losses (255 million euros according to L’Agefi) and the uncertainty surrounding the viability of its economic model have undermined La Banque Postale’s ambitions in the mobile banking sector. A conclusion similar to that reached a few months ago by the Orange group when it decided to close Orange Bank.
Closure of Orange Bank: what awaits the 800,000 customers
Despite its difficulties, Ma French Bank still obtained a success of esteem, attracting nearly 700,000 customers. They will have to find a new solution, now or when the closure is official. Here are the possibilities available to them.
Option 1 – Stay at La Banque Postale
La Banque Postale promises: in the event of closure of Ma French Bank, it undertakes to offer all customers (…) the possibility of opening an account within it (…). The fee bill, however, will not be the same.
The Original Account, the basic formula of Ma French Bank, which includes a CB Visa balance check card, is billed at 2.90 euros per month, i.e. 34.80 euros per year. To obtain the equivalent at LBP (an account with a Realys systematic authorization card), you will need to count at least 51.90 euros per yearOr 68.40 euros (5.70 euros per month) by opting for the Alliatys account formula (1).
In the operation, they will lose the benefit, in particular, of free payment on foreign currency payments, charged at 2.30% of the amount paid LBP. But they will have access to a checkbook and to 7,000 La Poste counters for the daily management of their account. Note that young people benefit from a preferential rate: 2.50 euros per month (30 euros per year) for 18-25 year olds and 4 euros per month (48 euros) for 29-29 year olds.
Those who have opted for the Idal Account, MFB’s premium formula, pay 82.80 euros per year (6.90 euros per month). The LBP equivalent (the Alliatys formula with a Visa Premier card) rating more than double14.50 euros per month, i.e. 174 euros per year. A reduction of 50% (87 euros) is offered for the first year.
Finally, Ma French Bank also offers WeStart, a 2 euros per month (24 euros per year) formula intended for teenagers. The corresponding LBP formula is free if parents are customers, and also costs 2 euros per month (24 euros per year) if this is not the case.
Option 2 – Opt for a two-ball count
To build the Ma French Bank offering, La Banque Postale clearly had in mind one of the (rare) great French successes in the field of nobanking. (2): Nickel. Launched in 2014, the card account distributed in nearly 7,000 partner tobacco shops now has nearly 3.5 million customers and has been profitable since 2018.
Logically, Nickel represents a credible alternative MFB with, as a bonus, the possibility of depositing cash and checks, for a lower price: 25 euros per year (from January 1, 2024) for the basic formula and 55 euros for the premium Nickel Chrome formula.
Still to respond to the success of Nickel, several traditional banks have launched accounts two euros per month: Crdit Agricole (EKO), SG (Kapsul), LCL (Essentiel) or Caisse d’Epargne (Enjoy). All of them offer services comparable to those of the Original Account of my French Bank, and allow, if necessary, to switch to a more complete formula, according to your needs.
Eko, Kapsul, Nickel… What are 2 bullet bank accounts worth?
Option 3 – Switch to an online bank
Why pay for Ma French Bank, when you can obtain the same level of services, and even more, for free, by opting for an online bank? It must be admitted: the arguments are difficult to find, as MFB’s offer barely stands out.
In any case, its probable closure will allow some 700,000 users to ask the question again. If they opt for online banking, they will have spoiled for choice. From BoursoBank Revolut, at least 7 100% digital brands offer services at least comparable to Ma French Bank, free of charge or at a lower cost.
Online banking: comparison of offers
(1) The LBP rates presented in this article are those which will come into force from January 1, 2024. (2) Nickel is not a bank in its own right, but a payment institution.