Postal Bank: What does its new online bank offer “My French Bank”?, Postal Bank (2023): our opinion on the online bank of La Poste

La Banque Postale: our opinion on the Banking Service of La Poste in 2023

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Postal Bank: What does its new online bank offer “My French Bank” ?

La Banque Postale unveiled its new online bank on Tuesday, May 14, “My French Bank”. It will be marketed from July 22 and must make it possible to rejuvenate its customers. The offer includes current accounts and an international visa card “at no cost abroad”. All for 2 euros per month.

By Alexandre Loukil journalist banks, insurance and energy
Posted on 05/14/2019 at 4:45 p.m

After a test phase in 2018, “My French Bank” is finally born. Banque Postale unveiled, this Tuesday, May 14, the contours of its online establishment during a presentation. First teaching, it will be a full -fledged bank, and not a brand from the Postal Bank. It targets millennials, or rather “digital addicts” (“digital addicts”), to use the words of the brand, aged 18 to 35 years. Its advantage: it will only cost 2 euros per month – just like Eko of Crédit Agricole and Enjoy of the Caisse d’Epargne -, will be “without hidden” and marketed from July 22. It aims to attract a million customers in 5 years

Another characteristic: it will be impossible to “be in the red” since there is “no overdraft” specifies the brand. The opening of the accounts may be carried out in one of the 2.000 post office from this summer, before spreading to all 11.000 country offices. Online subscription will also be possible. No resource condition will also be imposed and customers will have an international visa card “at no cost abroad”. Understand that payments and withdrawals will be unlimited. With 2 euros additional per month, customers will also access a various conventional insurance among banks (guarantees means of payment, purchase and delivery).

Apple PAY, SMOK and PAYMENT BY SMS

Since January 25, and the bank approval issued by the European Central Bank (ECB), “my French Bank” can officially offer savings, discovery, placement or credit services. During the presentation of this Tuesday, Alice Holzman, director general of online banking, said that the establishment would offer a renewable credit, nicknamed “my extra loan”. It instantly unlocks an amount which will then be paid to your account. The reimbursement speed is to the appreciation of the individual. Another innovation: “my piggy bank” will automatically save on a separate account. Services that organizations do not market with an approval of “payment institution”, such as the Nickel account or the online bank Morning. For any questions, customer service will also be accessible by phone or by an online cat (6 days a week, from 8 a.m. to 10 p.m.). On the other hand, unlike Eko, no need to try to go to a post office to obtain advice. We will have to be satisfied with a remote banking relationship.

Many services enhance the offer. The crowded crowdfunding platform KisskissBankBank will thus be included. Like the Apple Pay mobile payment system. The “Let’s Kitten” tool will allow, as its name suggests, to create prize pools for birthdays or other parties. Also, instant transfers with friends by SMS will be offered to all customers.

Online banks, an ultra competitive market

The arrival of a new actor in the online banks sector saturates a little more well cluttered. The Boursorama leader recently said he wanted to continue the conquest of customers and reach the 3 million user mark. For its part, Orange Bank now offers a high -end card to diversify its offer and Bforbank has softened its income conditions to open up to more modest households.

And that’s without counting on ING, Hello Bank!, Monabanq, Fortuneo or neo-banks like N26 or Revolut. Very strong competition which mechanically aggravates the profitability problems. Same Boursorama, and its 28 million losses in 2018, has not yet found financial balance. And it is not the Nickel account network, which intends to extend the number of its points of sale to 10.000 tobacconists across France by 2020, which will help the postal bank find its place. It will have to conquer 1 million customers in order to reach the point of financial equilibrium. A goal she wants to reach in 5 years.

A few weak points to lighten

My French Bank joins Eko of Crédit Agricole and Enjoy of the Caisse d’Epargne, by invoicing their account only 2 euros per month.”The features offered by my French Bank are competitive for the target chosen (18-35 year olds). But obviously, incident costs are not included in the package ! Finally, apart – possibly – to open the account, the agencies will remain closed to these customers. thus notes Maxime Chipoy, head of Bestbanque.com. At the rate level, the offer of my French Bank seems rather interesting. To see more closely when the full price plate will be available.””

La Banque Postale: our opinion on the Banking Service of La Poste in 2023

It is one of the most popular banks in France, especially for its local network. But the postal bank had above all a lot to make to develop its offers, by kissing the digital trend of recent years. So, did the historic establishment make its banking service an essential in the face of competition ? Answer in this opinion.

The characteristics of the postal bank

�� Opening premium None
�� Income condition None
�� Bank card VISA
�� Initial deposit 20 €
�� Count of account € 1.10 per month
�� Sponsorship Yes
�� Application Android / iOS
�� Mobile payment Apple Pay / Paylib / Samsung Pay
�� 3D Secure Yes

La Banque Postale (LBP) in a few words

In almost 16 years of existence, the Banque Postale has become one of the most popular public banking establishments, partly due to the fact that it has the obligation to provide basic banking service to all. The bank has changed its offer over the years until you contact companies and professionals via more suitable banking products. Today, the bank has around eleven million customers and is trying to draw inspiration from online banks and neobancs, especially on the subject of digital, my French Bank is good example.

Card rates at Banque Postale

Contrary to what can be seen on the side of online banks or neobancs, the Postal Bank has opted for the simplicity of reading its offer. No landing with different prices and services, there are only two possibilities: to open an individual account or an joint account, with an alliatys or alliatys assurance more and with a Visa Classic, Premier, Visa Platinum or Visa Infinite card.

The only originality concerns the Réalys card with systematic authorization and with basic banking services still authorizing payments abroad (in Europe) and with a payment ceiling over 7 days of 450 euros and withdrawal of 800 euros.

Note that it is possible to open an account for a minor from 12 years old with free subscription and complete parental piloting. The latter is however much less practical than the offer of my French Bank.

Postal Bank does not offer a free offer. Here are the annual prices of the various visa cards:

  • Visa Classic: 43 euros/year
  • First visa: 129 euros/year
  • Platinum visa: 190 euros/year
  • Infinite visa: 320 euros/year

These are prices comparable to what can be found in traditional banks like LCL or SG. Note however that some of the most common services are well paid and can increase the invoice in some cases. This is particularly the case for withdrawal operations (0.85 euros/withdrawal from the 4th monthly withdrawal), account holding in case of inactivity (25 euros/year) or fees of 2.30 % on foreign currency transactions (3.30 euros per withdrawal and 1 euro per payment). Note all the same that the postal bank is one of the few traditional banks to offer instant transfers (even towards an external account) quite free, that was part of the previously paid services.

How to feed your account ?

This is one of the most practical points of this bank: take advantage of the entire La Poste network to manage your money physically. In the majority of agencies with the post office service, it is possible to deposit checks and species very easily.

Apart from this physical contribution that many need, it is obviously possible to make transfers from another account in the same name, without limitation, as long as it is domiciled in France. Everything has happened from the application, not smoothly, we will see later. Postal bank also uses Paylib to manage the transfer of money by single phone number, although we would have liked the possibility of sending money directly by SMS without going through the application.

An online account in a few minutes at the postal bank

The opening of an account at the postal bank is very simple, accessible and is done in a few minutes. The steps are always clear with little field to fill and it is always well explained, at least on the web platform. Recently, theupload documents via photocopy or photo is also possible. This is one of the good points inherited from the banks in lines.

The effective opening of the account comes after a few days and the documents are sent directly to your home. Just one card payment or DAB withdrawal to activate the card permanently.

We still regret the fact that it is still impossible to open an account from the postal banking mobile application.

Attentions to the overdrafts

The initial payment to open an account (online or in agency) is minium 20 euros. This money can then be used at envy and no additional costs are deducted during the operation.

As it is a bank of public interest, the overdrafts are well authorized (only for customers of a formula with Visa Premier, Platinum and Infinite with up to 300 euros by default). However, like all traditional banks, the use of the overdraft is subject to management fees: 6 euros per quarter. All information is available on this page.

No bonus at the opening ..

Postal Bank does not have a commercial offer dedicated to the acquisition of customers. Opening an account does not give the right to any premium or even temporary advantage such as monthly contributions offered or loyalty reimbursements. On the other hand, it can occasionally happen that the Postal Bank offers special operations via partnerships with external companies to offer smartphones or other appliances as a gift.

… But a singular sponsorship program

Unlike other online banks that swear exclusively by bonuses in the form of money, the postal banking sponsorship program consists of rewards in the form of gifts, whether for the godfather for the godson. In the lot of available gifts, connected watches, mixer robots, headphones or Bluetooth speakers.

Insurance, offers and services of the Postal Bank

Despite his reputation as a bank ” For the less wealthy “, La Banque Postale is a partner of the Visa organization which issues cards with various insurance packages. Inevitably, the Visa Premier, Platinum and Infinite cards are to be avantage if you plan to move abroad due to the guarantees they offer: treatment of repatriations in the event of an accident, compensation in the event of plane delay and loss of luggage, etc.

La Banque Postale offers its own loan system via consumer credit to make heavy purchases such as a car or do work. The simulator allows you to adjust the amount according to your needs. There is even the possibility for students to contract a loan with preferential rates. Classic savings solutions as well as a component concerning insurance/providents complete the table.

Finally a real cashback system

La Banque Postale previously offered a cashback service via its postal services, in particular via Colissimo: printing stamps or physical products offered by La Poste. It was also possible to obtain awards in the form of a discount code via the Partner Platform Private reduction.

But the postal bank returned to 2023 with this time a real cashback service as we find at many online banks. This program concerns more than 300 current consumption brands, especially major brands as well as traders offering responsible products. As soon as we reach € 5 validated cashback, 3 choices open to us:

  • the payment of the kitty on its current account The postal bank, or that of a third party holding a current account at the postal banking such as that of a child;
  • The donation of the kitty with partner associations of the Postal Bank, such as the League for the Protection of Birds or the Association of Restos du Coeur;
  • The conversion of the kitty in order to contribute to a reforestation project in France.

Strawberry customer service

It is essentially on customer service that the postal bank still has efforts to make. If it was previously managed by postal services within post offices, the service has its own employees (customer managers and financial advisers).

On the other hand, comments on the efficiency of postal bank customer service still remain very critical: between not being able to obtain an advisor by phone without waiting for hours and having no response by email or to messages sent by the application, even after a few days, there is frankly failure on this side. It’s a shame when we see the efforts made in other areas for a few years.

Not a bank suitable for cryptocurrencies or investment

The postal bank is also not part of these banks with flexibility in the field of cryptocurrencies. There is therefore no portfolio or services going to this effect and even less online brokerage. It is hardly surprising, however coming from a public banking establishment.

An application that improves, but there is still work

The application of the postal bank has been reviewed from an ergonomic point of view compared to the previous versions. On Android as on iOS, the design remains elementary and in the colors of the bank, but has at least the merit of providing good readability of options and features with a quick menu placed at the bottom of the screen. The whole has greatly gained speed and fluidity, even if some menus still take a little time to display all the elements. Sometimes you feel like you are in front of a web app rather than real full -fledged application. Fortunately, it is finally possible to open an account from the application.

La-Banque-Postale-1

La-Banque-Postale-2

La-Banque-Postale-3

Concretely, it is possible to consult your accounts (naturally), make transfers, manage your bank cards, order your checkbooks, manage your ceilings or even consult your outstanding real estate or personal loan via the banks of the bank. It still counts on Apple Pay, Paylib or Samsung Pay to ensure mobile payments via NFC, but Google Wallet is still not on the program.

Despite the presence of a consumption graph (ultra-classic), the application does not offer automatic categorization of expenses, no spending statement in real time, or even transaction notification (the latter take 24 hours before being displayed on the account). We are therefore still far from the current standards of the biggest banks in lines. An ultra-classical application that struggles to make the comparison with certain traditional banks, much more ahead of this point.

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Information concerning the merger between Bost Bank and BNP Paribas Fortis

On March 11, 2022, BNP Paribas Fortis communicated its intention to absorb Bost Bank, subject to approval by the regulatory authorities in January 2024 and to distribute a new range of products and services under the BNP Paribas Fortis brand through Bpost offices.

This advertisement does not change anything for Bpost Banque customers on this date. They will always be able to count on the proximity services of Bpost Banque in their post office. And this local banking service will persist beyond January 2024 in the post office.

You find more details on this ad on this web page.