In 2020, Monabanq completely overhauled its range of bank accounts. Today, the Crédit Mutuel group’s online bank offers formulas between 2 and 9 euros per month. At the moment, it remunerates any subscription generously.
Founded in 2006 in Villeneuve d’Ascq, Monabanq is one of the oldest online banks. A subsidiary of the Crédit Mutuel group, it is positioned as an ideal establishment for those who want to start with a dematerialized bank. It has excellent customer service, “Voted Customer Service of the Year” in 2022 (and for the fifth consecutive year) which allows facilitate the relationship between the customer and his bank.
In its range, the customer can choose between 4 formulas: Pratiq, Pratiq+, Uniq and Uniq+. The first two are intended for everyday use – Pratiq+ being the most popular of the range; while the two Uniq formulas are intended for travellers. Once you have chosen your account, you will by default receive a Visa Classic card. You can then choose to upgrade to a Visa Premier or Visa Platinum for an additional fee.
Another great advantage of Monabanq compared to other online banks: it relies on the branch network of its parent company to authorize cash and check deposits in a simplified way. In this case, you can access thousands of Crédit Mutuel (and CIC) ATMs to fund your bank account. By way of comparison, Boursorama Banque refuses cash and checks must be sent by post (with all the costs and delays involved).
A convincing welcome bonus
Admittedly, Monabanq is one of the few online banks to be fully paid (you can consult a comparison here) but it justifies it well: it must be able to find an economic model to hold up over time. However, it remains less expensive than all traditional banking institutions, the cost of which is around 215 euros per year (for one account).
In addition, to offset part of the monthly subscription, Monabanq offers a generous welcome bonus. It is also much higher than the few other online banks that offer a bonus at the opening (for example, Boursorama Banque is limited to 80 euros). With its 120 euros bonus, you have the right to real extra motivation.
The Monabanq premium is divided into two parts : 80 euros which you can receive provided you use your account regularly over the first 8 months following the account opening. This bonus is divided into 8 monthly installments of 10 euros and is conditional on the observation of a minimum of 10 debit transactions per month (payment, direct debit, etc.).
The second part of the premium, ie 40 euros, is paid for any subscription to a Visa Premier or Platinum. By default, all accounts are limited to one Visa Classic card. It will then be necessary to add 3 0u 9 euros per month to obtain one of the two superior cards. With the bonus of 40 euros, you can offset part of the contribution directly linked to the card.
An inflated rate for the Monabanq booklet
In addition to this welcome bonus, Monabanq also encourages you to place savings in its house savings account. For any first opening between June 1 and July 31, 2022, the rate of his savings account will be 2% gross for the first 3 months (up to €50,000). It will then drop back down to 0.1% gross, which is the current rate.
With the resumption of inflation and the potential increase in the remuneration of the Livret A (currently 1% net), it would not be surprising to see all the banks raise the yield of their proprietary savings account.
In addition to its classic savings account, Monabanq has also introduced a Growth Account to thank customers for their loyalty. They see their performance increase according to their seniority: each year, they receive 0.10% gross more on remuneration – within a limit of 4 years of seniority. At present, the maximum for this Growth Booklet is therefore 0.50% gross. The amount placed on this alternative savings account must be at least 1,500 euros and the ceiling is 25,000 euros.
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