N26, Plum, Revolut, Sumeria, Trade Republic: the best paid accounts of the moment

Some fintechs offer to remunerate your liquidity up to 4%, a small revolution compared to traditional banks. But these offers hide varied conditions and costs that it is better to know before taking the plunge

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554 billion euros. This is the astronomical amount lying dormant in the current account – also called checking account or current account – of the French. So much money kept for everyday expenses and which is therefore not remunerated, as it would be in a savings account, for example. However, nothing legally prevents banks from remunerating current accounts, but none of the major banking networks (BNP Paribas, Caisse d’Epargne, Banque Populaire, Société Générale, etc.) currently offers it.

However, this would be a small revolution: with an interest rate equal to that of the Livret A (currently 3%), the 7,952 euros held on average in a current account (according to the Banque de France) would yield a return on year 238.56 euros to its holder, without having to “invest” their money or think about saving! A breach into which a handful of new savings or payment solutions have fallen, which offer to remunerate the deposits held by their customers on their application.

A diversity of offers and conditions for similar rates

But behind this common promise lies a diversity of offers and conditions. In reality, only Sumeria strictly speaking offers an “interest-bearing current account” (at 4% then 2%), since it is possible – and even almost obligatory – to make payments with the money deposited on it. Almost obligatory, because the payment of interest is conditional on making at least 15 payments per month with one of the Sumeria cards (paying): “The principle is to reward the use of Sumeria as a current account”confirms the fintech in its general conditions.

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Because it is the fact of being able to make payments that distinguishes your current account from a savings account. Although operating with a banking license in France, N26 and Revolut therefore offer what looks like passbooks. At N26 it is an “interest-bearing deposit account” up to 2.5% (“but it cannot be used for everyday payments or linked to a card.”specifies the website), and at Revolut, it is indeed a savings account (paid up to 3.25%), which, in fact, “cannot be used to send or receive payments.”specify the general conditions.

Subscriptions between 9.90 and 45 euros per month

The operation is somewhat different at Plum, which does not operate as a bank. The funds are therefore not deposited in a banking establishment, but invested in a managed monetary fund by BlackRock, And “which is composed of short-term government bonds, with a risk of capital loss which is therefore low or moderate”explains Céline Haddad, communications director at Plum. A slightly more risky solution therefore, than with fintechs registered as banks in France or abroad, and with which you benefit from the guarantee of 100,000 euros on deposits.

At these four fintechs, the remuneration of liquidity is therefore conditional on a paid subscription on the application at Plum, or on holding a bank account or a card (Sumeria, N26 and Revolut). Plum and Sumeria are the least expensive solutions: 9.99 and 9.90 euros per month, with an advantage for Plum, which is less restrictive. On the other hand, to receive the highest interest at Revolut, you must hold the “Ultra” card, the most expensive, at 45 euros per month.

You have to generate a lot of interest to offset the taxes

Finally, there remains the special case of Trade Republic, since this trading application works with a securities account, which always goes hand in hand with a cash account: when purchasing a security (share, bond, ETF, etc.). ) the amount is debited from the cash account and the security is added to the securities account. However, on this application, it is the order placements (purchase or sale of financial securities) which are invoiced (1 euro per transaction), the remuneration of liquidity (3.25%) placed on the application therefore does not require a subscription: “some users let their money work, without using the trading functions”confirms Vincent Grard, country manager France at Trade Republic.

Finally, we must keep in mind that the interest rates currently offered are subject to change at any time – even from day to day – and should even be expected to fall in the coming months if the European Central Bank (ECB) continues its policy of lowering its key rates. The latter are in fact decisive in setting the price at which banks lend to you – for a property loan, for example – but also the rate at which they remunerate your money. Finally, unlike a regulated savings book (Livret A, LDDS, LEP) the rates presented here are given gross of taxation: interest is in fact subject to the single flat rate levy (PFU, or flat tax) of 30%.