The return of interest-bearing current accounts

Banks have been able to remunerate their customers' current accounts since 2005. A decision by the European Court of Justice that year put an end to the “neither…nor” rule: neither remuneration of the current account, nor invoicing of checks. Twenty years later, however, the practice is far from having become commonplace.

Bunq, N26, Revolut and Sumeria (formerly Lydia) have already got started, as well as a certain number of online brokers such as Trade Republic, Saxo Banque, XTB and eToro, or even the money transfer platform at Wise International. The rates served are at best between 1% and 3% and are expected to fall in the coming months, with the European Central Bank continuing the cycle of lowering its key rates. Trade Republic offers a rate of 3% for its new current account which allows you to deposit your salary, make free instant transfers and pay your bills. It also includes 1 percent “Saveback” on card payments.

With remuneration at 3%, you need an average daily balance of 3,333 euros to generate 100 euros of gross interest over one year, or 70 euros after the single flat-rate deduction of 30%. Current account remuneration therefore does not allow you to earn fortunes. “But it can be a way of compensating the fees charged by your bank »underlines Anna Meylacq, spokesperson for Panorabanques.

The rare players who have implemented current account remuneration are, however, establishments operating 100% on smartphones and whose prices are tight, or even presenting free offers. At Sumeria, the offer launched in May is reserved for customers carrying out at least fifteen transactions per month with their bank card. They receive 2%, or even 4% for the first three months for those subscribing to a card for the first time. “We reward customers who use Sumeria as their current account”summarizes Cyril Chiche, the co-founder.

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