Home banks (Review) The Best 5 Neobanks for individuals in 2020

(Review) The Best 5 Neobanks for individuals in 2020

by Abbey
Best-Neo Mobile-Banks
Best-Neo Mobile-Banks

Best-Neo Mobile-Banks

The Neobank also know as Mobile-bank market is constantly growing on a European scale. Mobile banks first emerged in the United States and especially in the United Kingdom where they abound. The pioneer in France was Nickel, vast market, attracts other foreign investors as recently shown the examples of N26 and Revolut who launched their respective offers in 2017. While the retail offering remains limited compared to traditional banks and online banks, the neo-banks continue to roll out.

The Top 5 Neobanks for individuals in 2019:

1. N26

N26 is a German Neobanque has almost 2.3 million European customers at the end of 2018, including 600,000 in France. This is one of the best in the digital banking industry with features like:

  • speed of subscription,
  • Good administrative formalities,
  • clear and transparent pricing, with tools and features to give customer the best experience, etc.

The N26 offer comes in three packages: N26 Standard, free offer , N26 Black at 9.90 € / month (high-end Mastercard Gold type, with customized special design) and N26 Metal at 16.90 € / month (a high-end Mastercard with Elite credit card features, with a unique metal design).

Compatible with 3-D Secure, N26 allows mobile payments on iPhone and Android. It grants 5 free withdrawals in euros per month (2 € / withdrawal afterwards) and removes 0 € of commissions on the amount of withdrawals in foreign currency. In terms of supply, N26 neo-bank, holds a banking license (in Germany), they currently offers only personal loan and the possibility of opening a free savings accounts, a kinds of piggy banks, called “spaces”. Visit the Official N26 website to Get started Here.

2. Anytime

Anytime Neobank is the perfect alternative to your bank. In replacement or in addition to your banking account, they can help you alone or as a team, for professional or private purposes. Anytime digital bank has been providing individuals since 2014 with an account, a MasterCard and a set of financial services. The 100% mobile offer highlights simple and customizable solutions such as an aggregator service or a contactless payment service via connected bracelets.

Its standard offer is marketed under two packages: a year subscription of € 114 (or € 9.50 per month) or a monthly subscription equivalent to € 174 / year (€ 14.50 per month for this non-binding package, plus an application fee of 35 €). A Premium package is available from 19,50 € per month (allowing access to customer service by phone, only standard account chat).

Anytime evolves under the status of payment service provider with a mandate issued by the Raphaels Bank. The NeoBank does not allow overdrafts and does not distribute savings products or credit solutions. On the other hand, it offers a bank account for young people between 12 and 18 years old. If its daily offer is relatively complete, subscription and ancillary services are still expensive in this mobile-bank. Visit the Official Anytime website to Get started Here.

3. Revolut

The Revolut British NeoBank brings together nearly 3 million customers in Europe, including 500,000 in France. Revolut offers a simple and free standard offer around a powerful mobile application which include:

  • Instant notifications.
  • Real-time account balance.
  • Cryptocurrency purchase.
  • Toll-free trading service.

The Team at Revolut affirm their ambitions like N26 by accumulating fundraising to invest in many markets internationally.

Revolut does not charge a maintenance fee and the MasterCard Standard is free in the standard form (6 € delivery). Transfer out of the SEPA zone is free and transactions in foreign currencies also up to 200 € / month (2% after the amount of payments and withdrawals). On the other hand, the Neobanque offers neither welcome bonus nor overdraft authorization. Among the capital gains, is the presentation of a high-end customizable credit-card (in the premium formula at € 7.99 per month), the provision of a virtual safe and free payment is possible in 150 currencies. Visit the Official revolut website to Get started Here.

4. Ditto Bank

Ditto Bank is a recent French mobile bank, whose official launch took place in February 2018. Designed for people who live and do business with several currencies (frequent travelers, expatriates, cross-border …), individuals can open a bank account in as many as 30 currencies which also comes, with a smart Gold Mastercard, which manages transactions according to the currency used. Its fixed monthly subscription of € 9.90 makes it possible to instantly manage various multi-currency accounts, benefit from alerts, insurance of means of payment, make withdrawals, payment and international transfers in an unlimited way and without incurring additional fees (maximum margin of 1% on the average market exchange rate for transactions between 2 different currencies). Visit the Official Ditto Bank website to Get started Here.

5. Orange Bank

After a Long wait and some technical delay, Orange Bank launched its Neo-mobile banking offer in November 2017. A few months later, they celebrate having over 100,000 customers and reached 200,000 users 1 year later. The subsidiary of the telephone operator enhanced its mobile application successfully, with better digitization courses and banking offers according to the agency D-Rating (July 2018). The subscription is entirely dematerialized even if human support is possible in an agency or with the help of telecare advisors.

Orange Bank also relies on artificial intelligence via its Djingo virtual assistant in contact with customers. Customers are eligible to get a paid 1% savings  without deposit limit. Although Orange Bank also offers personal loan, they remains focused on the free conventional current account under conditions of use of the bank card (3 transactions / month) under obligation of paying € 5 / month.

Just like their competitor, during the summer of 2018, customers get low or No fees on expenses spent abroad, on the payments and withdrawals in currencies just like N26 or Revolut.

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