our opinion about this online bank in 2023

Monabanq is an online bank that focuses on the accessibility and quality of its services. It may not have the visibility of its counterparts, but it still offers unique offers. But does he have the shoulders to compete with the big names in the genre? Our opinion is there to tell you more.

Monabanq Features

Monabanq in a nutshell

Founded in 1987 under the name of Covefi and converted into a bank in 1992 under the auspices of the Crédit Mutuel-CIC Group; it was finally in 2006 that Monabanq became known as ” The next generation bank with a focus on its online platform. It is the first online bank that has launched accessible accounts with no income conditions. Little by little it has developed exclusively as an online bank by offering the ancillary services of a traditional bank. Today, Monabanq also specializes in offers for young and self-entrepreneurs. In 2023, it has a whopping 310,000 customers in France and is counting on its 5 Customer Service of the Year awards earned between 2018 and 2023 to drive even more acquisitions.

The tarifs of Monabanq

Monabanq offers a total of three paid offers, each of which includes a bank card. These different offers, from the most basic to the most premium, will have an impact on the insurance included and on payments and withdrawals abroad. Pratiq’s offer at 3 euros per month gives access to unlimited withdrawals and payments in the euro zone. The Uniq+ offer at 9 euros per month offers a good number of insurances, as well as free and unlimited withdrawals and payments outside the euro zone. This last offer is frankly the most interesting if you are used to traveling and it is cheaper than equivalent offers from other online banks.

Monabanq’s business model is quite different from other online banks. With three tiers not so far apart in price, one would have thought that just a few extra items could set them apart, but it turns out that the features differ greatly from one account to the next, especially when it comes to benefits and insurance.

In all cases, when opening an account an initial deposit of 150 euros is required, even if the bank does not require any deposit condition. These €150 to be deposited into the account are also necessary not only to obtain your card but also to obtain the opening bonus.

How to deposit funds into your account?

To validate the opening of an account with Monabanq it is necessary to make a first transfer payment of a minimum of 150 euros. This is done directly by providing the IBAN of your usual bank or by simply cashing a check or cash from a CIC store.

comment oropen an account with Monabanq?

As is the case with most online banks, every effort has been made to make the account opening procedure with Monabanq fast. For example, we appreciate that opening an account can be done from the bank’s website or from the application. It is in the latter that we made our record.

Of course, you must be 18 years old to open an account yourself, fill in your marital status, contact details and some additional information such as a photo of your ID (front/back). You are then asked to provide information about your financial situation, even if no income condition is necessary, which is counterintuitive to say the least. Then comes the choice of credit card. A validation of a few hours begins and the account becomes usable from the moment it is received through your virtual card and then the physical card received by mail after a week maximum.

Management of initial deposits and overdrafts

It is a classic of online banks and Monabanq does not escape the rule: the initial deposit requested is 150 euros, regardless of the account chosen. This ensures the bank the solvency of its customers and the security of a payment capacity to avoid overdrafts.

Let’s talk about the latter. Monabanq authorizes an account to be in debit and therefore overdraft. However, where most online banks only go for variable rates based on overdraft authorization or not, Monabanq has stuck to an old banking habit, namely intervention fees. Therefore, the bank charges up to 8 euros for 10 days a month for an overdraft account. This is in addition to variable interest rates based on the amount and duration of the overdraft. It is therefore a somewhat penalizing aspect if you ever have to have temporary debtor status and we can only advise you to avoid it, even if it means contracting a consumer loan.

welcome bonuses

Monabanq is certainly an online bank, but it adopts a similar acquisition model to traditional banks. Therefore, the bank relies on a bonus system to open an account. By opening an account, you will have the possibility of obtaining a variable bonus depending on the operations in progress. So do not hesitate to regularly consult our Good Offers section or our dedicated comparator to find out the amounts offered and the conditions to obtain this money when opening an account.

referral bonus

In addition to the welcome bonuses, Monabanq also offers the possibility of sponsoring a relative or being sponsored. Online banking offers 50 euros for each person who has sponsored a relative with a limit of 10 godchildren per year.

them toMonabanq insurance, products and services

Inevitably, the level of insurance you are entitled to corresponds to the chosen card. The Uniq+ offer at 9 euros per month offers the highest level of insurance, especially when it comes to travel. So be careful when choosing your card tier.

However, in addition to the basic insurance, Monabanq offers additional guarantees through additional subscriptions. This ranges from home insurance, death and even job loss. It even gives access to the subscription of consumer credit at rates identical to those practiced by the market.

In the service department, Monabanq allows you to deposit your checks or cash at all CIC branches, regardless of card level. Online banking also offers a wide range of savings products, as well as loan services.

Among them, it is necessary to point out the presence of what Monabanq calls the “savings card“. This free option, which can be canceled at any time, opens a booklet account and then, with each payment, Monabanq deducts the difference in the higher round and enters it in the booklet at the end of the month. The booklet is then remunerated at 0.05% A rare option among online banks.

Refund of money

As indicated above, Monabanq does not have its own system of refund of money like other online banks. It is not even indicated as compatible with specialized sites such as iGraal or eBuyClub. On the other hand, this does not prevent the bank from offering temporary special operations in the form of refund of money with some partners. At this time, and for an indefinite period, Monabanq is offering cardholders the opportunity to earn up to 10%refund of moneyin online reservations through the Booking.com site.

Customer service

This is one of the aspects that Monabanq relies on a lot: its customer service. It must be said that the latter was elected”customer service of the year» for 5 consecutive years from 2018 to 2023. And it must be said that these titles are not overused as responsiveness, efficiency and accessibility of support are at the heart of the online banking ecosystem. In addition to the telephone service available on weekdays from 8 a.m. to 9 p.m. and on Saturdays from 8 a.m. to 6 p.m., Monabanq also responds via chat, email and even from social networks so that you never get lost in your procedures or in case of a question.

And the cryptocurrency?

No, Monabanq is not part of the circle of crypto banks. Therefore, it is not possible to have access to a wallet or any service related to cryptocurrencies. The fact that the online bank is a subsidiary of Crédit Mutuel is surely the reason, as the banking group does not allow its clients to trade to and from the exchange platforms.

Our opinion on the Monabanq mobile application

The user experience desired by Monabanq undoubtedly involves quality customer service, but also and above all a complete and functional mobile application. From this point of view, it can be said that the bank correctly fulfills its contract. We cannot say that the application is aesthetically the most brilliant, most of the neobanks are doing a better job on this point.

It certainly uses the bank’s color codes, but it doesn’t shine with its originality. A tab panel placed at the bottom allows switching between functionalities. Apart from the classic visualization of accounts and functionalities related to the movement of funds (especially transfers), there is an automatic expense categorization tab that allows you to accurately track your expenses, although we would have liked an option to do it yourself. More specifically, there is a fairly well-designed savings simulator that helps compare savings products in one place.

More practical, we found the integration of Google tools, in particular for locating nearby CIC and Crédit Mutuel branches, although some will find this functionality a bit intrusive, especially since it is possible to withdraw money from any dealer.

Anyway, we note the presence of a functionality that allows you to check the stock market prices and manage your stock portfolio. We appreciate that Monabanq’s banking experience is accessible in the same place, where some online banks separate their ecosystems between app and web platforms.

Finally, from a strictly practical point of view, the application manages biometric authentication by fingerprint or Face ID. In any case, we note the absence of very practical features, such as the direct blocking of the card in case of loss, even if it is still possible to oppose. On the other hand, on the contactless payment side via mobile, only Paylib, Lyf Pay and Apple Pay are available. Therefore, we must forgo Google Wallet for now, even if we know that the