There are a number of reasons why a current account is a great starting point for consumers. It is the fastest way to build a relationship with a bank and also carries the added benefit of providing the customer with an internal score. When customers are with the bank for a period of time, it becomes easier to apply for other products, based on the conduct of their current account. BNP Paribas Current Accounts offer a few options that customers may find ideal. This review goes in a little deeper to find out how well the accounts compare to those of its peers.
Current accounts do not always need a variety to achieve a great score, but it helps. Discover how Ally Bank managed with their range.
About BNP Paribas
Founded nearly 200 years ago, there were three banks that merged to create the BNP Paribas we know today. The bank was at the forefront of expansion and growth and these tactics served them well. The group managed to build up an impressive following and now boasts an impressive balance sheet. Although the bank was established in Brussels, it is now considered a fully French banking giant. With branches dotted across the world, customers with a knack for travel can rest assured that there are branches in almost every corner of the earth. BNP Paribas also happens to be a bank that is in support of virtual currency.
How To Get the Most Out of the Current Account
Current accounts are a great source of reference for customers and for this reason, it’s important to know how to use it best.
Keep the Account In the Positive
This is an important part of account management, as the account immediately loses some of its status when it goes into an unauthorized negative balance. When this happens, the accounts often also attract penalty interest and fees. Furthermore, the account may also reject debits and payments which could attract further fees and damage the customer’s reputation with the presenting merchant. A good way to manage excesses is to apply for an overdraft facility which allows excesses to a certain limit.
Avoid Writing Bad Checks
Not only is it illegal, it is also damaging to the reputation of the customer and the account to write a bad check. When this happens, the account suffers a negative mark and the customer will find it difficult to apply for finance based on the conduct of the account. Many banks have done away with checks entirely, but for the few who still keep them in circulation, the rules still apply.
Ensure There Is Regular Income Into the Account
Customers who specifically wish to build up their reputation with a bank in order to apply for finance, need to ensure that the account is active. This means that the account should receive a reasonable monthly income. It would also help if customers channel their monthly payments through the account as well.
Avoid Unnecessary Fees
Before opening an account, check the terms and conditions of the account as well as the fees charged on it. Compare these to the various transactions and it will provide a reasonable expectation of the charges. It is a good idea to match personal needs to the account. For instance, customers who prefer dealing with cash may find themselves paying unnecessary fees if they opted for a purely online account.
Only Choose A Bundled Account When It Makes Sense
Bundled accounts may offer a great way out for those who do quite a few transactions per month. Those who don’t may find a pay-as-you-transact account a better option.
BNP Paribas Current Accounts Product Offerings
Esprit Libre Référence
Those who find themselves established in their careers will find this account suitable. Furthermore, the account is available to those over the age of 25.
- Customers have access to the essential basics which are available on all current accounts.
- There are also additional services on this account that make it a little more exclusive.
- Furthermore, the features on the account depend on the debit card customers decide to go with.
- Customers choose between an Electron, Visa Classic, Visa Premier, or Visa Infinite Card. Issuance of these cards requires customers to meet certain minimum criteria.
- This account provides customers with additional security features that are unheard of on current accounts. These include insurances on specific items, such as theft or loss of cards and even front door keys.
- There is also an automatic life insurance portion that offers a EUR 3,000 benefit. This amount is used primarily to cover debt on the account first such as a negative balance or to settle an overdraft.
- Customers have access to an account balance message service.
- The cascade function on the account allows consumers to transfer funds to various savings accounts without hassle.
- Customers also have access to cashier’s checks and standing orders.
- Finally, the account provides a few optional extras customers may add to the account.
Esprit Libre Initiative
This is a great account for those between the ages of 18 and 24. It allows them to have access to the essential banking offers that make transacting a little easier.
- The customer chooses a card that will determine the level of the current account.
- Card options include Visa Electron, Visa Classic, or Visa Premier.
- Furthermore, the payment methods are secured with advanced security measures.
- Customers may apply for an overdraft facility to manage possible excesses on the account.
- They may also apply for a second debit card, which is at the same or lower level as the main card.
- Finally, these accounts are suitable for those who wish to open a joint account.
Esprit Libre Découverte
Teenagers who need a current account to help get them on their banking feet will find this account suitable. The account is designed for those between the ages of 16 and 17.
- The account can be signed up for by the legal representative of the child such as the parent or guardian.
- Customers receive a Visa Plus Card or the Myb’s Card.
- Furthermore, there is no risk of overdraft with the account, which means it won’t attract penalty interest.
- There is also an account balance messaging service as a free option.
- Finally, customers have access to the advanced security features which covers fraudulent use of the payment instruments. It also covers loss or theft of the customer’s identity documents or keys.
We recently did a review on the insurance range at BNP Paribas.
What We Like About the BNP Paribas Current Accounts
These are superb accounts for those who wish to have a simple approach to their banking. Furthermore, the bank offers private, priority, professional, and business banking to customers as well to ensure that a wide array of customers are satisfied.
The account information is easy to understand and there is sufficient information for customers to make a choice on the ideal account. There is also easy access to the pricing structures, which allow customers to make their decisions with all the information at hand.
Customers are able to get used to the workings of current accounts from a young age. The basic accounts offer incredible basics and customers have the added benefit of state of the art security features.
Finally, this is a great start to a banking relationship with the bank. Some of the accounts also offer top of the line insurance products on the account as basic features. This places them a few ranks above other banks in this category.
What We Don’t Like About the BNP Paribas Current Accounts
These accounts are designed to meet the needs of a variety of customers, however, there are two groups of customers who may benefit from additional exposure. The first is those who are under the age of 16, and the other the age group over 50. These accounts do not really meet their needs and can seem a little exclusive.
Also, pricing on the accounts is a little steep which could make them a little out of reach. This is especially true if other institutions are offering accounts a little more cost-effective.
Discover whether the Royal Bank of Scotland received a glowing review on their current accounts.
Critical Reviews Rating BNP Paribas Current Accounts – 9 of 10
Although we are a little dismayed at the lack of variety of this range of accounts, there are some massive positives we simply can’t overlook. The accounts provide customers with a few basics that are even unheard of on top-of-the-range accounts at other institutions. The features include stellar safety features that will allow customers peace of mind when they do their daily transactions.
The accounts also provide peace of mind on a different level, which is the insurance aspects offered on some of the accounts. This is not a usual occurrence on current accounts and is quite refreshing. There are also other basic features to the accounts that make them a bit more attractive to customers, such as the choice of card levels. These determine the level of accounts.
Finally, the accounts may seem a little pricey, however, customers determine the level of the accounts which could push the pricing up or down. Control remains with the customer which is why we are happy to grant a favorable rating.
Compare this review to the current account review of National Bank of Abu Dhabi.