Savings accounts are the starting point for anyone who wishes to build up their reserves. Without savings, consumers find it very difficult to enter a place of wealth. This is because savings offer that buffer that allows some financial freedom when it comes to making decisions. It is also the ideal means of putting funds away for specific events such as big celebrations or large purchases. BNP Paribas Savings Accounts offer customers some variety and will also encourage them to save. This review tests the products and measures them against products from around the world.
A savings range that leaves much to be desired is the one offered by Wells Fargo. Discover why we're less than thrilled with their offering.
About BNP Paribas
Originally established in Brussels in the early 1800s, the bank soon found itself as one of the biggest banks in France. There are three historical legs to BNP Paribas as we know it today and these all played a significant role in the establishment of the bank. Furthermore, BNP Paribas is known as the bank that strengthened the Anglo-French ties. The bank now spans a wide network across the world, providing service to millions of customers. It also happens to support the initiative where digital banking replaces the traditional cash route.
Why Learning How To Save Is Critical to Financial Freedom
There are many consumers across the world who find the balance between their income and their debt to be in favor of the debt. This tends to leave very little room for savings, which may cause financial problems down the road. To create the gap between spending and saving, consumers will need to knuckle down and start small. When they manage to achieve this, they can create space for savings. But why would they want to go through all that hassle in the first place?
Savings Creates a Buffer That Debt Often Has To Fill
When debt is the first option to resolve an emergency financial situation, it will be hard to get out of the cycle. With the added premium of the debt, consumers will find it difficult to create space to save. When consumers have emergency savings, they don’t have to worry about paying hefty installments on an event that has already passed.
Savings Accounts Often Lead To Investments
Once consumers have built up their savings, they can move on to bigger things such a investments. The rule of thumb is not to invest out of need but from a position of surplus. It is also important that consumers don’t invest their emergency savings.
Regular Savings Create A Sense of Financial Discipline
There is nothing better than looking at a budget, comparing it to the bank statement and knowing that the finances are managed well. This is often achieved once consumers get into a regular habit of checking their expenses and putting money away for a rainy day. This also allows them to create some space for a shopping spree without the added interest of a credit card.
Finance Is Great But Can Cost A Ton
There are some loans that are difficult to get around such as mortgages and car loans, but having savings makes it a little easier. Consumers are recommended to save up a down payment towards their car or home to make the obligation a little less. These savings should be over and above the regular emergency savings to cover anything that may crop up later.
Customers who prefer to have a look at the current account range instead, can have a look at the recent review.
BNP Paribas Savings Accounts Product Offerings
Livret A Savings Account
Customers who like the thought of earning interest they don’t have to pay tax on will find this to be a suitable option. Furthermore, there is a competitive interest rate offered on the account.
- This account does have an account maximum of EUR 22,950.
- Customers have the peace of mind that the account is 100% secure and always available.
- The account allows deposits and automatic transfers. Customers may also decide the amount they want to deposit into their account.
- Finally, customers are limited to one Livret A.
Sustainable Development Livret
This account offers a competitive interest rate with a balance limit of EUR 12,000.
- Customers have access to their funds at any time and the account is secured.
- The account allows customers to choose the method and amount of their deposits.
The ideal account for those who simply want to save as much as they want to and at any time. Furthermore, customers receive a generous interest on their savings.
- Customers enjoy a guaranteed return with this account.
- There is no risk with this account, which means funds are 100% secure.
- Furthermore, the account has no fees on deposits and withdrawals.
- The account only requires a minimum opening deposit of EUR10.
- Finally, customers may open the account as a joint account.
Vacation Savings Account
Customers who wish to make the most of their savings and vacations will want to consider this account. Furthermore, the account also attracts a competitive interest rate.
- The account allows customers to make deposits as they need. They also have immediate access to their funds.
- There is no maximum limit on the account.
- Furthermore, customers may benefit from exclusive offers from a vacation partner through this account. This could result in low-cost vacations without having to compromise on comfort.
- Deposits and withdrawals don’t incur any charges on the account.
- Customers may open the account with as little as EUR10.
- This account can be opened as a joint account.
- Finally, the funds are 100% secure and there is no time limit on the account.
Innovation Savings Account
This is the ideal account for entrepreneurs to save for their business dream. Furthermore, customers enjoy an attractive interest rate.
- The ideal account for the student who has entrepreneurial aspirations.
- Customers enjoy an interest rate far more favorable than most accounts.
- There are also various options to choose from where added extras are concerned. These are designed to help students along with their business efforts.
- Finally, students will also enjoy the support of BNP Paribas.
Livret Jeune Savings Account
Customers between the ages of 12 and 25 will find this the ideal way to get their savings plans started. Furthermore, this account provides an above-average interest rate.
- This account has a guaranteed interest rate.
- There is a limit of EUR 1,600 on the account.
- Furthermore, all funds are secured and clients can save their funds for as long as they wish.
- Customers also have the option to choose between discretionary or automatic deposits and they may deposit at any time.
- Finally, customers may make withdrawals anytime they wish, however, a parent may need to be present.
Popular Livret Savings Account
This is the ideal account for consumers who are based in the lower tax bracket. They also have access to a very competitive interest rate.
- Customers may save up to EUR 7,700 in this account.
- Furthermore, this account is insured which means customers can recover their capital plus interest.
- The account also carries certain tax advantages, such as a tax exemption of up to EUR 15,400.
- Finally, customers may add to the account manually or through automatic transfer.
Livret A Baby
This is the ideal account for parents who wish to save for infants aged under a year. Furthermore, the funds are available at all times.
- The account enjoys a very competitive interest rate.
- Customers also receive a welcome gift of EUR 15 and a soft snuggly toy when they open the account. This is while offers last.
- The funds are 100% secure and accessible at any time. Customers may save for as long as they want in the account.
- Finally, clients may add funds when they wish or through automatic transfer.
Home Ownership Savings Plan
This is a fixed-term savings plan that assists future home buyers to save up for the property of their dreams. Furthermore, these funds can be used for home improvement, purchase, or construction of the property.
- Customers earn a guaranteed interest rate on this account.
- There is a maximum deposit limit of EUR 61,200.
- Also, this account is only subject to income tax after 12 years.
- Customers can save at their own pace and there is a minimum of EUR 540 per year.
- Furthermore, the account requires an initial deposit of EUR 225 when they open this account.
- The account enjoys a guaranteed rate excluding the insurance for a loan of up to EUR 92,000.
- There is also a government premium of 1% capped at EUR 1,000 on any loan of EUR 5,000 or more.
- Finally, this government premium limit can be raised to EUR 1,525 when customers invest in low-energy homes or ecological amenities.
Home Ownership Savings Account
With this account, customers may have access to a mortgage loan to finance home renovation, purchases or construction. Also, customers enjoy a guaranteed interest rate payment.
- At the end of month 18, customers may apply for a loan with a favorable rate.
- This loan can be used for construction, purchase, or improvement.
- Finally, the savings premium is granted by the state. This premium is equal to half of the earned interest on the account.
We also did a review on the insurance products offered by BNP Paribas.
Critical Reviews Rating BNP Paribas Savings Accounts – 9 of 10
With an impressive range such as this, it’s hard to imagine that the bank suffers the loss of a point. This is something we toiled with for a while but in the spirit of fairness, had to relent. The accounts are perfect and offer the option to save to a wide variety of customers. Not only is there an account for the average consumer, but also a great variety for children and youth as well. The interest rates are competitive and the opening deposits very affordable.
The loss of the point was due to the fixed savings options. For some reason, this area is grayed out on the website. This means that variety is suffering slightly and the only fixed term savings available to customers are those offered for mortgages. When further information on the fixed savings becomes available, we may reevaluate the rating.
Savings accounts seem to be a passion for the French. Discover whether Credit Agricole managed to beat this rating.