Savings plans are an integral part of the customer’s journey to financial freedom. It provides those first few steps customers need to get them off the ground and then on the road to building wealth. Furthermore, savings accounts also provide customers with the opportunity to set aside money for future goals, as opposed to merely just relying on debt to meet these goals. The Credit Agricole Savings products allow customers a vast array of options to meet their objectives. This review takes a closer look to determine whether customers are receiving real value for money.
A bank that can take a leaf from this book, is DBS Bank with their savings range.
About Credit Agricole
Credit Agricole was first founded to assist the farming communities to meet their banking needs. During those times, funding was very difficult and assistance from government and the national bank were often required. The bank opened its doors to the public in 1885 for the first time.
During the early 1900s, the bank managed a minor expansion effort, however, was curtailed slightly by the two World Wars that followed. After the wars, it took some time for the bank to experience bursts of growth again. Thanks to an increased need for saving immediately after the wars, the bank increased its customer base and growth was on the cards again.
In 1963, the bank was able to fund its own reserves and in 1963 became fully self-financed. Full financial autonomy soon followed, but there were still limitations to the operations as the bank was still not under the ambit of the Banking Act. Finally, in the eighties, this took place. Growth and expansion then led to the establishment of overseas branches.
In 2008 it all came crashing down for Credit Agricole and many other banks in the world. The subprime mortgage scandal affected many banks across the world and had a dismal effect on many economies. Banks were forced to seek assistance from government and Credit Agricole was no different. They requested a bailout. The financial trauma for the bank didn’t end there. The Competition Authorities in Brussels have opened cases against the banks it feels are responsible for price fixing the Euribor. Credit Agricole was one of these banks and if found guilty, may have to pay a fine of EUR 114 million.
Different Savings Accounts for Different Needs
Savings accounts provide customers with a means to park off their surplus funds until they’ve reached their goals. A savings account is also one of the first ways for customers to enter the financial world. This is because savings accounts are often easy to open and cheap to maintain.
Single Payment vs Multiple Payment Savings
Customers who have a lump sum they wish to deposit into a savings account will find the single payment options more suitable. These tend to carry slightly higher rates thanks to the higher deposit amount. With these types of accounts, customers also have the option of a fixed or flexible savings account.
Multiple savings accounts provide customers with the means to save monthly or quarterly in order to build up their reserves. This is a handy means of saving for those who struggle to commit to saving on their own.
No Risk vs Risk
Many banks make a clear division between their risky and their no-risk savings plans. Some call the risky savings accounts investments in order for customers to have better clarity on the product on offer. It is important that customers determine their appetite for risk beforehand to ensure they’re in the right product.
Credit Agricole Savings Product Offerings
This is a simple savings plan for those who wish to build up a nest egg. Furthermore, this account is accessible to everyone.
- Customers enjoy a guarantee on their capital of 100%.
- Furthermore, the funds are available at any time and no penalties are charged.
- The account enjoys a competitive interest rate and the interest on the account is not taxed.
- Also, there are no charges on the account.
- Customers who have this account, can’t already hold a Livret A or Livret Bleu account.
- There is a minimum opening deposit of EUR 10, and a maximum of EUR 22,950.
- Finally, the account requires installments from EUR 10.
Compte Sur Livret
Customers enjoy a flexible account that carries no fees on payments and withdrawals. Furthermore, this is a secure savings account.
- The account provides 100% capital protection at any time.
- Also, customers can access their funds at any time.
- The compensation on the account is competitive and variable.
- Furthermore, the account carries no charge.
- The account requires a minimum opening deposit and installment of EUR 10.
- There is no maximum investment on this account.
- Finally, interest on the account is taxable.
Livret De Développement Durable Et Solidaire
Customers enjoy an account that is committed to sustainable development. Furthermore, the funds are guaranteed.
- Savings remain available to customers at any time and there are no penalties.
- The capital is 100% guaranteed.
- Customers enjoy a competitive and variable interest rate.
- There are no fees on the account.
- Furthermore, the interest on the account is not taxed.
- A requirement is that the account holder has a tax residence in France and does not already hold an LDD.
- The minimum opening deposit on the account is EUR 10, and also the minimum installments and withdrawals.
- Finally, there is a maximum investment amount of EUR 12,000.
Compte Sur Livret
Customers who have a passion for agricultural projects will find this account quite suitable. Furthermore, the account provides flexible savings conditions.
- This account provides the means to solicit the funding for the facility in agriculture or a person of the customer’s choosing.
- The capital protection is 100% at all times.
- Also, the capital is available at any time without penalty.
- Customers receive a competitive interest rate.
- There are no fees levied on this account.
- Finally, the interest on the account is taxed.
Livret D’Epargne Populaire
Customers enjoy a tax-free savings account that provides a competitive interest rate.
- The account provides capital protection of up to 100%.
- Also, the funds are accessible at any time without penalties.
- Furthermore, customers enjoy a competitive rate that is also variable.
- Finally, there are no fees and no tax charged on the interest.
Livret Jeune Mozaic
This is the ideal account for those between the ages of 12 and 25 who reside in France.
- Customers enjoy a high and competitive interest rate.
- Furthermore, customers can save their funds without worrying about their accounts getting blocked.
- The account provides 100% capital protection.
- Also, customers have access to the funds at any time without impact.
- The interest payable on the account is variable and can change.
- Customers are required to open the account with a minimum of EUR 10. The payments and withdrawals are also EUR 10.
- The account can accept a maximum deposit of EUR 1,600.
- Finally, there are no fees or taxes on the account and the interest.
Customers enjoy a high-interest rate for their children. Furthermore, the account is opened for the child as early as birth.
- The account allows access to the funds at any time.
- Also, the account grows with the child and is available until the age of 12.
- The account requires a minimum deposit of EUR 10. The minimum withdrawals and payments are also EUR 10.
- Finally, the account can accommodate a maximum deposit of EUR 1,600.
There is no age restriction on this account. Customers can save at any time and the savings also count towards local initiatives.
Plan Epargne Logement
Customers who wish to purchase real estate in the future will want to have access to this account.
- This is a savings account that supports a future loan.
- Furthermore, customers enjoy beneficial tax conditions.
- Also, it offers 1% to the customer’s savings excluding state premium. It offers up to almost 2% when customers sign up for a home savings loan.
- The capital enjoys 100% protection.
- Customers have access to the funds at any time.
- There are no fees levied on the account.
- Finally, the interest is taxable if it doesn’t meet the tenure requirement.
Compte Epargne Logement
This is a home savings account that remains flexible.
- Customers enjoy a beneficial rate of return, plus a state return in the event of a loan.
- Furthermore, the savings are available anytime.
- The account provides advantageous terms on Home Savings Loans.
- Finally, the funds are guaranteed and there are no charges on the account. Customers should also discuss the taxation exemption conditions.
There is also a recent review on the Current Accounts offered by this bank.
Critical Reviews Rating Credit Agricole Savings – 10 of 10
Once again Credit Agricole wows us with an impressive selection of accounts. The accounts provide customers with the means to get their savings off the ground while providing competitive interest rates. Those who wish to deposit a lump sum will have a suitable product for that, and those who would rather save on a monthly basis have that option too.
In conclusion, the bank offers a number of accounts for members from all walks of life and at various stages of their wealth creation journey. A perfect score is a natural decision with this product range.
See how this range compares with the savings accounts offered by Wells Fargo.