Savings accounts are critical to those who wish to improve their personal financial position. These accounts provide consumers with access to earning some interest on their funds. Furthermore, savings accounts are easy to open and simple to operate. They’re suitable for young and old and are often reasonably priced. The Societe Generale Savings Accounts range provide consumers with choice products and may just enjoy a great review when pitted against some of the biggest ranges in the world.
Find out how this range compares to some of the best in the world, namely those offered by Credit Agricole.
About Societe Generale
This is a bank that has stood the test of time and persevered through history’s toughest events. These include the World Wars, recessions, and even depressions. With solid financial principles and a good client base, the bank is now regarded as the third biggest bank in France, thanks to a massive asset holding. With such a rich history, customers enjoy the benefit of modern and traditional banking to keep their finances in order.
How to Spot the Ideal Savings Account
There are a large number of savings accounts out there and all of them promise to be the best. Consumers are recommended to look for the best option which will suit their pocket and give them the best possible return. Discover some pointers that will make finding the ideal savings account simple.
Compare Interest Rates AND Service Fees
It’s not enough to just know the interest rate payable on savings, it’s also important to find out whether there are any service fees on the account. This could include a monthly account fee or fees for withdrawals.
Find an Option That Meets Individual Needs
Sometimes accessibility is not necessarily something that customers want. Those who don’t want access to their funds for a period of time may want to consider term options in order to build up some capital for a specific future event. In this case, it’s important that the emergency funds are not used to fund this account, as these funds need to remain accessible.
Go With Reputable Institutions That Can Offer Guarantees
This is crucial for those who don’t want any risks with their funds. Savings accounts are usually guaranteed with no risk, however, it’s up to the customer to research whether that particular institution offers this. It’s also important to go with reputable institutions as those who can’t back their claims with guarantees may cause their customers to suffer losses. Established institutions with a clear track record ensure customers hold onto their capital a little longer.
The bank also offers an insurance range and the full review is available.
Societe Generale Savings Product Offerings
Housing Savings Account
The ideal solution for those who wish to save towards their dream properties. Furthermore, customers enjoy a mortgage at a competitive rate with this loan.
- Customers are able to make deposits of up to EUR 15,300 in this account.
- The funds remain available to customers at all times.
- Furthermore, this is a state-assisted savings account which encourages consumers to save up for properties.
- There are no fees or penalties for early withdrawals.
- Also, customers are able to make regular or once-off payments to the account.
- The regular payments start from EUR 75 per month.
- Customers enjoy a competitive interest rate.
- Finally, customers are required to pay income tax on interest earned.
Accounts on Livret
Customers who wish to have a flexible and free savings pocket will find this one ideal. Furthermore, the funds are guaranteed.
- The account allows access to the funds at any time without penalties.
- Customers also enjoy a competitive interest rate.
- This account is also available as a joint account.
- Finally, customers are allowed to have more than one of these accounts.
Solidarity Savings Service
Customers who wish to make a difference can donate all or part of their interest to 1,2, or 3 charities of their choosing.
- This option allows customers to choose the savings plan of their choice. They also get to decide the percentage of interest that is disbursed.
- The capital of the savings account remains intact.
- Furthermore, the interest payments are made once a year and are based on the earnings of the previous year.
- Finally, there is some tax relief on this account.
Housing Savings Plan
This option allows customers to save regularly towards a future property and also gain rights to a loan which guarantees a good rate from the beginning. Furthermore, this rate is from start of the finance for the property.
- Customers can make scheduled payments from EUR 45 per month. The plans tend to run for at least 4 years.
- There is also the option to make once-off payments up to the allowed maximum and extend the plan to 10 years.
- This account also provides a competitive interest rate.
- Finally, the interest earned is subject to income tax.
Find out whether Societe Generale's mortgage range met the mark.
Banking Savings Plan
Customers who require something unique will find this account suitable. It is a mixture of a term account and a passbook account to provide customers with the best of both worlds.
- This account allows customers to build up their savings over a period of 8 years. During this period, they enjoy a fixed remuneration guarantee.
- After the 8-year period, the account converts to a regular savings account where customers have access to the funds at will.
- Furthermore, the capital is guaranteed the rate of return fixed for the 8-year period.
- The first payment required is EUR 150 and thereafter customers can make monthly payments of at least EUR 50. The limit in this account is EUR 100,000.
- There are early withdrawal penalties on this account and no partial withdrawals are allowed during the 8-year period.
- Finally, the account carries no fees on payments.
This account is the ideal savings vehicle for those between the ages of 12 to 25 years old. Furthermore, the interest earned on this account is entirely tax-free.
- The account allows a maximum savings of EUR 1,600.
- Customers have access to the funds at all times.
- Finally, customers are able to make regular deposits into the account or as a once-off deposit.
Societe Generale Savings Account Plus
Customers who don’t need to access their funds for a period of 6 months, will enjoy a higher interest rate. The account also provides a competitive interest rate.
- This account provides customers with a loyalty bonus which is added to the account in the 7th month.
- Furthermore, the interest earned on this account is subject to income tax.
- Customers have access to their funds at all times without the hassle of penalties.
- Finally, customers can choose to make regular contributions or once-off payments.
People Savings Booklet
This is the ideal solution for those who fall within the required tax perimeters.
- Customers enjoy a higher interest rate.
- The account allows a maximum saving of EUR 7,700.
- Finally, customers can access the funds at any time and also make regular or once-off contributions.
Sustainable Development Booklet
This savings account is ideal for the socially and environmentally conscious. Furthermore, customers can make contributions at their own pace.
- Customers enjoy a competitive interest rate.
- The interest is exempt from income tax.
- A maximum of EUR 12,000 is allowed in the account.
- Finally, the capital is guaranteed and there is no risk to the client.
Customers who want to have a simple savings account that is a natural extension of their personal account will find this ideal. It is the ideal account to keep emergency funds separate, while still having access to it in need.
- This account is suitable for both adults and children.
- Customers enjoy a competitive interest rate on their savings.
- There is a maximum limit of EUR 22,950 on the account.
- Also, there is no income tax payable on the interest earned on the account.
- Customers can open the account with as little as EUR 10.
- Payments and withdrawals can be made from EUR 10 per transactions.
- Finally, customers have access to their funds at all times.
Critical Reviews Rating Societe Generale Savings – 9 of 10
It’s rare that a range like this doesn’t enjoy a perfect rating, as it offers customers an incredible selection to choose from. It encourages consumers to save and may even provide some competition in the market with its favorable rates. There are also options for youth and children which will teach them the importance of saving from a young age. These accounts also allow customers to make financial contributions to causes that they care about.
So why the 1-point drop in rating? Although there is a massive range, it caters mainly to those who have the discipline to leave the funds untouched until they require it. There is only one option to those who require something more fixed, which only provides a term option of 8 years. This makes it difficult for those who lack the discipline to stick to their savings, which means they will most likely fall back on loans.
A few more options in this range, or the option to choose a term and its accompanying interest will undoubtedly afford the bank a few more customers.
Consumer loans are an option for those who are cash-strapped and Societe Generale offers an impressive range.