-
‘Round up’ banking enables people in France to save without realising
The method is seen as a way for shoppers who might normally struggle to save to build up extra cash
-
Is it better for partners to have a joint bank account in France?
There are rules to consider about who owns the funds and what happens if the couple separates
-
French bank to close dozens of Britons' accounts citing Brexit
Regional caisse in south-west blames complicated post-Brexit rules and measures to stop money laundering
French banks that round up cents on purchases and send to savings
Many online banks and apps offer this ‘pain free’ way of saving - we look at how it works
Most people in France (80%) put their savings into a state-regulated Livret A bank account, but it is not the only way to look after the centimes.
Many online banks and apps now offer customers round-up services, known as arrondis.
They allow the change from smaller purchases to be deducted and put into a savings account.
For example, a €2.50 coffee could be rounded up to €3 and €0.50 set aside. Done regularly, it can soon become a tidy sum.
Read also: France will keep Livret A savings rate the same for next 18 months
Round up method with a twist
Most apps round up the purchases to the nearest euro, but there are exceptions.
LCL customers can increase it to €5, and even split their savings between their account and a charity.
Ma French Bank also offers the chance to give to a good cause, as well as a choice of saving options.
Customers can either have up to €5 saved from purchases over €15, or set a percentage.
Plum users can automatically add an extra euro to the amount rounded up.
N26 allows users to multiply what they round up by one, two, three or five times.
Banking app Ismo does things slightly differently. Each Monday, if you have accumulated at least €5 in rounded-up savings, it takes that money and invests it.
If you do not meet the €5 threshold, it rolls to the next week.
Related articles
Tips for reducing your bank charges in France
Are you eligible for France's tax-free 6% interest savings account?
What are comptes à terme and why are they popular in France?