Boost for savers as new savings ‘account gatherer’ due to launch in France

A new company offering easy access to interest-bearing savings accounts is due to launch in September, taking advantage of ‘account-scraping’ rules approved by the European Central Bank.

The rules were contested by banks, but pushed for by new internet-based companies.

They let account details from banks to be “scraped” by companies authorised by the account holder – allowing the development of services such as mobile phone apps, which show details of all accounts, including those held with different banks.

Now Swaive, which raised €2.2million in funding in July, is taking the concept further by proposing an app which offers the best savings accounts across a range of banks, allowing clients to choose which accounts to save in, and managing the account from the app.

It is aimed mainly at French residents who have reached the limit allowed for tax-free regulated savings accounts such as livret A, LDDS or LEP, and those without savings accounts who let their money stay in current accounts without earning interest.

Banque de France figures show livret A and LDDS accounts had a record €578billion in them at the end of May, and that €600billion sat in no-interest accounts.

Read more: Mortgage rates in France heading towards 3%

How account scraping works

Swaive founder Karen-Laure Mrejen said the firm’s app allows simple and swift transfer of cash to a selection of short and medium-term financial products, with no risk of losing the capital.

“French people do not like investing their money – they have an aversion to risk and limited financial culture,” Ms Mrejen said. 

“That is why we decided to focus on bank savings accounts.”

When it is launched, customers will be able to open a Swaive account and then choose which of the accounts from different banks they want to put their savings into.

Details and simulations of the interest rates on each account offered will be available from the app.

Most of the accounts will offer instant access and transfers, but a few will be fixed-term accounts, where typically you have to give a week or a month’s notice before making withdrawals.

“It is a way that people can be assured their money is safe in a bank,” said Ms Mrejen.

Swaive has obtained accreditation as a financial broker and will act as a middleman between partner banks, who will pay Swaive a commission for new customers obtained this way, and its users.

At the moment, it has no direct competitors in France, but a German start-up called Raisen has a similar app, launched in 2023, and now claims to have helped place €57billion.