2024-01-07 04:00:00
To share your expenses and savings, the joint account is a suitable solution to facilitate the management of your joint finances. It allows each account holder to carry out banking transactions, transfers, withdrawals or payments. But what is the cost of this management in France, by 2024?
The different types of bank fees for a joint account
While it is more than likely that we will see banks apply an increase in their fees in 2024, you should know that they can apply several types of fees to a joint account:
Traditional management fees
Among the recurring costs of French joint accounts, we can cite account maintenance fees, which represent the sum requested by the banking establishment to ensure the day-to-day management of the joint account.
Although this practice is tending to disappear in order to counter competition from online banks, some traditional establishments continue to charge for this service. These costs can range from a few euros per month to several tens of euros each year.
Today, bank cards (Visa or Mastercard) are generally made available free of charge by online banks for joint account holders, while some may still charge at traditional banks.
Fees related to payment incidents
Authorized overdrafts are also subject to commissions and interest levied on the amount of the excess or the use thereof. The rate generally varies between 6% and 14%, accompanied by an intervention commission of around €8. Additional charges arise when a direct debit or check is rejected, once more with pricing often different depending on the bank chosen.
Cost of complementary products and services
Depending on the specific needs of each joint account holder, additional services can be purchased from the bank, such as:
- Spouse protection insurance in the event of death resulting from the loan guarantee;
- Home and auto insurance;
- International travel insurance;
- A dedicated wealth management service.
These services are generally billed in addition to the operating costs of the account and can represent several hundred euros per year depending on the coverage chosen.
Fee differences between traditional banks and online banks
The trend towards the democratization of online banks, most of which offer free opening of joint accounts with little or no ongoing management fees, is pushing traditional establishments to review their pricing. We can therefore expect a drop in costs in the coming years.
It is also essential to compare joint offers from the best providers in order to benefit from the best services at the right price, because there are significant disparities both among online banks and among those with a local network.
Several criteria for choosing your bank
When selecting your banking institution for a joint account, do not hesitate to take into account:
- Conditions of obtaining : minimum savings amount, monthly income of holders;
- The quality of customer service : availability, listening, personalized advice, etc.;
- Specific services offered such as automated management of your common expenses;
- And of course the global cost services rendered through the various fees charged.
Projections for 2024
Even if it is difficult to predict exactly how much the management fees for a joint account in France will cost in 2024, we can still put forward several hypotheses:
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