Did you know: one in three French people has several bank accounts. In France, no law prohibits the possession of several current accounts. In fact, in some cases, this is recommended! Whether it’s a personal or professional reason, I’ve listed everything you need to know about this process here.
Opening a bank account is a very common operation with banks. Today, financial institutions offer several offers to simplify this task. Once the contract has been signed, you will have at your disposal all the means of payment as well as the RIB to manage your account. But is it possible to open a second account? The answer is yes ! It is quite possible to have several current accounts. French law allows you, in fact, to open as many current accounts as you wish, whether in physical banking establishments or online banks.
Yes, you can open several current accounts in the same bank.
It is also entirely possible! In this case, it is a process called multi-banking.
Here are the steps to open a second bank account:
As you will have understood, you have the possibility of opening a second bank account in the same bank or in a different bank. It is still imperative to find the bank that will best meet your expectations. To do this, here are some points to consider:
Once the bank has been chosen, you can go to the second step: fill in your personal information to open your second account. Generally, you must indicate: surname, first name, date of birth, contact details and professional information.
To open a second bank account, you must send supporting documents including: your identity document, your proof of address, the RIB of your bank account and proof of income.
The last step for opening a bank account is to make the first deposit. A minimum amount is sometimes required by the banking institution of your choice. Always remember to check the conditions imposed by the banking establishments.
If so many French people choose to open a second bank account, it is because it offers many advantages:
One of the reasons why it is recommended to open a second bank account is to be able to benefit from other free services. You can, for example, have a first bank account in a physical bank branch and a second account in an online bank. Thus, you can have: absence of account maintenance fees, reduced fees or no fees for transfers abroad, free bank card, transfers by SMS, etc.
Having two bank accounts also implies having two bank cards. This advantage is particularly useful for several reasons. For example, it will allow you to limit the risk of blocking the credit card if the ceilings are exceeded. Depending on the conditions of use of the bank card, you can also benefit from more suitable rates abroad.
By opting to open a second bank account, you can also take advantage of other services: mobile payment, instant transfer, mobile application, etc.
Opening a second bank account is also an effective way to better manage your budget. You can, for example, dedicate an account to current expenses (shopping, transport costs) and a second account for fixed charges (rent, loan, electricity bills).
By opting to open a second current account with two different banks, you will also have two different customer services. In some banks, customer service is available at longer hours.
Be careful, having a second bank account can also have some disadvantages. Before making this decision, it is imperative to fully understand the risks:
If having two current accounts will allow you to better manage your fixed charges and your current expenses, you also have to be a little more picky. In particular, you should always keep the amount of your balances in mind. Since you have two bank cards, you need to know exactly which one to use so you don’t get overdrawn. However, this management is the same if you have several booklets A or many scholarships. To remedy this, you can use a bank account management application.
As you can imagine, having two bank accounts also has another disadvantage: the price. Indeed, opening a second bank account means that you have to pay all the associated bank charges again: such as account maintenance fees or the banking package. Depending on the case, this financial burden can be significant.
In some banking institutions, you must pay fees for unused credit card or inactive account. The risk to take when you choose to open a second bank account is to have an inactive bank account.
If you are wondering if it is possible to have several passbook accounts, know that it is possible to have several current accounts in a single or in several banks. However, it is not possible to have various A booklets. And for good reason, the account is free of charge and the interest paid is exempt from income tax and social security contributions. In addition, the use of the booklet A is limited. You can, however, combine the booklet A with other savings accounts such as a sustainable development and solidarity booklet.
There are many reasons for opening a second current account. However, in some cases, opening a second bank account is mandatory:
If you plan to start a business, you are required to open a business bank account separate from your personal current account. This second account will then be dedicated to your professional activity. It is mandatory to deposit your share capital and to be able to register.
If you are self-employed or a micro-entrepreneur, you do not have to open a second bank account to collect your income. On the other hand, you are obliged to create an account dedicated to the activity of your company if your turnover has exceeded an amount of 10,000 euros for 2 consecutive years.
Sometimes, opening a bank account is also advisable for personal convenience. It is, in particular, more comfortable to have a specific follow-up, if you have a mortgage. If you travel regularly, having a second online bank account may also be more interesting.
Would you like to have a joint account with your spouse? Opening a second current account in the same bank can also be interesting. In this case, the bank can offer you certain commercial advantages, such as the free bank card, for example.
If cost is a drawback, there are a few techniques to limit bank account fees. You can, for example, choose advantageous bank offers. Consider, for example, competing for the best rates.