Unsurprisingly, bank rates will start to rise again in 2024: this is the finding drawn from the annual study by the Financial Sector Advisory Committee (CCSF) published this Wednesday, February 28. After a relatively stable year 2023, “a large majority of bank rates” will increase in 2024, indicate members of the Bank Rates Observatory (OTB).
Under the supervision of the CCSF, the OTB combed through the grids of 100 establishments, 93 network banks and 7 online banks. Intervention commission, cash withdrawal, provision of a debit card, occasional branch transfer, account maintenance… Out of 14 products examined closely by the OTB, eight have increased thanks to the new price scales of banking establishments. The annual cost of account maintenance fees, for example, jumped by 3.01%, going on average from 20.60 euros last year to 21.22 euros.
Small and medium-sized customers, the most affected
“Another notable fact is that 76 establishments now offer immediate debit payment cards and deferred debit payment cards at the same price, thus reinforcing the price convergence underway for several years between these two products,” analyzes the CCSF.
According to the study, two clienteles in particular suffer from the increase: “small consumers” with a set of basic services (account maintenance fees, immediate debit card, etc.) who will pay on average 66.23 euros this year. And so-called “average” consumers (owners of a card with loss and theft insurance, a bank check every 10 years) who will see their bills reach on average 147.80 euros.
An expected catch-up
According to the consumer association CLVC, bank rates have increased from 2.5% to 3% this year. A rise which, however, remains to be qualified. First of all, of the 14 banking products studied, two saw their prices fall, and four stagnated. In addition, after the freezing of bank rates in 2023 under pressure from Bercy which was then trying to curb the effects of inflation, an increase had been expected for several months. Especially since the increase in the Livret A rate forced the banks to carry out a form of catch-up.
In addition, inflation, which reached 3.7% over one year last December according to INSEE, remained higher than the price increase, as highlighted by the French Banking Federation (FBF). “Banks continue to preserve the purchasing power of households through price changes, generally controlled, well below inflation,” the French Banking Federation reacted at the beginning of January to our colleagues from Echoes.
Still, the Panorabanques comparator speaks of the largest increase observed since 2017, with an average increase of 2.1% this year. According to the comparator, the average annual cost would amount to 225.20 euros for all consumers. A difference with the amounts published by the CLCV which is explained by the taking into account of incident fees which would represent approximately a third of the total bank fees.