Quick account opening, innovative payment services, attractive interest rate … if online “neobancs” do not lack assets to seduce, they do not all offer the same protection for your money.
Online “neobancs” have been on the rise for a few years. It must be said that they offer many very practical daily services and pleasant and easy to use mobile applications. And they often make it possible to open an account quickly and under advantageous conditions, where traditional banks are often more rigid and fate.
However, the term “neobank” is sometimes overused and covers very different realities. Because as recalled by the Prudential Control and Resolution Authority (ACPR) in A press release from April 4, 2024the terms “banks” and “credit institutions” are precisely defined by law. Thus the term “neobancs” is normally reserved only for legally approved banking companies.
Far from being a simple semantic rule, this qualification of “banks” has very concrete implications. In the event of bankruptcy or financial crisis, in France your money is partly protected by the Deposit and resolution guarantee fund (FGDR). However, some of these online financial institutions, some of which are very well known, are not real banking companies, and are therefore not covered by this system.
The FGDR also published, in September 2024, A detailed list of establishments benefiting from its warrantywhich makes it possible to distinguish several cases. First of all, the real approved online banks, which can therefore be legally designated by the term “neobancs”, as Fortuneo,, Purse Or Bforbankand which are therefore covered by the deposit guarantee.
Then, approved credit institutions, but not covered by the French deposit and resolution guarantee fund system, as Revolut Or Trade Republic. These establishments only benefit from the deposit guarantee system (SGD) of the country of their banking approval, such as Lithuania for Revolut or Germany for Trade Republic.
Finally, payment or electronic currency establishments, such as Qonto,, Nickel Or Lydia. Paradoxically, these new financial players are those who have the largest media coverage and who offer the least security in the event of bankruptcy. Indeed, they are not covered either by the French guarantee fund, or by another system for protecting deposits.
Before giving in to the marketing sirens and transferring all your accounts to one of these new establishments, therefore be careful and carefully study the real legal status of each. Because although they sometimes offer interesting practical services and financial products, not all offer the same level of warranty for your money.