Online banks are cheapest - study

BANK charges in France vary according to age, sex, salary and location according to a study by the comparison site Panorabanques.com

The variations are based around the average cost of owning a bank account in France, which Panorabanques.com found to be €191 a year.

It found that online banks are four times cheaper than mutual banks such as Caisse d’Epargne and Crédit Mutuel with an average €45 per year.

Mutual banks are the most expensive with an average €202 in charges per year, followed by chain banks like BNP Paribas and Société Générale with €185 and then insurance banks like Axa and Groupama with €120.

The study noted a 15% variation between the highest and lowest charges across different regions of France, with different regional charges within the same banking group.

The least expensive regions of France for bank charges are the Ile-de-France, Pays de Loire and Franche-Comté where average annual payments are €185.

At the other end of the scale are Brittany, Languedoc-Roussillon and the Midi-Pyrénées where charges are around the €200 mark.

Other findings are:

- Women pay slightly more than men (€194 compared to €185)

- People aged 18-24 pay €165, while those aged 35-49 pay €201.

- Those earning an average €1,500 per month pay €189 while those earning €3,000 pay €200.