A new name is emerging at the heart of the French banking sector: Distingo Bank, under the aegis of Banque Stellantis France. Formerly known as PSA Banque France, this financial institution is not a traditional bank and does not have a checking account offering. Focusing its expertise on savings, Distingo Bank offers the Distingo savings account, a non-regulated financial product that has received positive reviews from those looking for an innovative alternative to grow their capital.
Milesopedia guides you through the ins and outs of this savings option, to help you make informed financial decisions for the future.
Created in 2013, the Distingo saving account, which is not regulated by the government in terms of interest rates, offers a flexible investment opportunity, with a generous ceiling of 10 million euros. It is the ideal complement to your savings portfolio.
Under the aegis of Distingo Bank, this savings product is available to both adults and minors. It has also just seen its fifth rate increase in a year. Recently, the Stellantis Group subsidiary raised its rate from 2.8% to an attractive 3% gross.
This development stems from the reorganization of financial services within the automotive giant Stellantis, which continues to reverberate in the financial sector. In addition to the name change from PSA Banque to Banque Stellantis France, this transformation is accompanied by the launch of a new green term deposit by Distingo Bank.
The Distingo savings account is known for its ease of signing up, and offers an accessible and secure way to save money. As this is not a checking account, it is important to note that not all services normally offered by a traditional bank are available when subscribing to the Distingo savings account.
It is therefore important to combine a savings account with a current account, whether with BNP Paribas, Société Générale or HSBC France, or with a neobank such as Helios, Monabanq or Fortuneo Banque.
Until February 29, 2024, any online subscription request for a Distingo savings account includes a 4% gross annual nominal rate guaranteed for 4 months (subject to the savings account’s existence on December 31, 2024). After this period, deposits will earn interest at a gross annual nominal rate of 3%.
A bonus of 80 euros is also offered for every first savings account subscription; this will be paid out on October 2, 2024, provided the account is still open.
The interest rate on the Distingo savings account is not the most competitive on the market, but it’s still about average. By comparison, the Livret A, the Livret d’épargne institué au profit des travailleurs manuels and the Livret de développement durable et solidaire have nominal annual interest rates set at 3%. The interest rate on the home savings account, excluding the government bonus, is 2%.
In our opinion, the absence of associated fees is one of the biggest advantages of the Distingo Bank savings account. All major operations, such as subscriptions, deposits, withdrawals and closings, are free of charge.
Subscribers’ savings are guaranteed by the Fonds de Garantie des Dépôts up to 100,000 euros. The investment is therefore risk-free.
The minimum deposit to take advantage of the attractive welcome offer is just 10 euros.
Unlike some savings products, where funds are only available after retirement or when you buy your first home, the funds deposited in the Distingo savings account, and their interest, can be accessed at any time.
One of the greatest benefits of the Distingo savings account is that it is free. Opening an account is completely free, regardless of the amount invested.
In 2023, Distingo Bank announced the GREEN term deposit. It comes with a guaranteed annual return of 3.2% for a 10-month commitment. No subsequent payments are possible. At the end of the contract, the account is automatically closed and the capital and interest, after deduction of tax and social security contributions, are transferred to the corresponding savings account.
This account is only open to adults who already hold a Distingo savings account. Although there are no opening, ongoing management or closing fees, the minimum investment to open an account is 1,000 euros, while the maximum is 100,000 euros.
You can subscribe to the Distingo savings account online or by post. In both cases, you need to fill in a form and provide the following supporting documents:
You will receive an agreement confirming that your file is being considered once the application has been signed. To complete your application, you will be asked to make a bank transfer from a French checking account within a maximum of five working days.
In our review and that of our customers, the Distingo savings account has a number of advantages and disadvantages.
On the plus side, it offers an attractive rate of return (albeit a little lower than Cashbee and life insurance), making it a popular choice for those looking to boost their savings. What’s more, the subscription process is simple and accessible online, making it convenient for many savers.
Distingo Bank regularly adjusts its interest rates on savings accounts to keep pace with market trends, offering a competitive remuneration. Interest on the Distingo savings saccount is calculated on a fortnightly basis like regulated accounts, and is received at the end of each calendar year, provided the passbook is still open. Subscribers’ savings are guaranteed by the Fonds de Garantie des Dépôts up to 100,000 euros.
The absence of fees, such as subscription, deposit, withdrawal and closing charges, is also a major advantage.
However, some customers have experienced difficulties reaching customer service, with long waiting times and a lack of commitment and competence on the part of advisors. Furthermore, processing times for applications and banking transactions can be long. Where more and more banks offer free access to instant transfers, Distingo Bank can take several days to process a bank transfer.
If you’re looking for a way to optimize the return on your savings, we think the Distingo savings account is an attractive option. With its simplified account opening procedure, competitive interest rate and the possibility of subscribing to a green term deposit, it offers many benefits. It also helps finance consumer credit, thereby contributing to the real economy.
Finally, opening an account is completely free of charge, making it a risk-free option. Just bear in mind that a French checking account is required to open a Distingo savings account.
The Livret d’Epargne Populaire (LEP) is currently the most profitable savings account on the market. With an interest rate of 5% net of tax, it far outstrips the Livret A and LDDS, offering the best return for savers – provided, of course, that they are eligible for this type of passbook.
Distingo Bank is a brand of Banque Stellantis France, formerly known as PSA Banque France. The capital is equally owned by Stellantis Financial Services and Santander Consumer Finance.
PSA Banque is a brand of the PSA Peugeot Citroën Group, launched in 2013. It became Banque Stellantis France in the spring of 2023. As the group’s banking subsidiary does not distribute current accounts, subscribers do not need to change banks when they opt for the Distingo savings account.
Created in 2013, the Distingo savings account, which is not regulated by the government in terms of rates, offers a flexible investment opportunity, with a generous ceiling of 10 million euros and a 3% interest rate (lower than life insurance, but higher than other competitors). Subscribing is easy, and the capital invested is guaranteed by the Fonds de Garantie des Dépôts (FGDR), which indemnifies up to €100,000 per customer and per establishment. Subscribers are therefore protected.
In 2024, the rate on the Distingo savings account is 3%. However, note that Distingo Bank reserves the right to change the rate at any time, either upwards or downwards.
To close a Distingo savings account, the account holder must notify Distingo Bank of his or her intention to do so by registered letter, return receipt requested. This letter must be accompanied by a bank statement (RIB) in IBAN BIC format from an external account in their name. It is important to note that if the account holder does not have any other accounts with Distingo Bank (as in the case of minors), they have ten clear days after the transfer to download or print the documents stored in their account. After this period, the holder will lose access.
To open a Distingo savings account, you must be resident in France and hold a checking account with a French credit institution. From the moment the savings account is opened, it is essential to maintain your status as a French tax resident throughout the term of the account.
You can reach Distingo Bank customer service on 09 70 81 82 83 from Monday to Friday, 9 am to 7 pm, and Saturday 10 am to 5 pm, excluding public holidays.
Savings are here:
