SG (Société Générale) VS LCL: which is the best traditional bank?

Traditional banks are still widely popular in France despite the meteoric rise of online banks and neobanks in recent years. To verify that the first mentioned are still at the level, we compared two French giants, namely SG and LCL. Let’s see which one is doing the best in 2023.

It’s a new bank duel that we offer you today and this time, we’re going to do it in the traditional way. On the one hand SG (formerly Société Générale) and on the other LCL (very formerly: Crédit Lyonnais). We made them compete on three key criteria of online banking, namely the account opening procedure, card prices and finally the quality of the mobile application.

Societe Generale vs LCL: account opening

Like what Boursorama Banque offers, Société Générale offers a more open registration and account opening model from the web platform and even the application, which was not the case a few years ago. years, when you had to go to a branch to open an account with an adviser. Once the subscription form has been completed, you will be asked to provide the supporting documents which will serve as the first verification of identity. The second step, which serves as validation, is more restrictive, because it requires an exchange by videoconference (or via appointment in a branch) with a bank advisor. However, this step is exclusive to Sobrio accounts. Digitally, everything can be done from the application or the bank’s site, and by appointment. This is a rather disturbing point which denotes with the rest of the online banks which do without this kind of interaction.

If the opening of an account at LCL is mainly done in a more traditional way, the bank has for some time been offering bank accounts accessible online. The procedure and the customer journey are similar to those that can be found at other traditional banks such as BNP or SG for example. You will need to provide a few documents in addition to your identity papers, such as a tax notice dated less than three months. Once the account is opened, you still have to wait between one to two weeks before receiving your card, where some neobanks are much faster on this procedure.

On this round, we did not prefer to give a point as the procedure for registering and opening an account is identical from one bank to another with the disadvantages of traditional banks.

Societe Generale vs LCL: card prices

With its card offer accessible online called Sobrio, Société Générale generally offers the same prices and conditions as a traditional online bank. The Visa Evolution card is available from 6.20 euros per month, the Visa Classic card is at 6.90 while the VISA Premier card is at 13.90 euros per month. We can only advise you to orient yourself towards this offer if you intend to make Société Générale your main banking establishment. Only the Kapsul offer comes close to what an online bank can offer with a card accessible at only 2 euros per month, but without real advantages, especially with regard to managing your money abroad.

KapsulSobrio (Visa Evolution)Sobrio (Visa Classique)Sobrio (Visa Premier) Price2€/monthBetween 18 and 24 years old (3€/month)
Between 25 and 29 years old (€5.76/month)
Over 30 (€7.20/month) Between 18 and 24 (€3/month)
Between 25 and 29 years old (6.32€/month)
Over 30 (€7.90/month) Between 18 and 24 (€13/month)
Between 25 and 29 years old (14.90€/month)
Over 30 (€14.90/month) Initial depositNoneNoneNoneNone Type of debitImmediate debit Immediate debit Immediate debit Immediate debit Income conditionsNoneNoneNoneNone Payment ceiling€1000 per month€1300 per month (over 30 days)€1600 per month (over 30 days) €3100 per month (over 30 days) Withdrawal limit€300 per week€300 (over 7 days)€500 (over 7 days)€1500 (over 7 days) Account opening and closingNo feesNo feesNo feesNo fees

On the cost side, it should be noted that the bank does not have an internationally oriented offer. If you plan to travel and make payments abroad, you will therefore need to subscribe to an international option in addition to the classic price of the card. Note, however, that none of these offers an initial deposit request, or even income conditions.

For its part, LCL offers a wide (too wide) range of bank cards. This even goes as far as the Visa Infinite card, which is only distributed in a few “accessible” banks. The latter is offered at no less than €29.95/month, but in reality offers few more advantages than for a Premium card at Boursorama Banque or BforBank for example, which limits its interest and outside the ceilings. withdrawals and payments. The other cards are as for them.

VISA Cléo LCLVISA Premier LCLMastercard Platinum +Visa Infinite LCL Price€3.90/month
€1/month for students€11.90/month€18.75/month€29.95/month Type of debitImmediate or deferred debitImmediate or deferred debitImmediate or deferred debitImmediate or deferred debit Income conditionsnonenonenone Payments abroad€1.20 + 2 .85% of the operation outside the Euro zone€1.20 + 2.85% of the operation outside the Euro zone€1.20 + 2.20% of the operation outside the Euro zone€1.20 + 2.20% of the operation outside the Euro zone Withdrawals abroad500€/ 3days

€3 + 2.80% of the operation outside the Euro zone

FreeFreeFree Payment limit€2,500/month€15,000/month€12,000/month€50,000/month Withdrawal limit€500/3days€3,000/3days€2,000/3days€3,000/3days Opening and closing an accountNo feesNo feesNo feesNo fees

The offer thus consists of nine cards and different types of accounts, the offer being not very visible at a glance, it is therefore necessary to look at the services of each account to find the one that best corresponds . We are far from the simplicity advocated by the majority of online banks and neobanks on the market. LCL is still carrying around its heritage as a traditional bank and has no intention of opening the door to an offer that is easier to access.

On this point, we preferred the more “online banking” approach of SG with its Sobrio card offer, which overall offers more attractive rates and advantages than at LCL.

For more information, you can consult our complete opinion on Société Générale.

Societe Generale VS LCL: applications

The Societe Generale application (available on iOS and Android) is very complete, has many features and above all is visually successful. We still tend to get a little lost looking for specific options, but overall it’s a very good banking app. For example, we appreciate the fact that it acts as an aggregator to be able to consult all its accounts from a single application and make transfers more easily.

The home page shows us a gauge allowing a better visualization of the state of its finances at a glance, the latter is also configurable. The application also takes into account the opening via fingerprint on the security side. Finally, on the mobile payment side, you have to be content with Paylib and Apple Pay (VISA only) where many other online banks have already integrated Google Wallet.

The LCL application finally underwent a major overhaul in 2022 with the adoption of a new version incorporating the bank’s visual codes. We find ourselves there quite easily with an interface modeled on certain neobanks. However, it must be admitted that this only allows very few original options outside of the City Store (cashback tool). Transfers, management of ceilings, opposition to the card (but without temporary blocking) and requests for checkbooks are about the only options available in addition to the global visualization of its accounts. In addition, payments and withdrawals are not debited immediately and require a delay of 24 hours before being taken into account.

On the other hand, and this is rather a good idea, the application includes a chat which allows you to take steps directly with your bank advisor in a secure space. We also have the right to biometric authentication, via fingerprint sensor or with Face ID on Apple devices. Moreover, LCL is only compatible with Apple Pay and Paylib to pay for purchases with your smartphone.

On the subject of the application, we could not really decide to bring out a natural winner. The SG app is quite clean and comprehensive, but lacks a bit of responsiveness, while the LCL app interface is better, but lacks advanced features.

Verdict

From an accounting point of view, it is the SG who wins this duel of banks, in particular thanks to its Sobrio card offer, which has everything from the best online banks on the market. On the other hand, LCL does not have to be ashamed of the comparison thanks to its application finally at the level.