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Lydia, the super-app that could soon replace your bank

Today, Lydia offers a range of comprehensive banking products and services. From the current account through savings, (micro) credit or investment in companies and cryptocurrencies, it brings together all the functionalities to meet the general public.

If Lydia has become known with the exchanges of money between individuals, it has since largely evolved its offer to become one of the most popular financial applications of the moment. By regularly adding new features, it is opening up to an ever wider audience. At the last score, more than 5.5 million users would have downloaded its application.

Payment card, micro-credits, remunerated savings, trading or even jackpots with friends, Lydia covers all aspects of everyday finance. With just a few clicks on their smartphone, users can manage their money easily and inexpensively. Alongside the free version, two paid subscriptions offer a response tailored to the most regular users.

A range of banking services

Faced with the many neo-banks and other fintech coming from abroad, Lydia has built a coherent offer that meets the needs of all French people. Younger people are particularly comfortable with the application since a third of the generation of 18-35 years old would use the service. More than a tool for repaying friends, Lydia is establishing itself as an alternative to traditional banks.

Historically, payment between friends is the feature that brought Lydia to the forefront. Once the user has funded their balance, they can then repay those around them easily. Conversely, he can also solicit other users of the application to obtain a refund. In the continuity of this service, Lydia imagined joint accounts popular with couples, roommates and travel friends alike.

Whatever formula the user chooses, by default he has access to a current account with a French IBAN. This is a key element that the German neo-bank N26 or the British Revolut do not offer. With Lydia, you can easily activate direct debits or pay a salary into this account.

Lydia account features
Lydia account features © Lydia

For those who have money dormant on their application, there is no question of leaving it idle. Lydia set up a remunerated savings account which offers a return of 0.6% (against 0.5% net currently for the Livret A…) on the capital. To take advantage of it, nothing could be simpler: just transfer your money from the current account to the passbook with a single click. At the moment, Lydia is boosting the rate to 2% for the first 3 months.

In response to the new foreign brokers who have come to France, Lydia introduced a new feature in December: trading hundreds of assets. Among them, we find the largest American and French capitalizations, ETFs and crypto-currencies. With 2.5 million beginner or seasoned investors in France – many of them young – French fintech has scented the right path.

Which formula to choose?

Faced with the boom in internet banking services, Lydia has devised three complementary formulas. After having long capitalized on a free offer, it has since released two new formulas: Lydia Blue and Lydia Black. The latter respond to an audience more mobile adept and more regular on the service. Over time, users have a tendency (and interest) to migrate from the free version to the paid versions.

If the majority of the services mentioned above are available with the free version, the latter is however limited on payment. In this case, users will not receive a payment card by default. They can order one (paid) and then make up to 20 payments per month for a maximum of 1,000 euros.

For those who want to make Lydia a regular payment solution, it will naturally go to the formula Lydia Blue (4.90 euros per month). The latter allows you to make unlimited free payments, up to a limit of 5,000 euros per month. Three withdrawals are included up to a limit of 250 euros. Note that the bank card is customizable and will be delivered free of charge.

Discover Lydia Bleu

Finally, the formula Lydia Black would almost give you the privileges of a Visa Premier. In addition to the significantly higher limits (50,000 euros per month for payments and 1,000 euros per month for withdrawals), you benefit from a concierge service by SMS as well as all kinds of travel insurance (delays, cancellation, loss of luggage, etc.) and medical assistance abroad. If you travel regularly, this formula at 7.90 euros per month is an excellent compromise.

Discover Lydia Noir

For its three offers, Lydia has chosen transparency, simplicity and price competitiveness. Everything is displayed explicitly, so you won’t have the fear of hidden charges appearing on your statement. Transactions are reported in real time on the application – another guarantee of confidence.

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