German online-only bank Fidor was founded in 2009, expanding into the United Kingdom in 2015. The bank was opened as an attempt to restore customers’ confidence in banking with a strong customer focus that extends even to customers helping to shape the way the company works.
Fidor’s motto is ‘Banking with Friends’, and this informs all their services. Fidor believes that traditional banks are failing to keep up with the needs of their customers, especially digitally, and is planning to build ‘the bank of the future’.
Fidor was acquired by Groupe BPCE but continues to use its original name and branding.
The bank has more than 300,000 customers in Germany and offers those customers a full portfolio of retail and business banking products. In the UK, the product offer is more limited but there are plans to expand in the future.
Fidor Products and Services
Fidor current accounts are free to open and customers can sign up using a video identification process in minutes. The account uses a digital Mastercard, but customers can order a physical card if they wish.
Customers can also open a savings bond, which allows money to be invested for a fixed term and earn a fixed rate of interest for that term. Unlike traditional banks, the term is dictated by the customer, which means the customer also decides their own rate of interest. Customers can deposit anywhere from £100 to £100,000.
In order to open a savings bond, customers must have a Fidor current account, but the bond has no monthly fee.
Fidor recently partnered with Nutmeg to add investment opportunities for its UK customers. An online banking platform that allows customers to take up investment opportunities and manage their portfolios. Customers can begin investing with as little as £500.
Fidor has won several awards, including ‘Global Growth Company’ at the 2015 World Economic Forum.
Fidor has a dedicated security team working to keep customer accounts safe – detailed information on how this is achieved is available online, alongside information for customers on how to keep their information confidential.
Fidor Bank Contact Details
Brienner Straße 9 Amiraplatz 80333 München Germany