Can the experts in this forum share their experiences with regard to Post finance bank Vs kantonal bank?

Would appreciate inputs on both of them regarding safety point of view, flexibility/ease of operation, customer service (especially when the preferred language is English).

What is the general advice mainly from stability/safety/service point of view - which one is preferred (pros and cons)

Opinions are welcome!

When I came here, I set up a Post acct. right away although I reall do not use it. They told me for the first 3 months, either I cannot use my card at the stores, or I cannot use it at the ATM. I forgot which. The Swiss family I live with told me it was the same at all banks. Whether that is true or not I do not know. Just something to consider.

Been using PostFinance for 3 weeks now, and am quite happy. Took 15 min to set up (speaking German, as the branch on Rennweg in Zurich didn't have English-speakers just then..?) Got my debit card 8 days later, and have used it in stores and ATMs (poor LaurenM!). I had considered the Kantonal Bank since they seem simple and no-frills, but my impression online was that PF would be more likely to offer the few "frills" I do like: online bill pay, multiple denominations, and cheap ATM access when abroad. In truth, the Kantonal bank may offer those things too, but my online digging didn't turn up much (for all the banks I looked at!).

Another reason I'm happy with my choice: I'm used to having a basic account for free, and at least in Zurich, everyone charges 2fr (or more) per month. However, PF reduces that to zero if your savings (eDeposito) and basic accounts add up to 7500 CHF.

UBS reduces your charges for 10k assets.

The problem with PostFinance is they don't give you a Maestro with an "L" permit...

Ahhh... That is where my problem lies. I only have an "L" permit. Maybe that is why I have to wait.

Hmm... maybe I should inquire at UBS.

Be it the cantonal, UBS, CS or Postbank. The services they offer are more or less the same - okay you get a yellow card with the postbank, it is only in the charges and the actual level of service you see differences and then it varies by location! Have you considered coop bank - they are not bad and are cheap. As far as coverage is concerned UBS and CS stand out along with the Postbank. The kantonal banks are not quite national in their coverage and the services offered can vary depending on where you are...

It also depends on the level of assets you have. If you have a reasonably large pot of money then you will find a UBS or CS most helpful!!!

Thanks Richard for your very useful reply.

I was asking for your opinion more in terms of safety/stability considering the present global subprime/bank crisis. Especially after reading this article .......... http://money.cnn.com/news/newsfeeds/...3-22839654.htm

Considering the above, in your opinion which bank is more safe?

Hi , I have just opened a similar Post account , based on a recommendation from a friend . I am also thinking of opening a foreign currency account ( in USD ) and was wondering if I could deposit USD cash into this account , at a post office ? Any advice welcome .....

No, it seems you can only do that with Euros. Check out the prices and conditions brochure.

Note: I was at Postfinance today and they said they have an action, if your salary is switched to PF this month, you get 150 CHF in return. You need the form from a branch, and send it back before end Feb. I cannot find this offer on the net by the way.

What kind of amount would you guys describe as "large pot of money"?

Five gallons.

How much would that be in Metric units? Are we talking liquid gold? LOL

Seriously I have been searching and reading bank related threads and people keep saying that UBS are good if you have large amount of money sitting in your account. At what point does the amount approach largeness? 50k, 100k, 200k, 300k...1million?

... my pot is half empty

You mean it's half full

no, am hungover ... half empty today

Postfinance has a new option called the Plus set. You can combine all accounts in one set, which is free if together, they have 25k on average per month. Your deposits in private accounts, E-deposito (savings) and foreign currency accounts all count. Pillar 3a does not. You also get free ATM withdrawals at any bank in CH or abroad with the plus logo.

I know it is a lot more than the 7.5k but this way you do not need to keep that amount in each foreign currency account for example.

How exactly are they "good"? They called to tell us that we were not earning very much interest and that we should invest in their products for a "better" return, but nothing was guaranteed. "so, let me get this right" I said, "you are telling me that you have crap interest rates?". I then tranferred all the money out.

I've been with Zürcher Kantonalbank for something like 15 years now.

On the whole, the service is good and the charges, interest etc competitive. It also gets you lots of additional benefits such as reduced price tickets for cultural events, entrance to the zoo etc, all of which I make frequent use of and probably save 100 to 200 franks a year.

Counter staff are also normally very helpful (I have run into one or two exceptions, but fortunately they didn't last long in that job). The call centre is also generally good.

One down side though is that the bank is somewhat inflexible when it comes to handling the out of the ordinary. I had some problems with my credit card some years ago and the credit card company were saying it was the bank's fault and the bank was saying it was the credit card company that was being difficult. As a customer I don't want to know whose fault it is but I want it fixed and the people on both sides didn't want to understand that. I can't 100% say whether the bank was at fault though.

I don't have Postbank experience though so can't compare.

I don't know of any banks that provide good returns on savings accounts these days. They are all trying to push you into more high-risk portfolios. You can't beat them. You can only join them, or live with getting low interest (or maybe take your money abroad, but that's a different topic).

When you open account consider also how your situation may look in next 5 years.
Postfinance will be very strict when calculating your credit score - would not do much out of what they offer.

Credit-Suisse or UBS would provide you different solutions and options for your needs.

When I arrived here only one bank (Credit S.) offered to open up account without permanent address - as I was staying in hotel for 2 months looking for flat to rent.

Some time later I got personal assistant - that I can call and he does all things for me - whatever I need my bank to do it's one call away - no paper work , queues or anything . Taking (super-jambo) mortgage was just as easy as negotiations can go - two competetive offers and I got what I wanted - nothing signed with a blood - agreement was good enough to get into my house .

When my Maestro card did not work anymore in Italy - I got new one 24h later delivered by DHL !

When I need double my credit card spending limit - it's one call to bank - no more 'you need gold/platinum/super card to have that limit' - card is card - doesn't matter what it looks like at the end of the day ;-)

However to get that service you must be long time with a bank - so they are sure you stay as customer.

PostFinance or Kantonal banks usually have lower costs for accounts while higher costs for other stuff (USD account,investment account,other). Services are limited or at additional charge.


good luck
h.