Dear All,
Just wondering if any of you knows how much would cost to close a UBS account. I could not find any info and I would avoid to ask directly to the bank since I am not sure yet.

Moreover, on my name I also have a UBS account with the money for the deposit of my rented apartment. Do you know - if I close the main account - what will happen to that deposit account? Is that considered indipendent?

I know that the easiest way would be to ask the bank... but I would avoid if I can until I am not completely sure.

Thanks for your help
Moon

Why ? UBS should be used to people closing accounts by now...,

Lets be perfectly honest unless you have zillions, the UBS is probably not too concerned . You house deposit is under another account as it is jointly controlled by you and the owner or representative of the apartment, ie separate issue.

I wish I had millions! I imagine they are used to it, but I am new to Swiss Banks and I do not know what their reaction could be....

Good for the house deposit. As far as they do not make me pay any monthly fee on that I can keep it with them. I am just scared of the monthly fee of 10-20 CHF that I pay on my current bank account.... it is just too much.

Thanks Charlie
M

If you pay 10-20 CHF per month for a UBS account, you're definitely paying too much. That's what they charge for a complete package with personal/savings/fisca accounts, debit cards (maestro), e-banking, and a standard credit card with all the usual extras for international use (travel insurance, etc). If you don't want/need all that stuff, they do offer cheaper services.

Yep, the first year was free and then - once finished the offer - I realized how expensive it is. I would need some of the services they offer - not all - but I am better off with Postfinance, it is cheaper - if not free - and it has even a bit higher rate of interest for saving.

If you signed up for a deal you will need to check the termination clause on what you signed up to. Since your maestro cards are issued yearly, then the deal possibly continues yearly unless you cancel before it rolls over.

Maesto cards always seem to cost me CHF 40 per year. I was looking at the Bonvita deals Credit Suisse sent me yesterday and it just seems too expensive unless you want their credit card as well. For the gold card with a decent limit it is CHF 35 a month. I too would like to close my UBS account but it just too darn convenient to pay my bills and make transfers at their multimats. According to Saldo magazine, UBS is the cheapest if you have more than 10k since they waive the account keeping fee and bill payments are also free.

My husband and I pay 15chf a month at UBS which covers our credit cards, savings accounts, joint account and personal account. The only thing we pay extra is to takeout money internationally or to transfer to an international account...but even that has changed and only costs 15r.

sorry that's for both of ours so 15 a month in total

With UBS, just keep 10k in the account and it's free.

that's interesting as we were told that was the condition of getting the services for 15chf a month!

You're still talking about different things here - 15 CHF is the cost for a UBS family package, with all the stuff I mentioned for two persons. A single UBS account is free once you have enough money on it. And no matter what bank you use, cards always cost money; either up front, or via silly fees when you use them in the wrong ATM or in the wrong country.

I suggest dropping by your nearest office and discuss what services you really need, and what they would cost you, so you have a correct figure to compare with when you go shopping for alternatives.

About myself, I would need: debit card, credit card, saving account, e-banking, making a payments online per month.... sometimes withdrawing from abroad and in Switzerland from other than UBS cash machine. So a single UBS account would not be enough.

At the moment - for the amount of money I have on the account - it costs me around 10 per month with UBS (it is a package, though) plus a cost for the credit card yearly WHILE it would be free of monthly charge with Postfinance - for the same amount of money - and then I would pay slightly less for the credit card yearly. At least this is what I could see searching on Postfinance Website.... I will go and check directly with them.

I will also check in my old contract with UBS the termination clause. Hopefully, something will be written there.

Go for the Post. You get free debit card, cheap credit card, free account if you have enough money on it. If your total asset is greater than 25k CHF you don't pay any commission to withdraw from non-Post ATMs.

Cantonal banks also offer similar conditions to the Post, but most likely don't provide correspondence in other languages than their own, while Postfinance offers all the swiss languages plus english.

UBS at the moment is the worst bank for the conditions and the interest rates. I closed/I'm closing accounts at UBS and I haven't paid anything.

First of all treat your bank that same as the Coop or Migro, they are just providing a service and if you don't like what's on offer, go else where there are plenty of other options.

Next, before you do leave UBS, contact them and explain why you are about to leave and see what they have to say.

Following this line, any time I see fees on my statement I ring up and complain about it, this often results in the amount or a partial amount being credited back to my account.....

Good luck,

Jim

Thanks all for the great suggestions. I'll let you know what happens once I have time to go/call the post/bank.

never close a bank account especially here. you never know when you might need one and they are much more difficult to open then to close.

Never?

Well, I don't think I can justify paying CHF 15 a month just to have an account with UBS.

Yep, actually I would not feel like keeping it open and with minimum amount of cash so to pay at that point 20 CHF per month. Though, I could check with them if I can change "my package account" into a simpler and free of charge (or similar) account...

Can't anyone open a deposit account here? With ID and proof of where your dosh came from why should it be a problem?

It depends on the institution. If you don't live in Switzerland or a neighboring country, the Swiss Post won't let you open an account.