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-   -   Switching bank - who is best? (https://www.englishforum.ch/finance-banking-taxation/274517-switching-bank-who-best.html)

Enohzee 11.09.2017 15:21

Switching bank - who is best?
 
Hi all,


After 2 years of paying UBS 10CHF per month for the privilege of having an account with them, it's time to switch to a free / cheaper option...


I called UBS and they will close the accounts for free which is nice. Just need to send the form to them with all of the details of where to send the funds, etc.


I'm looking at Postfinance as a good alternative. Free to have a debit account if you have >7500CHF of assets. Can anybody recommend any other better bank?


I'm thinking to keep my current pillar 3a with UBS, and then open any others with Postfinance later. I've heard it's good to have more than one account to have 'staggered' withdrawals later. Does anyone know any reason to not keep the 3a and open another? With UBS, it will be free.


Thanks for any valuable advice :)

jonkeele 12.09.2017 10:33

Re: Switching bank - who is best?
 
One thing worth looking into are the charges for using a post-finance card with other bank's atms - I believe the charges are quite high.

Enohzee 12.09.2017 10:52

Re: Switching bank - who is best?
 
Quote:

Originally Posted by jonkeele (Post 2845514)
One thing worth looking into are the charges for using a post-finance card with other bank's atms - I believe the charges are quite high.

Thanks for the post.


That seems to be the only main difference... I don't use ATMs a lot and prefer to pay by card everywhere possible.


Also I think less places accept postfinance than others (visa/mastercard/maestro), so I may need to get the postfinance credit card for 50.- a year aswell, or a card with a different bank...

jonkeele 12.09.2017 11:00

Re: Switching bank - who is best?
 
Quote:

Originally Posted by Enohzee (Post 2845533)
I may need to get the postfinance credit card for 50.- a year aswell

I guess it will probably sum up to less than 120CHF/year, but I would say considering a few charges for using ATM + 50CHF for a credit card + some other features might take you close to 10CHF/month UBS charge in the end.

drkarthiks 12.09.2017 11:06

Re: Switching bank - who is best?
 
If you have more than 25k in assets, you might want to get their PF plus account. It will give you free withdrawals in all ATMs in Switzerland and abroad. Otherwise, their normal account is pretty good.

The Postfinance credit card pays for itself if you use it a lot. They have a bonus feature (0.6% first year, 0.3% after that) which gives you enough money to pay for the card and then some more. :)

Enohzee 12.09.2017 12:28

Re: Switching bank - who is best?
 
Quote:

Originally Posted by drkarthiks (Post 2845547)
If you have more than 25k in assets, you might want to get their PF plus account. It will give you free withdrawals in all ATMs in Switzerland and abroad. Otherwise, their normal account is pretty good.

The Postfinance credit card pays for itself if you use it a lot. They have a bonus feature (0.6% first year, 0.3% after that) which gives you enough money to pay for the card and then some more. :)

Thanks for the tip - I hadn't seem the PF plus account but it sounds decent :)

drkarthiks 12.09.2017 12:35

Re: Switching bank - who is best?
 
Quote:

Originally Posted by Enohzee (Post 2845620)
Thanks for the tip - I hadn't seem the PF plus account but it sounds decent :)

A quick note - you might still get charged if the other bank charges you - like in the US, they charge you 3 USD irrespective of whether your own bank gives you free withdrawals or not. But, this is applicable to all banks :)


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