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-   -   Postfinance done with free accounts (https://www.englishforum.ch/finance-banking-taxation/287231-postfinance-done-free-accounts.html)

Dr Mick 14.10.2018 13:10

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Chuff (Post 3002303)
Eek, really?

1) No English language services.
2) Online banking is nowhere near (not even in the same ball park) as mature or user friendly as PF.

You really think a 60chf yearly charge is worth making your life more difficult out of some misguided principle that they shouldn't charge anything despite it being standard in the Swiss banking industry? It's like shooting yourself in the foot for the sake of something that in the end is, realistically, financially immaterial.



How about UBS? I think their package includes a credit card, which you have to pay at PF (at least 60 CHF/year I believe).
I am not an UBS customer, but I think the monthly fee is partly offset by discount you get, e.g., for Migros.
Can anyone confirm that?

JoeUK 14.10.2018 13:34

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Dr Mick (Post 3002356)
How about UBS? I think their package includes a credit card, which you have to pay at PF (at least 60 CHF/year I believe).
I am not an UBS customer, but I think the monthly fee is partly offset by discount you get, e.g., for Migros.
Can anyone confirm that?

I had both Visa and Mastercard for no additional charge witha monthly fee of 10-20CHF depending on asset levels. Switched to PF a while ago.

Enohzee 14.10.2018 15:06

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by robBob (Post 3002288)
What 1.7 % fee?

All funds have a management fee, most even higher!

“Most even higher” - you must be referring to mutual funds here in switzerland. In the US/UK, 1.7% is extortion.

(Anything over 0.07%, the usual price of an ETF, is usually extortion anyway, but some very few fund managers may be worth their salt - definitely not Postfinance or UBS!)

Urs Max 15.10.2018 09:45

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002048)
Which bank are you switching to next year? Any good ones with euro accounts?

You'll have to do your own research as the costs will depend on your needs. I suggest you check out Raiffeisen, including how the costs would be influenced by being a member of the cooperative. The latter also brings rebates on certain museums, concerts, mountaintop trains, etc. Now that their statutes no longer mandate a personaly liability of up to 4k for members whenever necessary, there's no longer a risk associated with being a member I'm aware of.

freeworld 15.10.2018 21:14

Re: Postfinance done with free accounts
 
Besides pf, I have Raiffeisen private plus: no account fee; 40 CHF per year for a mastro card.
It also has an "account card" (Kontokarte) without an annual fee. This card can only be used at Raiffeisen ATMs.
The mastro card comes with member plus benefits; the account card does not.

Phil_MCR 15.10.2018 21:52

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by freeworld (Post 3002890)
Besides pf, I have Raiffeisen private plus: no account fee; 40 CHF per year for a mastro card.
It also has an "account card" (Kontokarte) without an annual fee. This card can only be used at Raiffeisen ATMs.
The mastro card comes with member plus benefits; the account card does not.

UBS had something similar, IIRC. If you drop the maestro card and go for the account card, you can save some chfs.

i anyway have separate free credit cards (2x prepaid from revolut and TW and one post-paid from migros) so i can avoid the expensive bank credit cards.

now i look for an online bank without fees for basic transactions.

Enohzee 16.10.2018 10:39

Re: Postfinance done with free accounts
 
FYI:

I contacted PF and can confirm it’s free to close an account.

I’ll probably stick with UBS for the timebeing and look for another free account...

shadowguy 17.10.2018 00:18

Re: Postfinance done with free accounts
 
I do wonder if any of this has to do with the administrative costs for US clients flocking to them (including myself :) ). I did see a thread at one point quoting numbers that were not insignificant.

I have an American colleague who is happy with our local Kantonalbank, living in a village I've found my German is better than I thought so I may check them out. Their E-banking solution, "Universalkonto E CHF" is free. https://www.akb.ch/private/bezahlen/...alkonten#e-chf

I see from the Zürcher Kantonalbank's site their basic "Privatkonto" is 12CHF per year. https://www.zkb.ch/de/pr/pk/zahlen-s...ivatkonto.html

Ace1 17.10.2018 09:39

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by jacek (Post 3002180)
More important question is if they are also willing to adjust an interest rate on savings account which already seats at 0.0% in order to ease the pain. Even mediocre positive bugger all move would do :(

It's English, Jim, but not as we know it.

GenevaSculler 17.10.2018 09:41

Re: Postfinance done with free accounts
 
Just to note PF is also still free if you have a mortgage with them.

jacek 17.10.2018 09:51

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Ace1 (Post 3003385)
It's English, Jim, but not as we know it.

Maybe I fall into to the wrong age group :msnsarcastic:

https://www.postfinance.ch/en/privat...est-rates.html

Sultan of Swing 17.10.2018 09:52

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by freeworld (Post 3002890)
Besides pf, I have Raiffeisen private plus: no account fee; 40 CHF per year for a mastro card.
It also has an "account card" (Kontokarte) without an annual fee. This card can only be used at Raiffeisen ATMs.
The mastro card comes with member plus benefits; the account card does not.


I second Raiffeisen, member benefits are great.

LuganoPirate 17.10.2018 12:16

Re: Postfinance done with free accounts
 
I'll also recommend Raiffeisen. And you can have a Euro account with a Euro debit Maestro card, though they do make a small charge each time you use it.

Easiest way to close an account is to first open a new account, transfer everything out bar 1 Franc. The tell them you're closing the account.

SarcasmXXL 17.10.2018 13:58

Re: Postfinance done with free accounts
 
I still find postfinance as a good option and will stick to it, of course now to have free account one must have 25K+, which can be tricky for some and simple for others who have pillar 3 for more than 4 years.

Postfinance was and I guess in future as well will remain as good banking option. Good service, simple online interface, low charges (baring new rates) and also flexibility to get money from post office.


Quote:

Originally Posted by ivank (Post 3002048)
Now that postfinance showed the middle finger to small time savers I'm considering to return them the favor

Which bank are you switching to next year? Any good ones with euro accounts?


Wisconsinite 17.10.2018 18:32

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by SarcasmXXL (Post 3003498)
I still find postfinance as a good option and will stick to it, of course now to have free account one must have 25K+, which can be tricky for some and simple for others who have pillar 3 for more than 4 years.

As far as I understand from the link, there are no more free accounts (unless you have 25K+ invested in stocks with them or have some other products like life insurance or mortgage).

JoeUK 17.10.2018 19:15

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Wisconsinite (Post 3003595)
As far as I understand from the link, there are no more free accounts (unless you have 25K+ invested in stocks with them or have some other products like life insurance or mortgage).

From Jan.

doropfiz 17.10.2018 20:39

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by robBob (Post 3002298)
Not so good as one might believe.

https://www.moneyland.ch/en/privateAccount/list

Sure one gets a free Maestro card.

But its only free to use at a Migros ATM.

With a MigrosBank card, cash withdrawals are also free at any Migros shop/supermarket, which makes the network considerably more comprehensive than just the MigrosBank ATMs.

Jaceq 20.10.2018 17:02

Re: Postfinance done with free accounts
 
Btw. Anyone uses CA NextBank? They have a 'account pack' which is totally free if you account balance is >20 000 chf... With free Maestro card and free withdrawals in all Swiss ATMs.
https://www.ca-nextbank.ch/en/en/ban...el-detail.html

CA itself is a huge bank so I am not concerned about safety there too much.
Any opinions? Seems a interesting option.

AmericanEagle 20.10.2018 20:38

Re: Postfinance done with free accounts
 
Yes, how about Credit Agricole Nextbank? Anyone is already with them? How's your experience? I'm thinking about switching to them from PostFinance.

jacek 01.11.2018 18:07

Re: Postfinance done with free accounts
 
Has anyone tried to move the Pillar 3a from PF to another bank? Is it even remotely close option to do so?


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