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Old 06.09.2019, 10:22
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Free bank account. Does it exist?

Hi all,

I'm currenly with Post Finance.
  • I just use it for my salary to be transferred and paying bills (1 incoming and 2-3 outgoing transactions per month)
  • I dont use the bank card and dont need a credit card.

Is there a bank account that any of you is aware of and I dont have to pay anything for these services only?

Currently I pay 5chf a month which I would like to avoid. I know it's not much but coming from the UK, I am not used to paying account management fees

(PS: I've been with Santander in the UK and I dont pay a penny for anything; They have got my money so I guess that's good enough for them!)
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Old 06.09.2019, 10:31
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Re: Free bank account. Does it exist?

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Hi all,

I'm currenly with Post Finance.
  • I just use it for my salary to be transferred and paying bills (1 incoming and 2-3 outgoing transactions per month)
  • I dont use the bank card and dont need a credit card.

Is there a bank account that any of you is aware of and I dont have to pay anything for these services only?

Currently I pay 5chf a month which I would like to avoid. I know it's not much but coming from the UK, I am not used to paying account management fees

(PS: I've been with Santander in the UK and I dont pay a penny for anything; They have got my money so I guess that's good enough for them!)



Yes, you just need to deposit and keep around Chf 50k in your account.
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  #3  
Old 06.09.2019, 10:40
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Re: Free bank account. Does it exist?

I have got 50K but they still charge me. They said I needed assets and accounts dont count as an asset. Asset to them is buying shares, etc. which I have got not clue about.
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Old 06.09.2019, 11:44
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Re: Free bank account. Does it exist?

https://www.cler.ch/de/
or
https://www.neon-free.ch/en/

FOR EUR denominated account:
https://n26.com/en-ch/
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Old 06.09.2019, 11:48
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Re: Free bank account. Does it exist?

I think PF recently changed their policy and no longer offer free accounts (unless you invest in shares/etc. through them as you mentioned).

Most banks charge here. PF is one of the cheaper ones. I read than BCV may offer free accounts, could be worth a look.

If you have 50k, your bigger concern may be interest rates. Although they are all extremely low here in Switzerland, 5CHF per month equates to paying 0.12% per year of 50k CHF.
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Old 06.09.2019, 13:03
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Re: Free bank account. Does it exist?

UBS offers some banking packages that seem expensive at first but on which you can offset the monthly costs to 0. You get a discount if you have 10k+ of assets (includes savings in accounts) and then you get points on your credit card spending that you can use to offset the fees. We have one and is virtually free this way.
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Old 06.09.2019, 13:20
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Re: Free bank account. Does it exist?

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I have got 50K but they still charge me. They said I needed assets and accounts dont count as an asset. Asset to them is buying shares, etc. which I have got not clue about.

You need to have CHF 25'000 in investment assets (e.g. mutual funds, 3rd pillar, shares, etc.) to avoid the monthly fee. As you said, the cash on your current account is not taken into account when calculating the threshold.

https://www.postfinance.ch/en/privat...count-chf.html

If you a 3rd pillar account in another bank, maybe it's an option to transfer it to PF?
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Old 06.09.2019, 14:26
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Re: Free bank account. Does it exist?

I need proper statements so that I can use it for my tax return. I am not sure mobile services would provide me that. They look like Revolut to me.
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Old 06.09.2019, 14:27
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Re: Free bank account. Does it exist?

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UBS offers some banking packages that seem expensive at first but on which you can offset the monthly costs to 0. You get a discount if you have 10k+ of assets (includes savings in accounts) and then you get points on your credit card spending that you can use to offset the fees. We have one and is virtually free this way.
This.

My UBS account is free so long as it stays above 10K, which often it doesn't cos I keep buying stuff...
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Old 06.09.2019, 14:29
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Re: Free bank account. Does it exist?

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UBS offers some banking packages that seem expensive at first but on which you can offset the monthly costs to 0. You get a discount if you have 10k+ of assets (includes savings in accounts) and then you get points on your credit card spending that you can use to offset the fees. We have one and is virtually free this way.
they charge 5chf for every incoming transaction for savings accounts.
If you go for a normal account then you dont get any benefits but you still pay 5chf a month.
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Old 06.09.2019, 14:30
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Re: Free bank account. Does it exist?

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This.

My UBS account is free so long as it stays above 10K, which often it doesn't cos I keep buying stuff...
Can you tell me which account that is? It says 5chf account management fee..
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Old 06.09.2019, 14:31
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Re: Free bank account. Does it exist?

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I need proper statements so that I can use it for my tax return. I am not sure mobile services would provide me that. They look like Revolut to me.
All Swiss banks, online or off line, automatically provided a tax statement at the end of each year. With online you will need to print this out, but these are totally accepted by the tax authorities...
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Old 06.09.2019, 14:37
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Re: Free bank account. Does it exist?

ZKB charge CHF12 per year*:

https://www.zkb.ch/de/pr/pk/zahlen-s...ivatkonto.html

If you get all communication, inc statements, electronically...
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Old 09.09.2019, 10:34
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Re: Free bank account. Does it exist?

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they charge 5chf for every incoming transaction for savings accounts.
If you go for a normal account then you dont get any benefits but you still pay 5chf a month.
The banking package I was talking about includes both a current account and a saving account (at the minimum). There would be a 5chf charge if you make payments direct from the savings account (and other restrictions like nr. of withdrawals, etc), yes, but all you need to do is to transfer into the current account and pay from there to avoid the fees....
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Old 09.09.2019, 10:48
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Re: Free bank account. Does it exist?

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Can you tell me which account that is? It says 5chf account management fee..
It's just the current account. They do charge a CHF 5 monthly fee unless you are over CHF 10,000, plus have all your docs on e-banking, etc.

I've had the same account since I arrived in Switzerland years ago so perhaps they don't offer the same conditions any more.

You are best to ring round or visit (in person or online chat) a few banks and see what they can offer you.
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Old 09.09.2019, 14:52
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Re: Free bank account. Does it exist?

If you are yet to find a solution, as others have mentioned it, most banks have a fee, which they waive if you keep a certain amount of money with them.

I also prefer to avoid paying for fees if I can, so my best option (2 years ago) was using a cantonal bank (BCV in my case)

The option was:
- 2,- CHF a month if you're younger than 30
- Free if you keep more than 10K with them

I had my rental deposit with them, so I only needed to park ~8K in a savings account.
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Old 04.01.2020, 12:04
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Re: Free bank account. Does it exist?

Also can recommend Crédit Agricole next bank they are free if you keep at lest 30k on their account. Advantage of this bank compare to all above that they give you as well small interest on account.
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Old 04.01.2020, 21:31
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Re: Free bank account. Does it exist?

As others have mentioned, BCV is free if you have 10k. I can add that their e-banking and app is miles less painful than PF/UBS, and requires no stupid calculator.

https://www.bcv.ch/en/Personal-Banki...-banking-packs

(I quit PF when they introduced the 5CHF monthly fee, but freeing myself from the cognitive dissonance of poking with increasing desperation around their insane e-banking menu in search of perfectly normal things like pending payments was worth so, so much more.)
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Old 05.01.2020, 10:37
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Re: Free bank account. Does it exist?

Actually, they are free if you keep >20k not 30. Anyway, I just opened account with them too.

Some features are weird (like, password has to be exactly 8 characters and they do not differ on big / lower case characters...) but given 2FA I guess it's ok..

Their online banking looks ok.
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Old 05.01.2020, 11:16
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Re: Free bank account. Does it exist?

I get my foreign pensions paid into a Raiffeisen account, which charges me 12 CHF per year. I have an optional Maestro card (cost 40 CHF), which acts a Swiss Museum Pass (it's pretty much the only reason I have it). Note each Raiffeisen bank can set its own fees, so your mileage may vary.
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