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  #21  
Old 26.05.2021, 21:08
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Theoretical serious question. One made millions from volatile assets and plans to abandon risky markets with say couple of millions CHF’s. What are the best investment or storage options in Switzerland to be explored. Any ideas?
If one really had millions at stake then I think one should go see a financial advisor.
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  #22  
Old 26.05.2021, 21:33
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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If one really had millions at stake then I think one should go see a financial advisor.
Agreed. If one is really sick, one needs to see the doctor.
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  #23  
Old 27.05.2021, 19:58
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

One should not forget that there is 100k CHF insurance against bank collapse and anything above is risk.

it's "per account" however it may be in meaning "per person"
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  #24  
Old 27.05.2021, 20:45
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Neon don't charge either for an account or for holding cash of any size. 10 CHF one off payment for the debit card - if you are interested I can give you a referral link that makes the debit card free (and gives me 10 CHF).

https://www.neon-free.ch/en/

Money is held with Hypothekar Bank Lenzburg.

Another good reason for using Neon over very expensive Swiss banks is that there is no foreign transaction fees on the card - saves you from having to load revolut.

(Normally I wouldn't post a referral code on here but I think Neon is the best option for the OP in this situation).

Another benefit (as far as I see it), is that the card is a mastercard, not a maestro or whatever postfinance use.
That's wrong - they charge -0.8% on balances over 500k CHF.

https://www.neon-free.ch/media/neon_..._prices_en.pdf
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  #25  
Old 27.05.2021, 20:51
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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That's wrong - they charge -0.8% on balances over 500k CHF.

https://www.neon-free.ch/media/neon_..._prices_en.pdf
Thanks for letting me know - still a useful place to park half a million given the lack of account fees.

Other options with no account fee:

Zak
CSX

I find it crazy that people pay for having a basic no frills bank account.
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  #26  
Old 28.05.2021, 00:47
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Thanks for letting me know - still a useful place to park half a million given the lack of account fees.

Other options with no account fee:

Zak
CSX
How high is the protected amount?

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I find it crazy that people pay for having a basic no frills bank account.
You may have just found an answer.
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  #27  
Old 28.05.2021, 21:49
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Hello

What solution did you choose ?

I'm interested in Neon. Looks slightly better than Zak.

However I'm also interested in Raiffeisen, for their membership program (requires a card that I don't need so 40/month but apparently worth it for leisure discounts). What is the limit there ? I have troubles finding conditions and prices on their website.

Also, do you know of nice alternatives without cards ? I don't need it and I'm thinking I could always pair it with a free TCS or coop/migros credit card if I need one, no ?
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  #28  
Old 28.05.2021, 22:16
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Hi,
I received a letter today that from July PostFinance will charge me 0.75% monthly for all assets over 100k unless I have some mortgage or investment products with them, then they will make some discounts. (I don’t have those)

So... anyone in the same situation in other banks? I am thinking about “spreading” my assets into 2 banks to avoid the fee. Are other banks doing the same?

Thanks for your inputs!!
One way to do deal with this is setting up a series of recurring international (IBAN/BIC = free) transfers. The money will be out of your account yet not on the new account for a brief period of time so keeps you out of the limits. Also a great way to hide money (e.g. for tax return end of year or in case of a messy divorce when you need to show your bank statements).
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  #29  
Old 31.05.2021, 22:29
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Thanks all for the ideas! I am checking Neon, CSX and Zak and I think I'll be opening one account there and spread, for the moment, between PF, Revolut and one of these (It should be fine for me).
I also have N26 but it is in EUR and right now I don't want to convert my CHF in EUR.
I will anyhow think of some investment strategy for mid term if I finally can't buy the house.
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  #30  
Old 01.06.2021, 00:57
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Zak is offering some investment fund with no fees.
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  #31  
Old 01.06.2021, 08:03
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Thanks all for the ideas! I am checking Neon, CSX and Zak and I think I'll be opening one account there and spread, for the moment, between PF, Revolut and one of these (It should be fine for me).
I also have N26 but it is in EUR and right now I don't want to convert my CHF in EUR.
I will anyhow think of some investment strategy for mid term if I finally can't buy the house.
Is paying no negative interest with Revolut really worth the risk of not having any deposit insurance?
https://www.moneyland.ch/en/revolut-switzerland-faq

I use Revolut for exchanging money and purchases on holiday, but wouldn’t dream of keeping an amount of money with them that I’m not prepared to lose.
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  #32  
Old 01.06.2021, 08:21
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Is paying no negative interest with Revolut really worth the risk of not having any deposit insurance?
https://www.moneyland.ch/en/revolut-switzerland-faq

I use Revolut for exchanging money and purchases on holiday, but wouldn’t dream of keeping an amount of money with them that I’m not prepared to lose.
FYI OP:

Revolut DO have a banking license in numerous European countries, but not in Switzerland.

Even if the risk of a loss is pretty small, a significant risk is that they freeze your account if you put lots in (Revolut are notorious for freezing accounts), and it'll be a real pain to get it out then. The most I'm willing to put into revolut is c. a months salary.

I'd open all of CSX, Zak and Neon and put 100k in each. If you have a partner they could open an account each - that'd take you to 600k with no fees.
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  #33  
Old 01.06.2021, 10:26
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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FYI OP:

Revolut DO have a banking license in numerous European countries, but not in Switzerland.

Even if the risk of a loss is pretty small, a significant risk is that they freeze your account if you put lots in (Revolut are notorious for freezing accounts), and it'll be a real pain to get it out then. The most I'm willing to put into revolut is c. a months salary.

I'd open all of CSX, Zak and Neon and put 100k in each. If you have a partner they could open an account each - that'd take you to 600k with no fees.
Unless the status of their application has changed in the last 6 months the only banking licence they have is in Lithuania.
https://techcrunch.com/2021/01/11/re...-pTu1uc-JO8-AH

My understanding, which I am very happy to be corrected on, is that although it is called a European Deposit Scheme, there is no cross-border subsidisation in place i.e. if the Lithuanian fund runs out of money, the German fund will step in. As a non-EU resident, do you really want to test the your place in the queue in a tiny economy?

It seems that Revolut also offer fiduciary deposits (Savings vault product), where the deposit takers are FSCS covered.

Again would you really take the capital risk (break up, death etc) by putting CHF 300k in a partner‘s name to avoid paying negative interest? That‘s before considering potential tax implications.
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  #34  
Old 01.06.2021, 12:59
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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I'd open all of CSX, Zak and Neon and put 100k in each. If you have a partner they could open an account each - that'd take you to 600k with no fees.
Does that actually work like this WRT protection (100k safe)?
100k protection probably applies to CSX as that's Credit Suisse, but what about the others?

I would think that this requires an account in your name (which you probably have in the case of CSX, hence the exclusion). However, at least in the case of Neon and just from looking on from the outside, there seems to be only one account at Hypo Lenzburg their customers' money is pooled into. Otherwise you'd get an account summary by Hypo Lenzburg at the end of the year for your deposit with Neon, and your tax declaration would have to reflect that.

Instead, it seems that the entire customer deposts are pooled in the same account in Neon's name. Consequentially, you should assume (until disproven) that there's only 100k for the entire pool.

So, before depositing significant sums OP probably wants to make sure the protection actually applies.
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  #35  
Old 01.06.2021, 13:38
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Does that actually work like this WRT protection (100k safe)?
100k protection probably applies to CSX as that's Credit Suisse, but what about the others?

I would think that this requires an account in your name (which you probably have in the case of CSX, hence the exclusion). However, at least in the case of Neon and just from looking on from the outside, there seems to be only one account at Hypo Lenzburg their customers' money is pooled into. Otherwise you'd get an account summary by Hypo Lenzburg at the end of the year for your deposit with Neon, and your tax declaration would have to reflect that.

Instead, it seems that the entire customer deposts are pooled in the same account in Neon's name. Consequentially, you should assume (until disproven) that there's only 100k for the entire pool.

So, before depositing significant sums OP probably wants to make sure the protection actually applies.
https://www.neon-free.ch/en/faq/?cat...20your%20money.
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  #36  
Old 01.06.2021, 13:45
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Let's not forget about offering from Credit Agricole and bcv, both offer accounts + maestro card free if you have above than X in the account (X is between 10 - 50k depending on offering).


Also, there are plenty of smaller banks that will store your money for free (but for example maestro card is paid) if you have above certain amount (eg 10k) like blkb.ch, bank-avera.ch, www.zuercherlandbank.ch and possibly many others. All of them are insured up to 100k per CUSTOMER (from what I understand - and not per account).


So, as a summary:
Free with card, no 'at least amount' conditions:
neon-free, zak, csx


Free with card with 'at least amount' conditions:
credit agricole, bcv (actually family plan at bcv has also credit card included)


Account free (with ATM card, with optional paid maestro):
blkb, avera, zlb
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  #37  
Old 01.06.2021, 17:40
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Thank you.
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  #38  
Old 02.06.2021, 22:01
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

I just found this beauty in my mailbox today too...

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And this is 0.75% per annum, not per month (at least, that is what on my tariff).
Are you sure?

From https://www.postfinance.ch/en/privat...asset-fee.html
How is the customer asset fee charged?

The customer asset fee of 0.75% is calculated daily on assets that exceed the threshold. At the end of the month, the customer asset fees charged each day are added together and debited to the customer’s main account on the last day of the following month.
- got the same info on the letter. I do hope it's a typo in both places.

Has anyone else noticed that the calculation link in the letter is wrong? pointing to a nonexisting URL at postfinance.ch/customerassets-fee (instead of customer-assets-fee)

So for the sake of simplicity, if you have 200k, you are 100k over the limit, so each month you will pay CHF 750 and up (assuming you will save more money the following month) for the privilege of keeping digits in a server somewhere in the alps.
Sounds like a fair deal to me

PS: they sell 40 bucks safes at digitec. Put your birth date as the PIN and you're all set!
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  #39  
Old 02.06.2021, 22:23
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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I just found this beauty in my mailbox today too...


Are you sure?

From https://www.postfinance.ch/en/privat...asset-fee.html
How is the customer asset fee charged?

The customer asset fee of 0.75% is calculated daily on assets that exceed the threshold. At the end of the month, the customer asset fees charged each day are added together and debited to the customer’s main account on the last day of the following month.
- got the same info on the letter. I do hope it's a typo in both places.

Has anyone else noticed that the calculation link in the letter is wrong? pointing to a nonexisting URL at postfinance.ch/customerassets-fee (instead of customer-assets-fee)

So for the sake of simplicity, if you have 200k, you are 100k over the limit, so each month you will pay CHF 750 and up (assuming you will save more money the following month) for the privilege of keeping digits in a server somewhere in the alps.
Sounds like a fair deal to me

PS: they sell 40 bucks safes at digitec. Put your birth date as the PIN and you're all set!
Surely the 0.75% is an annual amount calculated daily, rather than 0.75% a month.
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Old 02.06.2021, 22:27
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Surely the 0.75% is an annual amount calculated daily, rather than 0.75% a month.
I sent them a message to ask (cuz apparently I can't call 0848* numbers with Yallo Swype....). Let's see what the answer is (in "2-5 business days").
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