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Old 26.05.2021, 14:05
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PostFinance will charge 0.75% monthly for all assets over 100k

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!!
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  #2  
Old 26.05.2021, 14:07
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Why not invest the money? What do you need 100k+ liquidity for? Cash is trash.
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  #3  
Old 26.05.2021, 14:08
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Assets as in cash balances?


Yes, would imagine all banks either do that or will start doing that.
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Old 26.05.2021, 14:17
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Yes, it's cash. I was planning to buy a house in Spain this year, this is the reason why I have it. But it looks not so easy for me to do it in short term so I will look into investing it. But I need time for that also.

Every time I have been to a financial advisor they wanted to sell me the products for where they get commission and I don't know how to get an unbiased advice, even paying for it...

Thanks I will consider your comment.
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Old 26.05.2021, 14:18
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Cash is trash.
No-one seems to really say that apart from Ray Dalio who coined the phrase and he lost 12bn last year https://www.cityam.com/hedge-fund-le...sses-hit-12bn/

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Last year, his main macro fund, the Pure Alpha II fund, lost 12.6 per cent, however. Over the course of 2020, Dalio lost over $12bn whilst peers excelled, Wilson said.

“It was not a great performance in a year in which many investors were able to successfully call the bottom and ride the recovery in the stock market.”
He also made statements about Bitcoin that ignored its volatility. As successful as he may historically be, he still seems to talk a lot of crap.

Ok, money in the bank isn't working for you but at least its generally safe and ready for when you need it.
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Old 26.05.2021, 14:31
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

This is only for private and savings accounts (basically cash), not all assets. And this is 0.75% per annum, not per month (at least, that is what on my tariff).
A lot of CH banks are already doing this: https://www.moneyland.ch/en/swiss-ba...interest-rates
The easiest way to get rid of that fee (and the solution banks are pushing clients towards) would be to get some ultra-conservative low-risk investment product with an extra 3a account with them (beware the transaction and withdrawal commissions, though). And do not buy into their Vermögensverwaltung, only self-managed accounts.

Last edited by evop; 26.05.2021 at 14:43.
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Old 26.05.2021, 14:46
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Ok, money in the bank isn't working for you but at least its generally safe and ready for when you need it.
It's not safe from inflation and rising asset prices. Zurich house prices rose 50+% over a decade and not stopping - https://www.zkb.ch/de/private/hypoth...tumsindex.html. Stock market doubled just over a year (ok, after a large covid scare). Your bank balance may have safely stayed the same but its purchasing power halved. Do you really care about some abstract number more than what you can buy with it?
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  #8  
Old 26.05.2021, 15:12
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Why not invest the money? What do you need 100k+ liquidity for? Cash is trash.
Till it isnt......
The original author of this quote can afford to lose billions. Most of us cant.
Besides having an emergency fund, cash also allows you to make best of market dynamics. So not as simplistic. Plus we all have different tolerances to risk and safety.
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Old 26.05.2021, 15:13
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Credit Suisse is only on >2m CHF
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Old 26.05.2021, 17:25
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Why not invest the money? What do you need 100k+ liquidity for? Cash is trash.
Not necessarily. It depends on your goal and your time horizon. If you need the money within a couple of years it makes sense to keep them in cash. Imagine that you "invest" the money, the market tanks 50% and when you need the money you only have half of the money.

Besides 100k is not such a large amount. PostFinance applies pressure in order to sell their crappy funds. If I remember well their funds TER is around 1.5% to 2%. Compare that with let's say VT which 0.08% or similar.
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  #11  
Old 26.05.2021, 17:29
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Wonder if they'll have any customers left come July?
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  #12  
Old 26.05.2021, 17:30
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Wonder if they'll have any customers left come July?
I'll definitely intend to stay a customer.
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Old 26.05.2021, 17:37
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Spread it out. Use your Cantonal bank, if you have one. Avoid the big boys.
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  #14  
Old 26.05.2021, 17:44
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

If you don’t need to access it immediately, but you do have plans for it in under the next five years ask a bank about a fixed term (1, 3, 6, 12, maybe 18 months) deposit. You aren’t going to get a great return, but it won’t be negative. If you have an investment horizon of under 5 years then tempting as potential returns may be, it’s not recommended to invest in equities. I’ve no idea why someone has suggested 3a. Apart from anything, you can only put 6,883 a year in.
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Old 26.05.2021, 18:00
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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!!
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.
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Old 26.05.2021, 18:10
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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?
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Old 26.05.2021, 18:17
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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?
You still think doge is going to the moon?

Less risky options - I guess a lot of assets would be negatively impacted by inflation and interest rate rises.

I would hold a mixture of property, reasonable quality corporate bonds, gold, high quality equities in such a scenario. And a bit of cash in a basket of currencies. Not a million miles away from what the Swiss second pillar is doing (too risk averse for me and they take your investment return from you and give it to the pensioners - risk without reward...).
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Old 26.05.2021, 19:28
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

I got a letter from UBS and for them the threshold is 250k.
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  #19  
Old 26.05.2021, 19:31
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

Something tells me the threshold is not the same for all customers at PF?
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  #20  
Old 26.05.2021, 20:39
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Re: PostFinance will charge 0.75% monthly for all assets over 100k

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Something tells me the threshold is not the same for all customers at PF?
If you buy their expensive funds your threshold is higher.
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