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  #21  
Old 15.07.2020, 13:25
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Re: Withdrawal Limits on Personal and Savings Accounts

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These are all good reasons why the new fintech is going to kill the banks retail business.
Not sure I'd have the courage to put all my savings in a fintech yet.

If you are really in a hurry, you can withdraw, but you have to pay a fee - the bank assumes that the fee will be offset by the gain you may have by using the money sooner rather than later.

But I agree this is a pain from the customer endpoint, and a very archaic way of doing banking. On the long term, as the others said, just split the savings over multiple accounts. And if you run out of accounts, then maybe you have too much savings and you need to think of other solutions, like investing
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  #22  
Old 15.07.2020, 14:46
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Re: Withdrawal Limits on Personal and Savings Accounts

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After they allowed me to withdraw some, I contacted my client advisor to completely empty the account.

They refused this one, and told me I can withdraw it in Oct-Nov (3 months) without fee.

Really disappointed they won't help me here to be honest, I expected better. Be careful using a savings account, especially as they offer zero benefit to us (0% interest).

These are all good reasons why the new fintech is going to kill the banks retail business.
Banking is not profitable everybody wants the service for free. The only fintech Bank I used was SATABANK which had all it's accounts frozen, my money was very clean & I got it back on the first possible day about a month later, most people waited a year or more. The reason withdraws are limited on an interest bearing account is to prevent a run on the bank.
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  #23  
Old 22.07.2020, 21:34
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Re: Withdrawal Limits on Personal and Savings Accounts

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Not sure I'd have the courage to put all my savings in a fintech yet.
Why? If they offer banking like services are they either having a banking license and are regulated just as tight as any other bank... or they work with a bank that holds the funds for them. Just make sure that they are regulated in a proper country (CH, EU, UK,...) and you are fine.
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  #24  
Old 03.09.2020, 22:46
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Re: Withdrawal Limits on Personal and Savings Accounts

There's one thing I don't understand: personal/checking accounts have zero interest rate and usually no limits (or at least it's a large one). Saving accounts have very small interest rate (or zero as well) nowadays, yet they have hard withdrawal limits.

Is there any specific reason why banks still offer these products and people continue using them, except the habit of having a savings account? I can't find a reason why I should put money in a savings account when it's not generating interest and a sudden withdrawal might be very problematic. It's not even UBS, ZKB has a 10k monthly limit with a six months notice period (!) for larger withdrawals.
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Old 03.09.2020, 23:09
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Re: Withdrawal Limits on Personal and Savings Accounts

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There's one thing I don't understand: personal/checking accounts have zero interest rate and usually no limits (or at least it's a large one). Saving accounts have very small interest rate (or zero as well) nowadays, yet they have hard withdrawal limits.

Is there any specific reason why banks still offer these products and people continue using them, except the habit of having a savings account? I can't find a reason why I should put money in a savings account when it's not generating interest and a sudden withdrawal might be very problematic. It's not even UBS, ZKB has a 10k monthly limit with a six months notice period (!) for larger withdrawals.
Do people actually still have them? I've never had one. I just keep a balance of 5k or so in my current account and invest the surplus every month.
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Old 03.09.2020, 23:20
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Re: Withdrawal Limits on Personal and Savings Accounts

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Do people actually still have them? I've never had one. I just keep a balance of 5k or so in my current account and invest the surplus every month.
Yes, they're part of the standard "package" in many banks. I had mine by default when I opened the normal account.
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Old 04.09.2020, 01:28
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Re: Withdrawal Limits on Personal and Savings Accounts

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Yes, they're part of the standard "package" in many banks. I had mine by default when I opened the normal account.
I have a free bank account - neon. Does all the basics fine but doesn't have a savings account.

Never had one back on the UK. I've never written a cheque either (millennial confessio!)
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  #28  
Old 04.09.2020, 07:54
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Re: Withdrawal Limits on Personal and Savings Accounts

Has no one noticed that the interest rates in Switzerland are negative? The banks would love to pass this on to retail clients, but are prevented from doing so by the regulator. It costs them a fortune to not do so. Savings accounts normally pay a tiny bit of interest still. They can do that because the limited scope for withdrawals means they need to put aside less capital (if you have trouble sleeping have a google for Liquidity Coverage Ratio and Net Stable Funding Ratio).

Why don’t they pass on negative rates on loans then - banks make money on loans via the spread between the base rate and what they charge the client. The 1.5% or so spread currently charged really doesn’t make that much profit for them after all the costs are deducted.
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