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In the world of investments, it's a constant race to offer the best conditions and the most efficient service. Saxo Bank Switzerland has recently permanently revised its pricing and is now positioning itself as one of the most attractive options for Swiss investors!
With the new Saxo Bank fees and the innovative ETF savings plans, even the market leader Swissquote is being put under pressure. With the low trading fees, many other advantages and an exclusive Bonus of over CHF 200 trading credits for our readersthe question arises:
Is Saxo the new top platform for your investments in Switzerland?
Saxo Bank was founded in Denmark in 1992 and has had a location in Switzerland since 2008. You will find their new offices in the Circle, at Zurich Airport. As Saxo Bank (Schweiz) AG is a fully-licensed, FINMA-regulated Swiss bank, it has Swiss deposit protection up to CHF 100,000.
Saxo Bank is known for its innovative strength and extensive access to global markets. For a long time, Saxo Bank fees were not particularly attractive, but this has now changed. The reason for the price reduction?
Since Saxo Bank acquired the Dutch BinckBank, it has a client base of more than 1 million clients worldwide. In total, Saxo will have around 100 billion in assets under management in 2024 and can therefore offer extremely favourable conditions. This move positions Saxo Bank well ahead in the Swiss market, even ahead of established providers such as Swissquote.
You can find the exact Saxo conditions here described.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
For an ETF or share purchase of CHF 1,000, Saxo Bank now offers the most favourable conditions on the Swiss market. These client-friendly Saxo Bank fees make it a first-class choice for anyone looking to invest cost-effectively.
Here is an overview of the conditions:
(Saxobank custody account fees are free if securities lending is activated. However, this harbours additional risks, see below in the FAQ).
There are 3 account groups, which makes the Saxo conditions even better:
But how do Saxo Bank's prices actually compare with Swissquote and the like?
| Comparison criterion | Saxo Bank | Swissquote |
|---|---|---|
| Order fees for international ETFs (orders over CHF 1,000) | CHF 3 | CHF 5.50 (ETF Leaders) |
| Account management fees per year (deposit of CHF 30,000) | CHF 66 | CHF 80 |
| Swiss deposit insurance | Yes | Yes |
| Offer for our readers | CHF 200 Trading Credits | CHF 100 Trading Credits |
In addition to the low trading fees, Saxo Bank offers a number of other advantages:
You can find the exact Saxo conditions here described.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
If you have logged in to Saxo Trader Go, you can search for securities using the search function in the top right-hand corner and optionally even filter by securities categories.
For example, if you enter the ISIN of an SPI ETF there, which you have previously entered on JustETF you will then be shown this directly in Saxo Trader.
A click on the blue "Trade" button opens the trading module, where the purchase (or later a sale) can be ordered.
Let's say you have a budget of CHF 1,000 and therefore click the number of shares upwards until the nominal value shown matches your budget.
The duration of the order can also be set. The default setting here is G.T.C., which means "Good till Cancel". Alternatively, you can also set a time limit.
The trading fees in the example amount to CHF 3.73. You can have these explained to you by clicking on the "Trading fees" field:
You will then receive an absolutely transparent insight into the exact Saxo Bank trading fees and an explanation of how the costs are incurred.
The Saxo Trader does not stop here, however, but even gives you the option of changing the costs by clicking on the "Costs" tab. Saxo costs to be calculated according to holding period.
In the following screenshot, some things are cut off for reasons of space, but you will then be shown how high the custody account fees, the TER or other one-off and ongoing Saxo Bank fees are over the desired holding period! A very good feature, which we therefore emphasise here in the Saxo Bank Review!
You can close these details again via the "X" at the top right and return to the previous view. If you click on "Place order", you will be taken to a final, clear display of your desired order and can then place it.
By acquiring BinckBank, Saxo Bank is able to offer a new, very affordable service for investors in Switzerland. However, if we could make a few wishes, we would improve a few aspects of the platform and thus improve the following Saxo Bank disadvantages:
You can use the Saxo TraderGo solution on various devices. You can use the standard Saxo TraderGo solution in the web browser or install the associated app on your mobile phone.
The web solution works tidy and is quickly grasped after a short time. It may be a bit much for beginners at first, but there is a big advantage. Help areawho can support you in its use.
The mobile version has over 1,000 ratings in the app store and scores 4.3 out of 5 stars, which is an extremely good rating.
For professional traders there is the Saxo TraderPRO Solution that supports up to 6 monitors. The Saxo TraderPRO can be installed on a PC or Mac, but is not intended for "normal" private investors.
New since 2024 are the SaxoInvestor and Saxo Autoinvest, two very simple user interfaces for beginners and for automatic savings plans, which are really very good.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
The improved, now outstandingly favourable conditionscombined with the advanced platformmake Saxo Bank an optimal choice for price-sensitive investors in Switzerland. On the net you will find Very positive reviews for Saxo Bank Switzerland. On Trustpilot, for example, the score in the Saxo Bank test is 4.4/5 stars.
Saxo Bank is Broker comparison in the comparison of trading fees clearly as Most favourable provider out.
The function for an automatic ETF savings plan works very well and the simplified user interface introduced in autumn 2024 is also very clever.
If you would like to take advantage of this opportunity and benefit from the low fees, please use the link below to open an account. This way you support this blog, which makes such research possible and you even receive 200 francs in trading fees gift!
Have you already switched and gained your own Saxo Bank experience? Feel free to share your test experiences in the comments!
You can find the exact Saxo conditions here described.
Like Degiro, Saxo Bank also complies with FinSA requirements and therefore cannot offer all US ETFs to Swiss investors. In practice, however, this should not be a major problem for you. This is because you will probably be able to buy US ETFs with a Buy a domicile in Ireland or, for example, Luxembourg in order to optimise taxes. Example: You can also buy the popular iShares S&P 500 ETF domiciled in Ireland with a 0.1% TER from Saxo Bank.
Since July 2024, Saxo Bank has been offering Securities Lending for customers in Switzerland.
Securities lending is optional, i.e. voluntary and will be free custody account fees rewarded.
The income is split 50/50 and the bank undertakes to provide corresponding collateral of at least 102%.
Watch out: Nevertheless, there are risks. If, for example, the bank itself becomes insolvent despite collateral (counterparty risk)your investments are at risk.
In contrast to other providers, Saxo appears to be in a safer position when it comes to securities lending, but Schwiizerfranke's general advice is not to enter into securities lending with relevant funds.
Saxo Bank is a private company that belongs to the Geely Holding Group. Geely is otherwise more active in the automotive sector and owns car brands such as Volvo and Polestar. Geely has its headquarters in China.
The Saxo Bank ownership structure is as follows:
Saxo Bank is of course regulated by FINMA and has a proper Swiss banking licence. This poses no risk to security, as Saxo Bank has a regular Swiss deposit guarantee of up to CHF 100,000.
Sources:
In the world of investments, it's a constant race to offer the best conditions and the most efficient service. Saxo Bank Switzerland has recently permanently revised its pricing and is now positioning itself as one of the most attractive options for Swiss investors!
Price Currency: CHF
Operating System: Web
Application Category: Investment
In the world of investments, it's a constant race to offer the best conditions and the most efficient service. Saxo Bank Switzerland has recently permanently revised its pricing and is now positioning itself as one of the most attractive options for Swiss investors!
Price Currency: CHF
Operating System: Web
Application Category: Investment
30 responses
The AutoInvestor custody account appears to be separate from the actual custody account. According to Saxo, a transfer is also not possible. Do you see this as a disadvantage? Would this mean that you would have to sell all positions in the event of a future transfer?
It depends on what you intend to do. I don't think it's a disadvantage and generally not necessary to sell positions and buy new ones in Autoinvest - or what would be your reason for doing so?
Basically, I would like to set up an ETF savings plan. I still have a few individual shares with Swissquote as well as the savings plan. All securities are in the same account. If I now transfer everything to Saxo, I have the existing securities in one account; if I continue with AutoInvest, I have them in another account.
Hey
I assume that stamp duty is also payable on AutoInvest, correct?
Thanks for the answer!
Correct, unfortunately stamp duty cannot be avoided.
Good day,
does max.10CHF monthly custody account fee mean that even a custody account worth 1,000,000CHF only incurs an annual custody account fee of 120 CHF?
The personal contact person is always the same, or an employee who is currently free?
As a German citizen resident in Thailand, can I open an account with
open a Saxl Bank account?
Thank you for answering my questions and best regards.
Volker Dittrich
Hello Volker,
Correct, the custody account fees are capped.
The other two questions are best asked directly to Saxo.
Love!
Hello Eric
Can structured products such as BRC or Mini Futures listed on the SIX or BX be traded via Saxo Bank?
Does the ETF savings plan also include ETFs on international equities that have the trading currency CHF? With the currency fees, the purchase is then no longer free of charge.
Dear greetings
Reto
Hello Reto
Correct, the fees for currency exchange still apply. However, there are of course securities that you can trade in CHF, for example on the SIX.
Saxo offers a free demo account for testing, where you can find out about any products. (I don't trade BRCs or futures myself).
Best regards 🙂
I was so looking forward to Autoinvest, but now it only offers whole units and only a limited selection of ETFs :-(. It's a shame that brokers from Switzerland still don't offer the same range as foreign providers.
Unfortunately, there are no fractional shares yet, but maybe that will change ... 🙂
However, as there are many ETFs to choose from, you are sure to find ETFs with lower unit costs so that the sum is no longer a problem.
That's right, it shouldn't be a problem for the main part of my portfolio. However, for a 1-ETF solution there is really only the ACWI to choose from, but that's okay. It's more difficult for the CHF portion. The ETF I've chosen is one that I could only save in every 3 months or so at the moment.
I registered with Saxo via this link, deposited CHF 200, but did not receive a credit note
Hello Uwe,
After a few working days after your first deposit you should find the credits here:
Click on the info symbol at the bottom left and see the trading fee credits of CHF 200 in the account details.
Did that work?
If not, please let me know and I will support you!
Kind regards
Eric
Hello Eric
I also opened an account with Saxo via your link, deposited and made 3 trades. Now you have said that there is an info sign "bottom left" to see the receipt of the 200 fee credit - where is this at the bottom left (on the PC)? I don't think I have received this GU. Furthermore, your advert said that the tax statement was also free. Where can I find confirmation of this?
What do you think about securities lending? The risks are actually covered, but....???
Many thanks for your information
Thank you for your comment, Markus.
You can find information from me on securities lending in the article, but I personally don't use it - because risks quickly become opaque in a financial crisis and in extreme cases the entire portfolio would be jeopardised.
About the Saxo code: Please write to customer service (it's very easy) or call them and tell them that you came via Schwiizerfranke. Then they will activate everything for you.
Kind regards,
Eric
Thank you very much, I'll do it and give you feedback👍
Hello Eric
I opened my account today thanks to your information.
When will the CHF 200.00 appear in the account?
Hello Micael,
Thank you for using the link!
Have you already made a first deposit? You must make your first deposit within 30 days (1 franc is enough).
You will then find the 200 franc credits within 1-3 working days as follows:
- Click on the info symbol at the bottom left
- In the account details you will find the "Trading fee credits" of 200 francs.
Kind regards,
Eric
Hello Eric
Is it possible to generate and download an e-tax statement yourself or is this only possible via support?
Hello Martin,
the correct e-tax statement must be requested. However, in my opinion, you can do without it and use the (self-generated) transaction report to do your taxes - of course only if you don't have too many transactions. Otherwise, the Saxobank tax statement definitely makes sense.
As a German, you apparently don't get the trading credits over CHF 200 🙁
Hello Eric
Too bad you didn't include yuh in this comparison - that would certainly have been informative...
Hello Randy,
at Broker comparison you will find a broader comparison with comparable alternatives.
An extended test will be coming soon ... 🙂
Hello
I have a question about US ETFs. Due to the regulations mentioned, it is said that you cannot buy them. I have opened a test account with Saxobank and found the VT ETF in the ETF search. Can I now trade it or not?
Thank you in advance and best regards
Josh
Hi Eric
Can you please take another look at the Saxo. The fees have been massively reduced. Looks pretty promising. Your opinion would be interesting.
Thank you and greetings
Tom
Hi Eric
Yes, I would be very interested in that too.
I am currently leaning towards a switch from IBKR to Saxo.
Many thanks in advance
Greetings
Gio
The article has been completely updated 🙂 All fees and new features have been updated!
'updated' ???🧐
'updated' ?🤪
or simply 'updated' ?😂
😂 I sometimes spontaneously suspend the spelling and grammar rules in the comments section.