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Just a few years ago, a monthly account management fee was charged for every bank account. Although this is no longer the case today, the consequence is still in many people's minds: Most Swiss people only have one bank account. But this can be an expensive mistake!
In this article, you will find out why it is meaningful is, manage several bank accounts.
Inflation is eating away at our savings every day. To counter the counteract the loss of purchasing poweryou should Use interest rates skilfully for you. Unfortunately, very few banks offer fair interest rates on savings. Zak on the other hand, offers an attractive interest rate of 1.0 % and is therefore ideal as a second bank.
Every bank has to charge fees somewhere, otherwise it would not be able to finance itself. However, banks usually also offer special benefits in individual areas. For example, bank A offers favourable exchange rates abroad and bank B offers special advantages at home? With the Combination of different banking packages allows you to combine the best offers from different banks to your advantage.
If couples or families only have one joint banking relationship, this can be very disastrous. In Death of a person are often the Accounts, including joint accounts, blocked. This is usually done until the rightful heirs of these account balances have been determined.
However, this has the consequence that other people no longer have access to the joint account and bills can no longer be paid through it. Separate, independent banking relationships alongside a joint account are therefore highly recommended for families and couples. Even if the topic is unpleasant, it is important to deal with it.
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If you want to avoid risks, keep never more than CHF 100,000 with one bank. From this amount, the Deposit protection and in the event of bankruptcy, the money would be jeopardised. There are exceptions at some (not all) cantonal banks, but if you want to be on the safe side, observe this threshold and open a new account by then at the latest.
Finances as a couple, within a family or, for example, in a shared flat can be organised via Shared banking relationships easy to manage. However, joint accounts are often expensive and therefore not always ideal. The solution is provided by digital banking apps such as Zak from Bank Cler represent. These enable savings targets and Manage expenses in common savings pots.
Free account management:
Digital banks like Zak from Bank Cler offer accounts without ongoing fees. This allows you to keep the account with your bank and add to it without additional ongoing fees.
Smart functions:
While some traditional banks unfortunately still lack many smart functions and features, digital banks are always one step ahead. Shared savings pots, the use of TWINT and other smart functions are so practical that you won't want to miss them once you've used them.
For many Swiss people, a house bank with contact persons and branches is indispensable. And it doesn't have to be. Big banks often have established systems and tend to work better technically as they have been on the market for a long time.
Nevertheless, even the mobile app of a major bank can go on strike. With a Digital bank as a second bank you are always well positioned. With a free card from a second bank, for example, you also have an alternative abroad if your main bank's credit card is not accepted.
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As we saw in 2023 with Credit Suisse and earlier with Kantonalbank Solothurn and Spar- und Leihkasse Thun, the Swiss banks not free of risks. The Distribution of credit balances across several banks makes sense for safety reasons alone.
Aspects such as interest rates, smart functions, more attractive fees and other reasons also speak in favour of a second bank account.
However, multiple accounts with ongoing monthly fees are rarely a good idea.
A Secondary bank with free account management and smart functionssuch as ZakBut it makes a lot of sense. With attractive interest rates, joint savings goals, cashback and a wide range of smart functions, Zak is a good addition to the main bank.
Feel free to share in the comments whether you already use a second or even a third bank!
Transparency Note: This article was created in collaboration with Zak from Bank Cler. The content and presentation have nevertheless been freely and independently designed by Schwiizerfranke.
The information on Zak is intended exclusively for persons domiciled in Switzerland. A Zak account can only be opened with domicile in Switzerland.
4 responses
Thanks for the great article - once again very good work.
Unfortunately, there are practically no digital solutions for partners who would like to invest jointly for their children or themselves and want to ensure that both partners remain financially authorised. Although various providers (True Wealth or findependent) offer children's accounts, the account can only be in the name of one person. This is apparently due to the fact that the banks behind them (e.g. Hypobank Lenzburg) do not offer partner accounts... I hope something will happen here in the future.
In addition, it is really important, as you wrote, to have at least 1 account in your name only. That way, you are covered for a few weeks/months in the event of your partner's death.
Absolutely, Oli! Let's hope there's more to come soon. I'll also link you to the Contribution for the partner accounts 🙂
I use Zak as my main bank (incoming wages + eBill + QR-bills + standing orders + 1% interest on balances up to 25'000.-)
I use Neon as a second bank (reserve balance + card payments in EUR/USD + two free cash withdrawals at all ATMs)
I use PostFinance as a third-party bank (reserve savings + Twint + e-trading (>25,000) + free account management + pillar 3a)
Very exciting setup, thanks for sharing, Daniel! 🙂