Heyya, long time no write here.. Hope everyone is safe and progressing great in their journey!
I’m still on Postfinance since years but I’m getting fed of missing some stuff i consider so basic and simple to implement like the possibility to define virtual buckets or jars.
I also don’t want to do it by opening additional saving accounts etc as they have several limitations and hassles like limitations on amount of money you can move between them, need to declare them separately each, you might even need to ask for permission and wait several days if you need to move greater amounts and maybe then even pay penalties! No go..
For this reason I started to look around with the desire to finally change and improve, but to my surprise it seems there is not such simple thing still in the Swiss panorama..
I mean, my simple requirement would be to have something better than my current Postfinance, joint account, but with jars/buckets (if on top I manage to spend less than 5chf/month or get better conversion rates or dreaming of api access.. Well that would be great of course), unfortunately this seems still only a dream.. Or am I wrong?
So far other neobanks I saw either did not still manage to implement joint accounts after years (yuh.. Is it that so difficult?) or they did it in some completely crazy way (you actually need to have 3 accounts, 2 individual ones plus the joint one, 4 cards and maybe in the end the virtual pots I wanted to share can be seen only on the individual accounts! What a joke!)
So basically trying to reach out to your hive’s minds in the hope I missed something for such basic reqs?
their jars/pots work only on personal accounts and not in joint accounts, so it would be totally useless as I want them to for instance save together for holidays or taxes etc..
you have to open 2 individual accounts + 1 joint account (total of 3 IBANs) and get 4 cards, it’s okish but don’t need that, also from GUI point of view..
I understood that the joint account is not really a joint account in the end from a legal perspective..
Guessing from the lack of joint accounts by neo bank provider, I imaging that joint account require a somewhat more complex legal or process setup, which makes it harder to implement for new banks.
Not sure what you mean by that. A joint account at Neon is a OR account, meaning both account holders have full individual access rights and are both responsible.
Yes you’re probably right on the fact that it’s a standard OR joint account.. Its probably just the hassle of requiring 3 IBANs and 4 cards.. But from my requirements point of view this is not that important: what does matter is that both partners should be able to manage common pots without limits. Maybe as of today only swissquote might offer those pots, but not certain.. Or maybe bank WIR does by any chance?
Revolut will soon have joint accounts in Switzerland (it’s being rolled out progressively). It has buckets for personal accounts, and it has shared buckets. Let’s see how all of this interacts with shared accounts.
I wasn’t aware that Swissquote is offering pots. In any case, from my understanding, Swissquote also requires you to have individual accounts before opening a joint account.
About Revolt: when you say Switzerland, do you mean that it will be an official FINMA Swiss licensed bank? (So with 100k protection, CH IBAN,Twint,eBill and the joint account is also an official/legally valid OR one)
Die Revolut Switzerland Payments AG besitzt keine Banklizenz.
And I know of no official or unofficial information that they are planning to apply for it.
My understanding of FINMA regulation is that this only includes the 100k protection and CH IBAN. Twint, eBill and joint accounts are the free choice of each bank. Even with FINMA license there is no guarantee or requirement for a bank to offer these services.
I wouldn’t bet on Revolut. They said a year ago that everyone has received a own IBAN, which was not true. And then they add to the confusion with misleading marketing claims. I would focus on solutions that already exist. And yes, in the worst-case scenario, there aren’t any.
Was looking for the same recently and settled for ZKB. You can have three regular accounts plus a savings account for free so you can have a main account + 3 pots.
Interesting, but those +3 ZKB accounts are limited in some form? (Postfinance for instance also allows to create multiple additional savings accounts, but they are limited to max 100kCHF transfers per year, cumulatively calculated on any accounts you might have, after which you will need to ask for permission, aka delays to transfers, plus it will cost you a hefty 8CHF per transaction till end of that year!)
Thus defeats the idea, especially if you will do lots of transfers from and to those accounts, or also if you will transfer big amounts..
I think your understanding of a jar might be a bit different from the typical jar user
Of course in a virtual jar I assume you can transfer and allocate millions within one month. Still, interpreting the examples that Zak and Neon provide, they expect amounts of maybe 30k CHF per year to be handled through jars.
As a bank I would be careful to invite transactions of >100k CHF through jars (even virtual ones), since this crosses the threshold of the Einlagesicherung.
well I get it but still it might happen if you have several jars, say for taxes, for holidays, for savings and maybe several smaller ones for different projects, as they are counting between all of them even if you move back and forth or around them (if you move 20k out of an account and then back again they will count it as 40k moved, etc).. also imagine how fed up you might be if you managed to save a big amount somewhere and then you are not able to withdraw them in one go and have even to pay! And now that I think about it, actually if it’s a real account then it for sure has Einlagesicherung for each of them, while if it’s a virtual pot I would say not (all part of the main account, it’s just a GUI thing in the end)..
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