I hope that it is cheap and Americans are welcome…
Thanks to a transparent graduated pricing model, clients only pay for what they use.
Forget cheap. It’s just cheaper than their platform. CS isn’t lean enough to do that. Also cannibalize etc etc.
I think it will be interesting to keep in touch about this new account which seems to be a Zak-Neon-like digital banking offering :
Some interesting features :
- Package price per month (Basic White Debit Mastercard) : CHF 0
- Cash withdrawals at all ATMs subject : CHF 2
- Purchases in Switzerland / abroad / in online shops : free of charge (if the transaction currency differs from the account currency, the current exchange rate applies).
We at moneyland.ch did a comparison of CSX with other Swiss bank accounts based on two user profiles. You can find it here:
Thanks for the link.
I’m going to save most of you the time to read moneyland and CS’s sites.
For young adults between the ages of 12 and 25 years old, Credit Suisse is launching a CSX
@ma0 That is not how I read it. Young adults have the premium black debit card for free ==> no ATM withdrawal feels. However, it seems like even for everyone else, the simple debit card is free of charge (but attracts a 2chf franc fee per withdrawal) or chf 4 per month for premium black debit card.
Anyways, it might be an interesting solution with the recent news of PostFinance planning to charge negative interest rate for anyone with >100K chf in cash. If I understand it right, you can open a free account with CS as long as you don’t use ATM. Also, 4 chf per month is cheaper than PF 5 chf per month flat fee.
What are the FX rates?
Probably shit. I would not use this account for foreign transactions. For me, it might be a solution for a free 2nd bank account for splitting my cash on hand (which granted is too high, but that is a different story).
[…] standard Credit Suisse exchange rates are used for currency exchanges […] For this user profile, the new Credit Suisse account is one of the cheapest Swiss private accounts available to adults. Without accounting for currency exchange rates, the CSX account with the no-monthly-fee debit card is as cheap for this kind of user as the account from Swiss neobank Neon. Both have no costs. However, when currency exchange fees are accounted for, Neon works out somewhat cheaper for foreign transactions because it has more favorable exchange rates.
I don’t know the FX rates from CS, but it seems to be more expensive in comparison of MasterCard FX rates uses by Neon.
wait wait…which news?
Yeah, with the current crysis, every withdrawal feels bad. (sorry i didn’t resist)
In my opinion, if you need a Swiss bank account i.e. to receive your salary into, CSX is a good option. The advantage of Neon is that you can make some free cash withdrawals each month. Credit Suisse could easily have included free withdrawals in the standard free bundle. On the other hand, Credit Suisse has the advantage of having branch offices where you can deposit cash and also cash out your account if the shit comes close to hitting the fan. I bank with Credit Suisse because of the high-yield children’s accounts. Their online banking is good and as a cash user I appreciate the availability of branch offices with cash tills.
Still, CSX doesn’t exactly break new ground. It’s more about migrating existing customers to digital-only (to cut personnel and branch offices) rather than challenging neobanks.
What do you mean with high yields?
Unfortunately for me, neon bank is not open for business for US citizens.
@ma0 It was all over the news few days ago that PF is planning to raise fees and also charge negative interest rates starting from 100K. Speculation is that they want to lose customers to no longer be considered a systemic important bank.
I think it’s not really about challenging neobanks on their own turf - nor about migrating customers to a cheaper product. And their press release doesn’t read as such.
I reading this as being a “tie-in” to their physical presence (and sales force) - which would, kind of, be the new ground they’re trying to break.
5% per annum on the first 1000 francs per account, so a good place to keep my monthly buffer (I have 5 kids). I have to have a checking account there to get the kids accounts, which costs 60 francs per year. But I’ll switch to CSX now to get rid of that fee.
There’s an article on NZZ where they also quote somebody from CS.
The new platform is about acquiring new customers in their 20s. Because sooner or later, these will be interested in investing their money and that’s when they become really interesting.
The CSX offer looks pretty good. I like the Mastercard (Debit!) solution in combination with a well-known bank a lot.
Does anyone understand how good the FX conditions are e.g. compared to ZAK?
Since ZAK is also using a different rate than Neon / Revolut / Transferwise (I know they are better): What I am interested in is whether for FX transactions (shopping abroad) ZAK or CSX is better (or less bad)? Does anyone have a clue?
BTW: the app is available on the 26th of October and I am currently evaluating whether to switch to ZAK or CSX (from UBS - the worst :-))
CS / Swisscard standard credit cards charge 2.5% Fremdwährungszuschlag openly + sneak in an additional approx 1.5% “fee” (for common currencies, probably higher for exotic ones) hidden in the “poor” exchange rate used.
I understand that CSX will not charge the Fremdwährungszuschlag such that one will “only” pay that approx. 1.5% above the exchange rate.
Why not Neon? (Just curious)
If you have a ZAK or CSX account, you are still able to go into the branches, Neon does not have any branches, if I am right. Yes, I know we are all digital natives. But having the possibility to pay in some money or withdrawing a bigger amount of money…
I will probably open a CSX account as a second account, BCV will remain as main account.
I like the game which CS is playing. Copy paste from the press release:
[…]The CSX app will gradually be expanded in the next few months to include new features, including those relating to investments, pensions and mortgages. There will also be a digital financial planner to help clients gain an overview of their financial situation and identify any gaps in their pension, among other functions. From mid-November, a fully digital investment solution will be part of the services available on the CSX app. Mortgage clients will be able to obtain new financing directly in the app, together with features such as extensions of existing mortgage tranches.[…]
The banking market is finally changing!