Migros Bank charges for incoming payments. Which is an absolute No Go for me.
Free is cheaper. Some free options around, see previous discussions. (I’m using BCV Classic Package)
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Nothing is really free. There must be a catch.
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Are you swiss? That’s usually the Swiss argument to justify overpaying. 
In many other countries people would never pay for a basic banking package. But many swiss seam to feel they have to for qualities sake. (Btw I’m swiss as well)
There isn’t a catch. You should have a look at how banks actually make money. Well in the current negativ interest environment not really by using your savings anymore… but they still make money e.g. when you spend with your card. And also if you are already a customer they can offer you more products where they can earn more. Look at Revolut, their base product is still free and they are already profitable.
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Source? Sounds highly unbeliveable from what I know about their business model & development stage. Google says latest financials available are from FY17 with <17mn USD revenue and >19mn USD net loss.
Why is not everyone using this
https://www.moneyland.ch/de/privateAccount/index
Under ‘individuelle angaben’ you can enter your variables and find your cheapest solution.
however Neon, CA Nextbank dand all foreign services like Revolut, N26 are missing…
What about E-Banking and apps? I couldn’t work with the Postfinance E-banking for example, it’s garbage.
I checked again, and you are right: you pay 0.20CHF (20 Rappen) per incoming payment. For me, that’s totally ok (I don’t get 10 incoming payments per month)
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But don’t know if this is still true.
Well they made profit in one month and felt compelled to announce that publicly. That only goes to show that they in general are still (as expected and normal at this point) making losses.
I agree on this. My standard is pretty low there. I mostly use scan+pay. Every decent bank’s app has this I guess.
Thank you for your valuable hint, @Thaek. I will probably change from UBS to BCV, soon. I’m located in Zurich, but that shouln’t be a deal killer.
Zak would be the best
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In my opinion it’s not. ZAK is for free, of course. But did you read the additional information?
I will copy that from here (found only in German): https://www.cler.ch/de/-/media/files/bc/zak/zak_factsheet_de.pdf?la=de&hash=B93AB4F5CD1FFFB6BFBB1FD1BE0D6822
Betragsgrenzen
Zahlungsaufträge können als Einzelzahlungen bis zu einem Höchstbetrag von 5 000 CHF pro Tag ausgeführt werden, wobei die Summe aller Zahlungsaufträge (inkl. Daueraufträgen) pro Woche auf den Betrag von 10 000 CHF begrenzt ist.
Having such a limitation is a bit annoying (e.g. taxes, holidays, other expenses). Furthermore, how are you executing payments if the app fails (happened some times up to five days in a row). ZAK does not have a web application like other banks have.
If you are asking for my opinion:
BCV > Migrosbank > Neon/ZAK
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Neon is even worse, they only let you take 1000 CHF a day. Found out the hard way when I needed to pay my rental deposit. Never again. UBS charges 15/mo (so 7.50 each) for a joint account, chequing account, and a Visa + MC each. And they have “native” Twint. And it’s free for the first year. And they call you back when you ask them to if you need to talk to them (https://is.gd/ubscallback)
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I am using Neon for my main bank account, and I have set up standing orders for over 3000 on one day no problem (though it doesn‘t need to be a standing order to transfer amounts over 1000k).
…if you have more than 10‘000 CHF with them.
It‘s obviously the bank with the better service. But not necessarily the best app. Though it is, of course, much more „powerful“ and they‘ve improved it considerably lately, I am still finding UBS‘ app more confusingly laid out and cumbersome to use for day-to-day tasks.
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I was talking about cash withdrawal limits, not electronic payments.
They also don’t have online banking other than the smartphone app, no csv export of your transactions, no joint accounts, and customer service in Germany only. It takes a few days (sometimes a week) for transactions to appear on your history. And if you want to use TWINT you have to load your twint account with money before you can use it. Other banks don’t require preloading and can debit your card directly when using twint.
OK, this might sound a bit like being a fanboy, but…
- I have never paid a rental deposit in cash (for a Swiss apartment). I would, in fact, regard that as a (small) red flag.
- Their contact form and web site are in four languages, so I expect them to provide support in those.
- Card transactions should now appear much faster, as pre-bookings in-app. They‘ve updated it recently.
- Joint accounts or CSV exports are things I frankly don’t need. I do see the point if you’re keeping accounts more elaborately for yourself, but I don‘t. Neither do most people I know (for personal finance).
- The same is true for twint. I am paying by credit card in-store, and personal transfers to friends etc. I’ve always been able to send by other means. Why use an intermediate walket, if I can make a straight transfer from bank account to bank account?
Edit: To be clear, in terms of functionality the Neon bank account is a very basic offer. Though as such, it works quite well for me (especially the app I can use on the go). And it‘s free.
Swisscard doesn‘t have a live transaction overview either, with transactions usually only posting to the account one or a few days later. I‘m using their cashback card for day-to-day purchases as often as possible.
Actually, that’s not correct. It’s only for incoming payment from another country. I have this account for about a year now and I have never paid this fee. Since I have 7500 CHF with them, I have actually never paid a cent for my Migros Bank account.
Recently noticed on Zak’s roadmap that they will be launching a new plan early 2020 called Zak Plus https://www.cler.ch/fr/info/zak/zak-plus. Main things that would attract me are:
- Free & unlimited withdrawals in ALL banks worldwide
- No fees on Maestro Payments worldwide
I know it would cost a total of 96 CHF /year and there are still some fees when paying with the Mastercard, but combined with Revolut it’s quite interesting if you travel a lot or don’t leave near a Zak bank location. What do you guys think?