It's more of a British joke but remind me in financial terms what rhymes with BANKER
Well I thought I'd seen it all when my Swiss Credit Suisse bank sent me a little note.
Seems like they will be increasing the charges for my banking services. (1.5 CHF is about 1 GBP GB Pound)
Next year they warn me that regardless of my balances, let's say for example 70,000 cash deposits, they would like to charge me
60 CHF yearly for a Current Account
50 CHF for a Banking Card
But wait, there is more ... they recommend I switch to Bonviva Banking to avoid individual banking fees
I studied it and so can you (click to enlarge)
If you take the mid tier Gold service they want you to pay
- Regardless of your bank balances
- 480 CHF for the bank account (320 GBP)
- Includes a Credit Card and a Debit Card!
- 0.75% interest rate on the saving account (quite good for CH actually)
- Free withdrawals at other e.g UBS bank machines in Switzerland
I rang the helpline and was astonished to find that on the current plan I get charged 2CHF (1.5 GBP) per withdrawal for non Credit Suisse machines. And since there is only 1 in the whole of Lausanne. Well, quite likely then!
If I pick the best account, Platinum, they will charge me a staggering 960 CHF per year (680 GBP) for banking and debit/ credit cards
So what do I think?
- Swiss banking is unbelievable, but not necessarily in a good way!
- They have high charges
- And on current accounts almost zero interest and on savings accounts mediocre interest
- They jump to charge you for withdrawals at other banks ATM's even when they have practically none of their own, and none abroad (UK for example)
As I said unbelievable. This kind of mentality makes one realise why retiring in Switzerland, really, really requires a lot of money.