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UBS is gradually integrating Credit Suisse into the new superbank. Good for CS customers in the short term: they will be able to continue to conduct banking transactions without restrictions for the next 15 months. However, there is uncertainty about what the banking products offered will look like after the end of 2024. Stay or skip?
In this context, online comparison portal Moneyland examined how well today’s CS products perform compared to their competitors. And he comes to a difficult decision. “From a product perspective, the disappearance of Credit Suisse is not a big loss for private clients,” says Moneyland managing director Benjamin Manz (42). Because most banking products for private customers are among the most expensive products compared to competitors.
Expensive accounts and cards from CS
The latter applies, for example, to private accounts. Average customers with 10,000 francs in their account pay 238 francs per year for a dedicated account, payment processing and debit card at CS. The CSX White special account is at least cheaper at 127.50 per year. But there are much cheaper alternatives than smaller banks.
The same goes for business accounts: for corporate customers with capital payments of 100,000 francs and average payment transactions, the Business Easy package company account costs 733 francs in the first year. Spicy: with UBS’s “current account company” it’s only 260 francs. But Credit Suisse was known as “world class” among larger corporate clients who needed to handle complex international financial transactions.
When it comes to savings accounts, CS is in the middle of the field in terms of account interest, with a current interest rate of 0.75 percent per year. Other banks offer up to 2 percent. With a savings balance of 50,000 francs, that’s 625 francs more! Fees for CS credit cards are also quite expensive. After all, CS subsidiary Swisscard offers affordable alternatives from the same company.
Last place in housing loans
When it comes to benchmark mortgage interest rates, CS ranks last. Almost no one here is likely to get a new mortgage with CS at the moment.
Also at the bottom, or at best in the fixed middle area, are CS asset management, as well as CS retirement products such as the 3a savings account (with only 0.8 percent interest) or CS pension funds. When it comes to online trading for private clients, CS is also one of the most expensive providers, according to the evaluation. According to Moneyland, an occasional trader pays a fee of 1,632 francs per year for CS’s Direct Net offering. With Flowbank it will be 258 francs.
It remains to be seen whether customers will now switch to other banks or whether UBS will succeed in switching them to a UBS product (possibly an adapted CS product).
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
