Blick tests itself: Coop’s new bank proposal does not deliver on promise

Still have teething problems

Blick takes the acid test and tries to open an account while on the train. The account is quickly set up, then verification with ID and selfie video is required. We fail the first test because of personal details. If you live in a place where several areas use the same zip code, you’re out of luck: You’ll need to upload proof of address separately. It takes days to resolve the issue and open the account.

There were no problems with personal information in the second test; The account opening process worked immediately. In order to use the account, you must first transfer money from another Swiss bank account with the same name, after opening the new Coop Finance+ account. It will take another day for the transfer to reach the new account.

Once the account is finally ready to use, the next problem arises: If you want to store the card in Apple Wallet to pay with your mobile phone, Coop Finance+ is not in the list of banks listed. Users must either add the card manually or choose Kreditarbank Lenzburg, Coop’s partner in the new bank offer. This confuses customers. Android users also have to make a detour to deposit the card into Google Pay. Coop promises that the process of integrating cards into electronic wallets will be simplified by the end of the year at the latest.

If you still prefer to pay with a physical card instead of your mobile phone, you can order additionally. However, it takes up to 10 business days to arrive. There is no mention of digital, fast and complexity.

No crazy benefits

Advantages? Free account management for one year. From the second year onwards, it remains free if you spend more than 500 francs on the card, otherwise the cost of account management is 5 francs per month. Debit card is free, additional card fee is 5 francs one-time. There are also double Supercard points available for one year. Interest rate: Only 0.75 percent on a savings account.

Cash can be withdrawn from Coop store payments. But only 300 francs a day. This isn’t entirely new. Since spring 2022, money can be withdrawn from Coop cash registers. “With Coop Finance+, we will now offer this service broadly and make it accessible to everyone,” says spokeswoman Rebecca Veiga. This required various improvements in the cash register system.

Most neobanks offer account management completely free of charge. International transfers are also possible here; Not yet possible with Coop Finance+. After all, the interest rate of the Finans+ retirement solution is much higher than the solutions offered by neobank competitors.

Moneyland boss Benjamin Manz’s verdict: “Overall, with the exception of the 3a savings account, the offer is not yet a high-flyer.” There are cheaper neobanks with better conditions. “So they have nothing to fear yet,” says Manz.