No more bank fees: This is how competition reacts to the ZKB coup

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Milena KalinEconomics Editor

Zürcher Kantonalbank (ZKB) has achieved a coup: It has become the first major bank to abolish private customer fees. In particular, both the 12-franc annual fee and the 40-franc annual fee for the debit card are waived. “This makes the private account one of the cheapest from traditional, large banks,” says Benjamin Manz (42), managing director of comparison service Moneyland. Only neobanks like Yuh, Neon or Zak are cheaper.

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“This step by ZKB will be welcomed by the consumer. This will likely force other major banks to take action and reintroduce the fee landscape for private accounts,” says Manz.

Blick therefore followed the large banks and some cantonal banks (BEKB, BKB, LUKB and SGKB). No one wanted to comment on ZKB’s decision.

This is what Postfinance, UBS and Co. offer.

The ZKB Banking offer will cost 42.50 francs per year from 2024, new figures from Moneyland show. Assuming average adult user. This includes fees for domestic and international cash withdrawals and foreign purchases. To close an account at ZKB you pay a one-time fee of 20 francs.

The second cheapest offer, the basic offer of 72 francs from Berner Kantonalbank (BEKB), is already much more expensive. “As a first step, we increased interest rates on savings, retirement and redemption accounts to ease the burden on our customers,” a spokesperson said in response to Blick’s question. A private account is available at BEKB for 100 francs per year.

The price of the cheapest offer at major banks such as UBS, Raiffeisen and Postfinance ranges from 98 to 105 francs per year. Postfinance, which charges the highest price among the three mentioned, says: “We believe we offer our customers good and fair value for money with our Smart and SmartPlus banking packages.”

At Raiffeisen, cooperative members benefit primarily: “The majority of customers of Raiffeisen banks are cooperative members with a parent bank relationship and have therefore long benefited from free account management,” says a spokesperson. UBS also has an offer with no account management fee: “UBS key4” for 98 francs per year.

Cantonal banks tend to be more expensive

Other cantonal banks are more expensive: 117 francs per year at Luzerner Kantonalbank (LUKB), St. At Wales Kantonalbank (SGKB) you pay 120 francs. Both are constantly reviewing the market and fee structure. The cost of an account at Başler Kantonalbank (BKB) is around 154 francs per year. The bank argues: “Our target is to be in the lower middle group when it comes to wages.”

Manz recommends bank customers still compare overall costs: “You shouldn’t just focus on the account management fee.” You can compare bank accounts on Moneyland. Because it also depends on what your personal needs are. For example, if you frequently use your account abroad, it would be better to use neobank, says Manz.

Source :Blick

Tim

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.