I have noticed that people tend to waste thousands of strengths with their current bank accounts that's a Pity as you could have kept this money for something else instead of giving it to your bank hello my name is Sebastian you have personal finance expert in Switzerland this is a real pleasure to welcome you in my channel in this video I want to give you an overview of the current banking Solutions available in Switzerland for individuals hopefully you should be able to make the right decision after watching this video all the banks which will be mentioned in this video will offer deposit entrance scheme that protect clients against loss up to the amount of 100 000 Swiss franc which means that if your bank goes bankrupt then an insurance will reinforce your fund up to an amount of 100 000 Swiss Francs the only exception to this rule will be the wealth management Banks which usually do not offer such protection well the reality is that the funds available from this entrance would only be used in the instance of the small Bank going bankrupt if major Banks such as UBS or criticus would go bankrupt and the phone available from this inference will not be enough to cover all the claims but this is a story for another video I have identified seven major Services provided by banks in general the first one those are the current account this is where you receive and make your payments the second one is saving account with a higher interest rate but your cash is going to be lost for a certain period of time number three foreign exchange services number four access to a credit card number five brokerage account to buy Financial assets number six third pillar and number seven Wealth Management Services so most banks will attract new customers by offering free services for a limited period of time once you have entered the system this is when they will propose to you all the range of product and services which are rather expensive I tell you in particular the Foreign Exchange Credit Card third bill of brokerage account and wealth management this isn't bread and butter and this is how you end up wasting thousands of Swiss Francs over the cape in this video we will only focus on finding the best use Banks to open a current account so you can receive your salary and make your payments efficiently with low cost as this is where you do not really have any other alternative I will make some separate videos about the best foreign exchange services the best credit card the best brokerage to buy Financial assets and the best wealth management products so I would not recommend using your regular bag other fees are way too high you can find the link writable we can distinguish four main kind of banks in Switzerland the first one the wealth management Banks to give you some examples you have Victor Julies with asset I would say above 1 million that they want to entirely delegate the investment on their work so I'm not going to discuss about those banks in this video number two the multinational bank so those are UBS Traditions those Banks they will offer the entire range of services however you will be charged with some of the highest fees number three I call them the National Banks to give you some example you have the cantonal bank bank me grow graphisen they will offer the entire range of services but they have lower fees than the multinational Banks and number four that's the newest range of banks the Neo Banks so you have Zach neon you those are payment companies which focus on online services however they will have partnership with local banks where your funds will be held in trust so they do not offer the entire range of services but they offer the lowest fees now I will compare for you the different banks using the following criteria so here are my criterias we are 30 years old we have 7 500 Swiss franc we're going to make one withdrawal five payments and we have one incoming payments per month and we are using electronic bank statements so we are entirely popularized so I have already done a pre-selection of banks so we can see that the range in price is between 0 and 110 Swiss franc a year for managing your payments only so let's move further in the analysis and let's see which bank is most appropriate for you so let's get back to the multinational Banks we will start with the big International Banks UBS and traditions those are the two most popular bank in Switzerland that control over 50 percent of the country's local deposit and they offer all the products and services mentioned previously there are big advantages over smaller Banks is that there they have a lot of ATM where you can withdraw cash for free I think the rule of thumb is that if you withdraw cash from your own bank then you're not going to be charged with extra fees they also offer personalized Wealth Management Services with more product available and more market analysis you can also expect services in English other than that those banks are the most expensive if you still want to go to the multinational bank then I would recommend UBS over Credit Suisse for the following reason the first reason is my personal experience with their customer services it was much more pleasant dealing with UBS and dealing with creditors number two they have been lots of Scandal producers in 2021 which shows that there were issues with their top management culture so you can see that the stock price of criticians permitted to a third of its value whereas UBS stock price remain stable over a period of five years so for me the winner would be clearly UBS that would cost you about 96 years from the year which over 10 years will be 1 000 to spend only for depositing your cash but I would still recommend hanging to this video as there's some better alternative with local banks and new Banks so now we're moving to the local banks so you will get the same range of product and services as the multinational Banks but at a much longer cost the main differences between the international and the local banks is that the local bank they usually offer less ATM their wealth management services are less personalized and they may be less proficient in English so here between the three local banks that I've chosen here are the differences postmeness in this selection of banks post Finance offer the most ATM so wherever you can find a Post Office you can expect to find an ATF however the debit card is not accepted everywhere so it is sometimes a little bit annoying when you go to a restaurant with a friend and when you're about to pay you see that your card is getting rejected so yeah you feel kind of bad so Bank negro this bank is competitive in all stacked at the exception of their banking platform which I personally do not like over all the bank that I've tried it was very easy for me to to log in into their e-banking system but make me grow you need to download their application and then you need to set up yourself with double notification Security on another device and also there are some updates where you cannot access the platform and it usually happen during the weekend when I want to make my payments so I didn't like this point and the third one rightfizer for me to competitive and almost back it can be entirely free if you decide not to use that debit card but with the debit card it will cost you 40 Swiss franc per year so in this section I would recommend rifles in because this is one of the cheapest one for me the e-banking platform is one of the best I think the only drawback I would say is that they do not have that many ADM they have less ADM Plus Finance but I don't think it's such an issue so if you were to choose rifles and that will cost you 40 Swiss franc a year so over 10 years that will be only 400. so now we're moving to the new bank so the new banks are very strong to manage payments however you need to know that your cash will be deposited in their partner bank but they're not Bank they're just payment companies second point is security I feel that it is less strong as a regular Bank as you're accessing it entirely with your mobile phone which means you need if in order to access your bank you need to know the password of your mobile phone and then you need to know the password of your mobile application application so I personally would not leave that much money on my bank account if I were to choose a new ad I would only leave maybe one to two months salary but not more than that number four and that's a big Point some of them they offer a lot of integration with other applications and let's spawn they only offer payment and current account solution however some of them they have some distinct special services so let's go and see the differences so from my analysis the three of them would be free of charge so let's see how they differ so that it's entirely free from your transaction in Switzerland and you can withdraw free of charge from Bank cler ADM otherwise it will cost you two Swiss franc per withdrawal loan they offer a third pillar but I don't think it is a good option number two Neon it's entirely free for your transaction in Switzerland and you can make two withdrawal per month in any bank's ADM in Switzerland you will receive a credit card for 10 Swiss franc that can be used for worldwide I think their main feeder is in relation to the ethics rate so they offer really competitive ethics rate of course we can find better so I will show you in this video how to have the best ethics rate but for example if you're just traveling like abroad you're going to Germany or France just to do some shopping I think that you can use their credit card just for small amount and out of the point I have the feeling that Neo is more Innovative than the other one so I feel like if you're investing with nail they're gonna keep improving their platform keep improving the services so I think long term wise I think Neo might be a good partner and the last one you so that's a project between prospinos which is a local Swiss bank and swiss code which is a Swiss brokerage for them they offer a brokerage account but I do not really recommend this option since it is too expensive so I have another video where you can see what are the best brokerage account for Swiss investors they also that's one of the best feature I feel so they offer a multi-currency account which means that you will have only one Swiss eyeball but this eyeball will allow you to hold an account with 13 currencies so this is a really good solution if you receive and need to make payments in foreign currencies however be really careful there for an exchange rate which is 0.95 percent and I will show you another video there are much better Solutions so the winner is quite difficult to choose because those three new bank they offer free services for payment and receiving payment in Switzerland I wish was new over the other one for the following reason I think it is more user friendly I really prefer the platform and I think in the future it will develop much more connectivity with other other applications so I think over the long term it's going to develop much faster than the other one and the last feature I think the ethics rate I think it'd be really handy if you're traveling abroad and you need a little bit of foreign currencies or you need to make payment in front currencies for small amount I think it can be really handy