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Is there a Swiss bank which offers a free custody account? I just moved to Switzerland and want to transfer my stocks and mutual fund shares from the UK, but would be happiest with a free or very cheap custody account as I am a buy-and-hold investor.
Hi there,
A handful of Swiss banks do offer custody accounts free of charge. Typically there are conditions attached to obtaining a no-fee custody account.
Cornèr Banca offers custody accounts with no custodial fees to users of its CornèrTrader online trading platform. This is an ideal solution for buy-and-hold investors who do not want custodial fees eating away at the value of their securities.
PostFinance charges an annual fee of 90 Swiss francs for its custody account, but provides a 90-franc annual credit towards brokerage fees. If you make transactions to the value of 90 francs or more every year, the credit you receive discounts the annual fee. This account can work for investors who buy or sell securities several times per year.
You can compare Swiss custody accounts using the online trading comparison. Custodial fees are accounted for in comparisons and in cost breakdowns. You can find the exact rate at which custody fees are charged on the info page of each brokerage account.
Best regards from Moneyguru
