Private and savings accounts at the same bank or different banks?

Are there any disadvantages to using a private account from one Swiss bank and a savings account from another bank?

The reason I am asking is that according to comparisons I did, some banks have really cheap private accounts but pay crap for savings. Others pay good interest for savings but have expensive private accounts. So with two different banks you get the best of both.

Is it better to get both accounts at the same bank?

Hi there,

The benefit of getting your private accounts and savings accounts at different banks is that some banks offer exceptionally low costs or good service for private accounts while others pay out high interest for savings. Another advantage is that Swiss depositor protection guarantees apply on a per customer and bank basis, so keeping your money at more than one bank provides greater security.

The disadvantage of working with two banks is that many Swiss banks charge transfer fees when you have them move money from a savings account to private accounts at other Swiss banks.

While you can normally withdraw money from your savings account at the till and physically deposit it at the bank at which you hold a private account without paying fees, not everybody will find this convenient.

If you expect to move money from your savings account to your private account at another bank, make sure to check if a fee applies before singing up for the savings account.

It is worth noting that some Swiss banks offer savings accounts with higher interest rates as part of package deals which include both private and savings accounts.

Best regards from Moneyguru

More on this topic:
Swiss savings account comparison
Swiss private account comparison
Swiss bank package comparison