Bank packages bundle different banking services (typically private accounts, debit cards, credit cards and savings accounts) into a single subscription. Most large Swiss banks now offer bank packages.
A primary reason for Swiss banks offering bundled packages is to discourage customers from migrating to other service providers for part of their banking needs. Up until now, PostFinance has abstained from offering bank packages. That is changing from July 1, 2021.
Which bank packages will PostFinance offer?
From July 1, PostFinance will offer these bank packages: The SmartPlus package for Adults; the SmartKids package for children up to 11 years old; the SmartYoung package for teens up to 20 years old; and the SmartStudents package for students between the ages of 18 and 30 years old.
Are there surcharges for paper documents?
Yes. An additional 5-franc flat fee applies to customers who do not want to forego paper documents. If you agree to access all your bank statements, credit card statements, interest statements and other documents digitally, you do not need to pay the 5-franc surcharge.
PostFinance has already been charging fees for some paper documents. No fees were charged for paper credit card statements, but account statements cost 1 franc per month and document. For many customers who want paper statements, the new 5-franc flat fee works out more expensive.
What does the Smart package cost?
The Smart bank package for adults has a basic account fee of 5 francs per month. It includes a private account (in Swiss francs or a foreign currency), a PostFinance debit card, and a savings account in Swiss francs or euros.
Customers who hold at least 25,000 francs invested with PostFinance get the Smart bank package free of charge. The same applies to PostFinance mortgage and life insurance customers.
A credit card is not included in the basic package, but can be added for a separate fee (a standard credit card or prepaid card costs 50 francs per year).
Cash withdrawals with the PostFinance debit card at PostFinance ATMs are free of charge. A 2-franc fee applies to each withdrawal at out-of-network ATMs in Switzerland. You pay 5 francs per withdrawal outside of Switzerland.
What is changing for private account users?
The private account that comes with the new Smart bank package is comparable to the postal account which PostFinance has offered until now. The private account for adults costs 5 francs per month – or 60 francs per year. That is the same fee you pay for the Smart bank package. The waiver of the basic account fee for customers with over 25,000 francs at PostFinance is also included in the Smart package.
What is new is the 5-franc fee for customers who want to receive statements and documents physically.
What does the SmartPlus bank package cost?
The SmartPlus bank package for adults has a basic fee of 12 francs per month. It includes a private account (in Swiss francs or a foreign currency), a PostFinance debit card, and a savings account in Swiss francs or euros. It also includes a standard credit card at no extra charge (with the more basic smart package, you would have to pay an additional 50 francs per year for a basic credit card). If you prefer a gold or platinum credit card, you get a 50-franc discount on the annual fee.
Young adults between the ages of 21 and 30 years old who are no longer studying pay 6 francs per month instead of 12 franc per month for SmartPlus (up to a maximum of 3 years).
Customers with at least 25,000 francs invested in PostFinance investment products, or with PostFinance mortgages or life insurance policies, benefit from a discount of 5 francs per month off the basic package fee. In this case, you pay 7 francs per month for the SmartPlus package.
Cash withdrawals with the PostFinance debit card are free of charge – including withdrawals at out-of-network ATMs in Switzerland and at ATMs outside of Switzerland.
What is changing for Private Account Plus users?
The private account included in the new SmartPlus bank package is comparable to the current Private Account Plus. The Privat Account Plus from PostFinance costs 12 francs per month – or 144 francs per year. That is the same basic fee which you pay for the SmartPlus bank package.
But unlike the Private Account Plus, the basic fee of the SmartPlus bank package is not waived for customers with 25,000 in PostFinance investment products. Instead, these customers only benefit from a discount of 5 francs per month.
The previous discount of 7 francs per month for customers with 25,000 or more in PostFinance account balances (not investment products) also does not apply to the new SmartPlus package. These customers will pay 84 francs more per year.
On the other hand, SmartPlus users benefit from a 50-franc annual discount on the annual fee of a credit card.
That means If you currently pay 12 francs per year for a Private Account Plus and use a PostFinance credit card, you will save 50 francs per year after moving to the SmartPlus package.
But the downside is that if you do not use a PostFinance credit card and have the PostFinance Private Account Plus with 25,000 francs or more in PostFinance investment products, or a PostFinance mortgage or life insurance, you will pay 84 francs more per year with the SmartPlus package. If you use a PostFinance credit card, the hike is somewhat lower at 34 francs more per year. This also applies to customers with at least 25,000 francs in PostFinance private and savings account balances.
Additionally, all customers who want to receive paper documents will pay an additional 5 francs per month (60 francs per year).
What do the SmartYoung and SmartStudents packages cost?
The bank packages for teenagers and students do not have basic flat fees. In addition to a youth or student private account, they also include a youth savings account (or a regular savings account in the case of SmartStudents), a PostFinance debit card, and a standard credit card. Cash withdrawals are free of charge – including cash withdrawals at ATMs operated by other banks and ATMs outside of Switzerland.
What is changing for teenagers and students?
Cash withdrawals at non-PostFinance ATMs are free of charge with the new bank packages. Currently, teens and students have to pay 2 francs per withdrawal at out-of-network ATMs and 5 francs per withdrawal outside of Switzerland. So, banking will become cheaper for young PostFinance customers from July 1, 2021.
Can I open a PostFinance account without getting a bank package?
No. From July 1, 2021, you will no longer be able to subscribe to services individually, according to information provided to moneyland.ch by PostFinance. Opening stand-alone accounts without a bank package will no longer be possible.
Savings accounts, credit cards and prepaid cards will only be offered as part of bank packages.
Exception: Retirement products will continue to be offered as stand-alone products separately from bank packages. This applies to pillar 3a accounts, retirement funds, vested benefits accounts, and life insurance.
What is changing for non-resident customers?
Up until now, PostFinance offered savings accounts as stand-alone accounts which could be opened without a private account. The PostFinance savings account had no annual account fee and no non-resident fees. Swiss citizens living outside of Switzerland could use PostFinance savings accounts without paying the high non-resident fees charged by most Swiss banks.
This benefit will remain in place in that the 25-franc monthly non-resident fee is waived for customers who only use the savings accounts included in bank packages and no the private accounts.
Will prices change when the new PostFinance debit card is launched?
PostFinance plans to introduce a new debit card with Mastercard functionality in 2022. PostFinance confirmed to moneyland.ch that the move to the Debit Mastercard from 2022 will not impact the pricing of bank packages.
Can existing PostFinance customers forego the move to the new packages?
No. On July 1, 2021, your existing PostFinance private account or Private Account Plus will automatically be replaced with the bank package which PostFinance considers to be the best fit.
What should I do if I do not want a bank package?
If you want a different PostFinance package than the one you are automatically assigned, you can simply change it (from Smart to SmartPlus or vice versa, for example).
If you do not want to continue banking with PostFinance, you can simply give notice on your PostFinance account and move to another bank of your choice.
The banking comparisons on moneyland.ch make it easy to find the banking products which best suit your needs.
What notice periods apply?
According to PostFinance, customers can submit written notice to terminate products affected by the change to bank packages at any time within one month of receiving the customer information about the change. Customers who give notice within this one-month period can terminate their accounts without penalties, and applicable limitations on withdrawals from savings accounts will be waived.
Conclusion: What are the biggest changes with regards to costs?
Banking will become more expensive for Private Account Plus holders who have more than 25,000 in PostFinance bank account balances or PostFinance investment services.
“That good investment customers in particular will be charged higher basic fees is surprising,” observes moneyland.ch CEO Benjamin Manz.
Customers who are not willing to forego paper documents will have to pay an extra 60 francs per year in the future.
But there are also customer groups who will benefit from the change:
- Teens and students with online banking no longer have to pay fees for cash withdrawals at out-of-network ATMs.
- Customers who use both a PostFinance credit card and a Private Account Plus, and do not investments or account balances worth more than 25,000 francs. These customers who already pay 12 francs per month for just their private account will save 50 francs per year on their credit card fee.
PostFinance informed moneyland.ch that nearly half of all of their customers will pay less or as much as they have up till now. Looking at it from a different angle, that means around half of PostFinance customers will pay higher fees.
What should I as a PostFinance customer do now?
This change in fees provides the perfect opportunity to compare all of the banking services you need with offers from other banks. moneyland.ch offers the leading independent banking comparisons which make it easy to find the best solutions for your needs. There is no reason not to change banks if you find solutions that suit your needs.
Good to know: In many cases getting the best available solutions from different banks works out more favorable than getting all your banking solutions from the same bank.
You can find a checklist of all the things to consider when changing bank accounts here.
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