The Zürcher Kantonalbank (ZKB) has announced changes to its pricing structure for personal accounts and banking packages. Starting from 2024, the bank will no longer charge annual fees for personal accounts and debit cards for private customers. This move is aimed at providing more affordable banking options for customers.However, it is important to note that while the annual fees for personal accounts and debit cards are being eliminated, there are still some fees that will remain in place. For example, cash withdrawals from ATMs operated by banks other than the Kantonalbanken will still incur a fee of CHF 2 per withdrawal. Additionally, purchases made in foreign currencies with the debit card will continue to be subject to a fee of 1.25% (up to a maximum of CHF 1.50 per transaction), while purchases made with the credit card will incur a fee of 1.75%.When considering banking options, customers should not only focus on fees but also consider the interest rates offered. Currently, the ZKB does not offer interest on personal accounts, which is consistent with many other Swiss banks. However, some smartphone banks are offering up to 1% interest on personal accounts, which can be a significant difference for customers with a balance of CHF 10,000.It is worth noting that the ZKB’s new pricing structure is considered one of the most affordable among traditional banks for personal accounts and debit cards. However, neobanks such as Neon offer even more competitive rates. This fee reduction by the ZKB may put pressure on other larger banks to lower their fees as well.Overall, it is expected that more banks will adjust their fees in response to customer demand. However, this will likely only happen if customers actively switch banks and create pressure for fee reductions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Kantonalbanken, Zak, Neon, Zürcher Kantonalbank, Yuh |
| Currencies | None |
| Securities | None |
