CSX: How Good Are the New Bank Packages?

The CSX basic digital bank account was launched by Credit Suisse (CSGN) in autumn, 2020, in reaction to cheap offers from neobanks (see the original moneyland.ch report). The bank is now offering a number of additional bank packages under the CSX brand. The established Credit Suisse Bonviva bundles are being phased out and replaced with CSX packages.

“Unfortunately, the new CSX system is somewhat confusing, and its structure is anything but simple,” criticizes moneyland.ch analyst Felix Oeschger. He answers the most important questions here.

How are the new CSX bank packages structured?

The new Credit Suisse bank packages for private individuals build on a modular platform. You can customize your CSX bank package individually using these components:

• Private accounts: CSX offers current accounts in 21 currencies. Private accounts with no basic account fees are available to children and young adults.
• Debit cards: You can choose between a Black Debit Mastercard and a no-annual-fee White Debit Mastercard.
• Credit cards: Various credit cards from American Express, Mastercard, and Visa are available as part of the CSX Plus, CSX Pro, and CSX Platinum lines.
• Savings accounts: You can add up to three savings accounts to your CSX package.

Are CSX bank packages fully customizable?

No. Every CSX bank package has to include at least one Swiss-franc-denominated private account and a debit card (CSX Debit Mastercard). You cannot get just a CSX credit card, or a CSX private account without a debit card. But aside from those basic requirements, you have relative freedom to customize your bank package.

Do I have to put my CSX package together myself?

No. If the modular system is too complicated for you, you can choose between a number of ready-to-go bank packages. Credit Suisse markets a number of bundles which include private accounts, debit cards and credit cards under brands like CSX Plus, Pro, and Platinum.

These predefined CSX bank packages and their most important features are listed in the table below, and are also included in the interactive bank package comparison on moneyland.ch. The CSX White and CSX Black packages are not included in the interactive comparison because they do not meet all criteria (accounts can only be opened via app, and physical banking documents by mail are not offered).

Can I keep my existing Bonviva or Viva bank package?

Credit Suisse responded to a moneyland.ch inquiry by saying that existing customers with Bonviva Silver and Gold packages will gradually be migrated to corresponding CSX packages, like the CSX Plus and Pro offers. The Bonviva packages are no longer available to new customers.

The situation is different for Viva bank packages. Children and young adults with Viva Young (12 to 23 years old) or Viva Student (18 to 30 years old) can continue to use their existing bank packages. Viva packages will remain available to new customers for the time being. But Credit Suisse does plan to migrate customers with these packages to CSX Young or similar CSX products over the mid-term.

Can I still get my bank statements by mail with CSX accounts?

That depends. Banking documents like account statements, credit and debit alerts, and interest statements are available free of charge in digital format. If you want to get physical documents in the mail, Credit Suisse charges 24 francs per year plus value added tax (VAT) for this service. You also pay the postage fees on top of that.

Important: The CSX White and CSX Black bundles are only available online.

Which interest rates apply to CSX accounts?

Currently, CSX accounts do not pay any interest. Important: The free CSX private account included in the CSX Young, CSX White, and CSX Black packages presently has a 0.1 percent negative interest charge for the portion of balances which exceeds 100,000 francs.

CSX savings accounts currently pay a miniscule 0.01 percent interest (on up to 250,000 francs. A zero-percent interest rate applies to balances in excess of that amount).

The savings accounts offered under the Viva Young and Viva Student brands had a favorable interest rate of 0.5 percent for up to 25,000 francs. This special rate is not included in CSX Young.

Does using CSX cards to pay outside of Switzerland cost money?

In contrast to the debit cards from many other Swiss banks, CSX debit cards do not charge foreign transaction fees when you make purchases in foreign currencies. “That is arguably the best feature that CSX brings to the table,” says Oeschger. But as with other banks, payments in foreign currencies are still converted at the bank’s forex rate, which is less favorable than interbank exchange rates.

Important: Unlike CSX debit cards, the credit cards you get with CSX do have foreign transaction fees equal to 2.5 percent of the amount you spend outside of Switzerland. CSX credit cards use the Swisscard currency exchange rates. On the whole, using CSX debit cards to pay for foreign purchases is cheaper than using CSX credit cards.

Are the CSX Plus and Pro packages more expensive than the Bonviva Silver and Gold packages?

Credit Suisse Bonviva package users had to pay a monthly fee of 15 francs (Bonviva Silver) or 40 francs (Bonviva Gold). CSX Plus costs 11.95 francs per month and CSX Pro costs 14.95 francs per month, as long as you forego receiving physical documents in the mail, so CSX packages are cheaper.

But the Bonviva packages gave you free cash withdrawals at Swiss ATMs which are not operated by Credit Suisse. CSX Plus and CSX Pro charge 2 francs for each withdrawal at an out-of-network ATM. You can add an option which gives you free cash withdrawals at out-of-network ATMs, but this adds 3.05 francs per month to the package fee.

The services included also vary. For example, Bonviva bank packages included more accounts and debit cards. The credit card benefits also vary. A positive change is that CSX credit cards reward you with cash back.

How expensive are the new CSX packages compared to offers from other banks?

For adults matching moneyland.ch’s average user criteria, the CSX Plus, Pro, and Platinum offers are among the more expensive bank packages available.

The CSX Young offers perform better, taking the midfield in terms of costs. However, the old Viva products for young Credit Suisse customers were somewhat more favorable than the CSX Young offers. For young people and students who already have Viva accounts, there is no reason to migrate to the new CSX offers.

But whether or not CSX accounts could work well for you depends on your individual banking habits. Using the bank package comparison on moneyland.ch to find the best solution for your specific needs is recommended.

It is also important to note that getting all your banking products together in a bank package is not necessarily the best solution. We at moneyland.ch recommend that you compare private accounts, credit cards, savings accounts, and pillar 3a accounts separately, and use the offers which are most favorable for you.

More on this topic:
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Find an overview of Credit Suisse packages here