Hi there,
Savings accounts are designed to make it relatively difficult and expensive to dip into your savings. Most Swiss banks charge fees when you transfer money from a savings account to accounts at other Swiss banks. Most savings accounts require you to give notice when you make withdrawals above certain limits. The benefit of savings accounts is that you earn more interest and accounts are generally free of an annual fee.
If all you need is an account in which to receive payments and make withdrawals in cash to cover your budget, you can get by using only a savings account. Just be aware that some savings accounts only let you begin making withdrawals after you have held the accout for a certain amount of time (1 or 2 years, for example).
You can compare Swiss savings accounts and find detailed information about each account using the moneyland.ch savings accout comparison.
Private accounts, on the other hand, generally do not have fees for transfers to other Swiss bank accounts. There is normally no limit to the amount of money you can withdraw or transfer out of your account. Private accounts also allow for direct debits, recurring transactions, debit card use and electronic settlement of bills. Almost all Swiss private accounts have some form of monthly or annual fee.
If you are in the habit of settling payments using debit cards or electronic billing, making regular transfers to other bank accounts and paying recurring bills via direct debits, you may find a private account indespensable.
You can compare Swiss private accounts using the moneyland.ch private account comparison.
Best regards from Moneyguru
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