Opening a savings account without a checking account

Are there any Swiss banks which offer savings accounts without requiring customers to open a checking account as well?

Hi there,

Yes, some Swiss banks do provide savings accounts independently of private accounts.

PostFinance, for example, offers conventional savings accounts (not e-savings accounts) without requiring you to have a checking account.

The downside of savings accounts is that they are not suitable for making regular transactions.

The PostFinance savings account, for example, does not charge you for the first 10 outgoing transactions you make within one calendar year. An 8-franc fee applies to each outgoing transaction after that.

It is worth noting that some banks, like the Aargauische Kantonalbank, now offer online private accounts with no annual fee. If you are content to handle your banking online and only rarely have services performed at the till (you pay one-time fees for these), then a free online private account can make a good supplement to a free savings account. A private account lets you make regular transactions without paying high fees.

Best regards from Moneyguru

More on this topic:
Savings account comparison
Private account comparison

Are there any updates in this regard? It seems the AKB doesn't offer that free checking account anymore. What savings accounts would you recommend if I don't want to pay for a checking account?

Hi there,

A number of private accounts with no annual fees are now available. These include Neon (Hypothekarbank Lenzburg) and Bank Cler's Zak account.

PostFinance, lets you open and hold a regular savings account without opening a private account (checking account). PostFinance does require you to open a checking account in order to open its E-savings account.

Savings accounts are not well-suited for frequent transactions because they generally have limits on the number of transactions which can be made within a month or year. It is generally possible to make additional transactions, but you will normally be charged fees for these. With the regular PostFinance savings account, for example, you can make 10 withdrawals per calendar year free of charge. An 8-franc fee applies to each additional withdrawal.

The advantages of savings accounts is that they generally do not have annual or monthly account fees and you earn interest. You can compare interest rates using the interactive savings account comparison.

Some banks do not charge non-resident fees for savings accounts. For example, PostFinance does not charge non-resident fees for its standard savings account. That makes this a good option if you plan to move abroad and need a Swiss bank account in which to receive a pension or salary.

If you only use a bank account to receive and withdraw your monthly salary or pension, a savings account may work just fine for you.

If you make a lot of card payments, withdrawals, transfers, standing orders and direct debits, you could consider using a favorable savings account in combination with a free app-based private account. You can keep the bulk of your assets in a savings account to earn interest, and simply place the amount you need for book transactions into your free private account. Setting up a standing order simplifies this process. Just note that some banks charge a fee for transfers from savings accounts to other banks. PostFinance does not charge for standing orders.

Best regards from Moneyguru

You should be able to open just a savings account at any major bank i.e. UBS, Credit Suisse, Raiffeisen.