Investing is becoming cheaper in Switzerland – at least for traders who use affordable online brokers. For some years now, banks like Flowbank, Cornèrtrader, Saxo Bank, and Swissquote have been among the cheapest Swiss stock brokers for many customer profiles and securities types. Now Saxo Bank is following Postfinance in driving down trading fees.
Overview of the new Saxo Bank fees
Saxo Bank continues to divide customers into three categories: Classic, Platinum, and VIP. Customers with at least 250,000 francs are classified as Platinum customers, and benefit from lower fees. A minimum of 1 million francs is normally required to qualify as a VIP customer.
As from January 15, 2024, Saxo Bank has lowered its fees for certain services. The new pricing applies to both existing and new customers. These are the most important changes:
- No more inactivity fees: Inactivity fees have been removed. Customers no longer have to pay fees when they do not make any trades over longer periods of time.
- Custody fees: The custody fees for holding bonds in your account have been removed. The custody fees for stocks have not been changed, and remain at 0.22 percent for Classic customers, 0.14 percent for Platinum customers, and 0.12 percent for VIP customers, with a maximum custody fee of 10 francs per month for all customer categories. That means the custody fee is limited to a maximum of 120 Swiss francs per year (plus VAT), even for large custody account balances.
- Lower fees for trading stocks on the SIX Swiss Exchange: Buying and selling Swiss stocks now costs 0.08 percent, with a minimum brokerage fee of 3 francs per stock title. Platinum customers pay 0.05 percent (minimum 3 francs), VIP customers pay 0.03 percent (minimum 3 francs). Before the change, stock trades in Switzerland cost 0.1 percent for Classic customers, with a minimum brokerage fee of 20 francs per stock title.
- Lower fees for trading stocks on major European stock exchanges (like Xetra): Buying and selling European stocks now costs 0.08 percent, with a minimum brokerage fee of 3 euros per stock title. Platinum customers pay 0.05 percent (minimum 3 euros), and VIP customers pay 0.03 percent (minimum 3 euros). Previously, Classic customers paid 0.14 percent, with a minimum of 24 euros per stock title, for European stocks.
- Lower fees for trading stocks on US stock exchanges (like the NYSE and NASDAQ): Buying and selling US stocks now costs 0.08 percent, with a minimum brokerage fee of 1 US dollar per stock title. Platinum customers pay 0.05 percent (minimum 1 US dollar), and VIP customers pay 0.03 percent (minimum 1 US dollar). Previously, Saxo Bank charged Classic customers a brokerage fee of 0.02 US dollars per share, with a minimum fee of 20 US dollars per stock title.
The new Saxo Bank fees compared
Saxo Bank is now the most affordable Swiss bank for trading in many different stocks and ETFs, including US and European titles. Swiss stocks are an exception, with Saxo Bank taking second place after Flowbank. Swissquote remains the cheapest Swiss bank for investing in Swiss ETFs, followed by Flowbank and Saxo Bank. You can find the exact costs in the stock brokerage account comparison on moneyland.ch. You can also create a custom profile based on your specific investment needs.
Saxo Bank fees for frequent traders compared
Saxo Bank is exceptionally cheap for investors who trade frequently. According to the interactive trading comparison on moneyland.ch, Saxo Bank is the most affordable bank for the predefined frequent trader profile, with fees of 1360.20 francs per year for Classic users (lower fees apply to Platinum and VIP customers). It is followed by Flowbank with 1443.05 francs, and Cornèrtrader with 1594.50 francs.
For the sake of comparison: Frequent traders with the identical profile would pay 5013.30 at Raiffeisen, 7781 at Credit Suisse, and 8661.50 at UBS.
Those figures show that investors can save a lot of money by using a bank that specializes in cheap online trading instead of their everyday bank.
Saxo Bank fees for passive investors compared
In most cases, Saxo Bank is not the cheapest Swiss bank for investors who do not trade frequently, but only hold securities like ETFs over many years. That is because of Saxo Bank’s custody fees.
Example: For an investor matching the predefined passive portfolio profile in the moneyland.ch trading comparison, Cornèrtrader takes first place with fees of 43.25 francs per year, followed by Flowbank and other banks with online trading platforms. For Classic customers at Saxo Bank who match the passive profile, the costs are 129.70 francs per year.
The neobanks Yuh and Neon are normally the cheapest banks for passive investment, as they do not charge any custody fees. However, these neobanks currently only offer a small selection of stocks and ETFs.
Saxo Bank does not charge any custody fees for bonds.
Verdict
Saxo Bank has substantially lowered its trading fees. With its new pricing, Saxo Bank Switzerland has become the most affordable Swiss bank for trading certain kinds of securities. It has the lowest brokerage fees for foreign stocks and ETFs. It is also one of the most affordable banks for trading Swiss titles. Frequent traders can benefit the most from the changes in pricing.
More on this topic:
Detailed information about the Saxo Bank online trading platform
Compare Swiss stock brokerage accounts now
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