Bank Package Tips

Package deals or bundles are well established in telecoms, and are now widely offered by Swiss banks as well. Bank packages bundle different banking services into a single product. Here, moneyland.ch lists points to consider when choosing a Swiss bank package.

1. Understand what bank packages include

Swiss bank packages typically include one or more private accounts, a debit card, a savings account and one or more credit cards. Some bank packages include additional components such as pillar 3a savings accounts.

2. Get to know different kinds of bank packages

Banks offer many different packages designed for different kinds of customers. Bank Packages for teenagers, students and young professionals often have very favorable fees and interest rates. Some banks offer special bank packages for families or couples. Some offer bank packages designed for cross-border workers.

3. Look into the added value over individual products

Banks offer bank packages to encourage customers to use just one bank for all of their banking. Many bank packages have more favorable interest rates or work out cheaper than using individual products.

4. Cherry picking products can be better than buying a package

Bank packages provide a convenient, one-stop banking solution. But in many cases, getting banking services separately using the best available offer in each category works out cheaper.

For example, you could open a no-annual-fee private account with a debit card from one bank, get a no-annual fee credit card directly from a card issuer, and open savings accounts and pillar 3a accounts at the banks which offer the highest interest rates. You will have the hassle of working with multiple service providers, but you will be earning the highest interest and/or cash back, and paying the lowest fees.

5. Compare interest and fees to stand-alone products

Some Swiss banks use higher interest rates for savings accounts that come as part of bank packages than they use for their stand-alone savings accounts.

Some incidental fees and charges which apply to stand-alone accounts – such as transfer fees, postage fees and/or cash withdrawals at out-of-network ATMs – do not apply to bank packages.

6. Compare bank packages

Most bank packages for adults have monthly or annual flat fees. You can use the unbiased bank package comparison to find out whether using a bank package can save you money.

If you determine that getting a banking package makes financial sense for you, take the time to compare banking packages based on your specific banking needs.

7. Look out for discounts and rewards programs

A possible advantage of bank packages is that many come with rewards programs, discounts and vouchers which you do not get with stand-alone accounts.

For example, with many bank packages you earn reward points or get discounts when you make purchases with the bundled credit cards. Some packages reward you for other banking transactions as well.

Rewards and other benefits are accounted for in the moneyland.ch bank package comparison and the savings are clearly shown in individual cost breakdowns.

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