Joint Accounts in Switzerland: The Best Providers
Planning, saving, and achieving financial goals together can bring real value to any relationship. A tool that can help is setting up a joint account. Say goodbye to the hassle of transferring money back and forth, calculating split bills, and having monthly debates over expenses. But what exactly is a joint account, and how does it work? Today, we’ll dive into the world of joint accounts in Switzerland, exploring their pros and cons and reviewing some of the top providers in the market.
Whether you’ve just moved in together, are engaged, or have been a couple for years, a joint account can be a practical way to manage shared expenses, organize finances, and work towards mutual savings goals. That said, as with any financial decision, there are a few key considerations to keep in mind.
Table of Contents
- Frequently Asked Questions About Joint Accounts
- What Is a Joint Account?
- When Does a Joint Account Make Sense?
- Can You Have a Joint Account Without Being Married?
- What to Look for When Choosing a Joint Account
- Joint Accounts in Switzerland: The Best Providers
- My Conclusion
Frequently Asked Questions About Joint Accounts
Before we dive into the details of joint account providers in Switzerland, let’s clarify some common questions about the topic.
What Is a Joint Account?
As the name suggests, a joint account is a bank account managed by two people together. It’s often used by partners or even housemates to simplify shared financial responsibilities. For example, when two people move in together, they may decide to open a joint account to manage rent, utilities, groceries, and other expenses. Each person deposits a set amount of their income into the joint account, from which shared expenses are paid.
When Does a Joint Account Make Sense?
In my opinion, a joint account makes sense when you’re spending too much time and energy transferring money back and forth. Some couples manage fine without one, perhaps by dividing responsibilities (e.g., one person pays rent while the other covers other expenses). In such cases, clear communication is crucial: How do you want to manage money as a couple? Will you split expenses 50/50, or proportionally based on income? If one person earns significantly more than the other, a proportional split may feel fairer.
Also, decide which expenses the joint account will cover. Will vacations or leisure activities be included, or will those remain separate?
While I’m a big fan of joint accounts for organizational purposes, I strongly recommend keeping your own personal account as well. With that, you can plan for retirement, invest, or treat yourself to a massage—without needing to consult your partner.
For expats, understanding the legalities in a new country is essential. Make sure you’re fully informed about your rights.
Can You Have a Joint Account Without Being Married?
Yes! Requirements for joint accounts vary by bank, but marriage is not a prerequisite. A joint account can also work well for roommates sharing household expenses.
What to Look for When Choosing a Joint Account
Here are the key criteria for selecting the right joint account:
- Monthly Fees: Since this is an additional account, it shouldn’t break the bank. A good price-to-value ratio is essential.
- Features: Does the account offer options like sub-accounts or "pots" to save for shared goals, such as vacations?
- Ease of Use: Can you easily manage the account via a mobile app?
Joint Accounts in Switzerland: The Best Providers
Ready to set up a joint account? Here’s a brief overview of some of the best options available in Switzerland. Unfortunately, neobanks are still lagging in this area, so traditional banks dominate our list:
1. NEON
- Mobile banking
- Cash withdrawals possible
- Monthly fee: CHF 3.- per person
- Includes 2 cards
- Each person gets one free withdrawal additionally
- 🔗 Link to NEON: www.neon-free.ch/de/gemeinschaftskonto/
2. UBS
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Mobile & PC access
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Digital banking
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Cash withdrawals possible
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Monthly fee: 6 months free, then CHF 15.-
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Base price: CHF 15 - 25
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Includes debit and credit cards
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Disadvantage: Monthly costs are quite high
- 🔗 Link to UBS me: www.ubs.com/ch/de/private/accounts-and-cards/bundles/couples.html
3. ZKB
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Includes MasterCard or VISA
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Includes shopping and travel insurance and participation in the surprize bonus program
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Includes savings account (0.4% interest) up to CHF 25'000.-
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Monthly fee: CHF 8.- with partner card
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Advantage: Savings account can be used for joint vacations
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No source tax on interest up to CHF 200.- per year
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🔗 Link to ZKB: www.zkb.ch/de/private/konten-karten/pakete-erwachsene/zkb-inklusiv-silber.html
4. Coop Finance+
- Includes 2 debit cards
- 0.15% interest
- Earn points on Coop purchases
- Monthly fee: Free in the first year, then CHF 5.- if spending is under CHF 500.- per month
- Advantages:
- Clear app interface
- Cash withdrawals at Coop checkouts or ATMs
- Online contract conclusion possible
- Disadvantage: No credit card included
- 🔗 Link to Coop Finance+: coopfinanceplus.ch/de
5. PostFinance
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Includes debit card
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Free cash withdrawals
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Includes savings account in CHF and EUR
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Monthly fee: CHF 5.-
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Credit card can be added
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Advantage: Low account maintenance fees
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Disadvantage: Unclear whether a partner card incurs additional costs
- 🔗 Link to PostFinance: www.postfinance.ch/de/privat/zahlen-sparen/bankpakete-konten/privatkonto-chf.html
Another option is to inquire about joint accounts at your current bank. Existing customers may get tailored packages with competitive conditions.
My conclusion on joint accounts in Switzerland
When it comes to joint accounts, the ZKB stands out for its features (mobile app, a savings account for shared goals, and perks like insurance and a bonus program), while NEON offers the best value for money. Whatever your choice, the right joint account can simplify your financial life and help you stay on track with your shared goals. So, take a moment to evaluate your needs and find the perfect fit. Your relationship (and wallet) will thank you!
Your Financial Expert
