After proposing educational material dealing mainly with portfolio management, investment approaches and financial news reviews, you will now discover some information concerning practical tools used by Guide Finances members. In the coming months, you will find practical information on two brokers (Interactive Brokers and DEGIRO), an article on the most suitable payment methods, on the appropriate use of credit cards and on a free account in Switzerland. The educational material will continue to be available on the site on a regular basis.
The free account recommended here is only available to Swiss residents (apologies to international readers…however all other reviews will be applicable to all).
Who is Zak?
Zak is the innovative subsidiary of Bank Cler (formerly Bank Coop), itself part of the Basler Kantonalbank group. In 2018, Bank Cler launched Zak, Switzerland’s first smartphone bank, underlining its claim to be a digital pioneer among Swiss retail banks. Therefore, it is a recent offering, but not a chaotic startup thanks to its group’s backbone.
BKB and Bank Cler have an independent customer base, each with its own brand and capital. This will remain the case, according to group CEO Basil Heeb, not least because the parent bank BKB enjoy a state protection and Cler not. However, deposit protection system guarantees the security of small savers: since Zak is part of Bank Cler, a Swiss bank regulated by the FINMA, your money remains in Switzerland with an insurance up to 100’000.
Zak’s offer
The advantage is that Zak is an integral part of Bank Cler and offers customers, especially from the younger generation, digital solutions and a basic offer completely free of charge. In addition, Zak benefits from the infrastructure, for example in product processes or in accounting, of a very well established group. If you need to, you can also physically visit any of the 30+ Bank Cler branches. The icing on the cake is that the customer support is good and generally very responsive.
Zak in Practice
You only need to avoid using the card at third-party bank ATMs (CHF 2 fee) and using the app for currency conversion or international payments (1.2% fee for foreign purchases with the Zak Visa prepaid card). Otherwise, you can really manage your finances without any charge with account administration, card use and payment transactions free in Switzerland. Only avoid buying on the internet or abroad.
The free account has some minor shortcomings such as the limitation to Swiss Franc currency, the rigidity of changing the monthly limit, the lack of a chat function or the incompatibility with Twint (but paying with Apple Pay, Google Pay or Samsung Pay are possible). On the other hand, most of the usual features are included in the application: consult your banking operations, enter transfers or standing orders or scan bills in Swiss format.
Welcome bonus
If Zak convinces you can enter the Zak voucher code 9FRG4P after downloading the app (App oder Play Store), which will give you a starting credit of 25 francs and at the same time support the production of free financial education material.
In summary
The advantages of Zak are numerous:
- Very easy to register and login,
- No account management fees,
- No debit card fees,
- All features such as bill scanning and joint pots are available on your phone,
- Use of Cler Bank branches in case of questions about your Zak account.
Source: «Gier hat Rolle des Schrittmachers», 16.10.2021, Finanz und Wirtschaft cler.ch/get-zak
