This article is about Zak Bank. The aim is to have a summary of the services of this bank account.
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Important note ❗
For this article, my goal is not to make propaganda for Zak. Indeed, I wrote this article to have an overview on the positive and negative aspects of Zak in my opinion.1
Presentation by Zak
Zak is a bank account available from the Smartphone.
According to AI, Zak is the number one digital account in Switzerland!
In fact, the zak application allows you to pay, make transfers, organize your budget or receive money.
In addition, with Zak, it is possible to pay with a Visa bank card.
👉 Note that Zak is connected to Cler Bank, which is the former Coop Bank..
Conditions and opening an account Zach
The conditions for opening a Zak account are:
- Be over 18 years old
- Have a B or C license or be of Swiss nationality
- Reside in Swiss territory
- Not to be under guardianship
If these conditions are met, then it is very easy to open a Zak account. In fact, all you need to do is download the Zak app.
Indeed, with a smartphone, proof of address and an identity document for registration. You have to waste ten minutes from the app in order to have the account.
Then, a few days later, the payment card will arrive by mail. If the customer wishes to pay by credit card.
Banking license by Zak
Affiliation with Cler is important because it guarantees Zak's client, the first 100,000 CHF in the event of Zak's bankruptcy. Thanks to Cler's deposit guarantee.
Therefore, having a bank account with Zak or a traditional bank in Switzerland offers similar security.
Account version by Zak
Actually, Zak has 2 bank versions.
- A free version
- A paid version at 8 CHF / month which gives some banking advantages and which participates in ecological projects.
However, pFor this article, I focused on the free version. Because it is sufficient for the majority of a frugalist's needs.
Currencies by Zak
Zak is a bank account that only has Swiss franc as currency in the bank balance.
In fact, if other currencies enter or leave the Wir account. In this case, Zak automatically converts the foreign currency into Swiss francs (or vice versa).
The commissions
Zak's Commissions
Annual Commissions
Maintenance and bank card fees
| Account maintenance fees (bank account management fees) | 0 CHF |
| Bank card fees | 0 CHF |
👉 0 CHF per year to have an open bank account. It is essential in a bank account.
Commissions for payment
| Payment in Switzerland | 0 CHF |
| Payments abroad (worldwide) | 0 CHF |
| Exchange rate increase | 2% |
👉 Note that the only negative point is the exchange rate. Indeed, 2% is a greedy commission.
On the other hand, regarding payments in Switzerland. It's free 😉
Withdrawal Commissions
| Withdrawal of CHF in Switzerland, in a Cler bank | 0 CHF |
| Withdrawal in CHF in Switzerland, at a bank other than Cler | 2 CHF |
| Withdrawal abroad | 5 CHF + exchange rate increase |
| Euro withdrawals in Switzerland | – Free + exchange rate surcharge (2%) in a Cler distributor – 5 CHF other than a Cler distributor |
| Exchange rate surcharge | 2% |
Withdrawals in CHF in Switzerland are only free at Clers ATMs. This is not practical if you don't live nearby.
Regarding the markups in another currency. The commission is substantial. This is to be avoided!
Transfer commissions
| Bank transfer in Switzerland | 0 CHF |
| Bank transfer in Sepa countries (mainly Europe) in Euros | Free + Exchange rate surcharge (2%) |
Bank transfers in Switzerland are without surcharges.
As for international bank transfers, in my opinion it is a bit expensive.
The Interest Rate
| Interest rate | Good |
Zak generally offers good interest rates compared to Swiss banks.
Note that the interest rate varies according to the Swiss National Bank (SNB).
ZAK Promo Code: 8LU6GX = 25 CHF in your account
Features & Application
Zak – Map and app
| Benefit | |
|---|---|
| Simplicity and practicality of the application | 👍 |
| Cybercrime | 👍 (to my knowledge) |
| Creating sub-accounts | 👍 (jar) |
| Sharing multiple accounts | 👍 (with Zak Ilico) |
| Payment by card | 👍 |
| Paying bills by scan | 👍 |
| Payment during business hours | 👍 |
| Payment by e-bills | 👍 |
| Payment by Twint | 👍 |
| Creation of standing orders | 👍 |
| Free withdrawal from all ATMs | 👎 |
| Ability to send money abroad | 👍 (In Europe) |
| Details of commissions when paying or transferring money | 👌 (exchange rate related commissions are sometimes not written) |
| Mobile payment | 👍 |
| Account statement and supporting documents | 👍 |
ZAK Promo Code: 8LU6GX = 25 CHF in your account
Zak's Summary
To conclude, here is my personal opinion on Zak. 😉
| Benefit | My Punctuation out of 10 |
|---|---|
| Security | 9.9 (I remove 0.1 because you never know) |
| Management fees (account maintenance fees) | 10 (free) |
| Bank card fees | 10 (no fees with the plastic of my Zak card) |
| Payments in Switzerland | 10 (no problem so far) |
| Payments abroad | 8 – Exchange rate of around 2% – Limited in Europe |
| Simplicity for application | 10 |
| International Bank Transfers (transfers) | 7.5 – 1 point regarding the limitation to transfer only CHF or Euros – 1.5 points regarding high commissions for large amounts |
| Cash withdrawal in CHF in Switzerland | 8 – 2 points because the client is limited to Cler banks |
| Cash withdrawal in Euro in Switzerland or abroad | 6 (this service is rather expensive, avoid) |
| Interest rates | 9.5 (Good interest rate for a bank without management fees) |
| TOTAL Punctuation | 8.8 / 10 |
ZAK Promo Code: 8LU6GX = 25 CHF in your account
My opinion on Zak
In general, The application is pleasant to use, stable, simple and efficient.
Plus, the banking services are very good!
I love the function of the pots. In these conditions, they allow me to organize my budget in a simple and quick way.
👉 Zak for use only in Switzerland, it's perfect and free of charge😉
On the other hand, for use with foreign currencies. It's a bit expensive because of the exchange rate 😶. In reality, the conversion rate is Zak's weak point.
Zak's Areas for Improvement
➡️ To summarize, here are the main points that Zak Bank should improve in my opinion:
- Commissions with the exchange rate of 2%. It is a bit greedy compared to some bank accounts in Switzerland.
- Possibility to withdraw cash without commissions at any ATM in Switzerland.
- Remove the exchange rate commission. As is the case with some Swiss bank accounts
Zak Promo Code
➡️ If you are interested, do not hesitate to download the application in using my promo code, this will save you money and me too 😉
ZAK Promo Code: 8LU6GX = 25 CHF in your account
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For a question of transparency towards the readers. All recommended products are in order to make life cheaper, simpler and to promote the essentials.
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About me
I decided to create this blog to develop and help readers who are looking for a simpler and more economical life.
Compared to before, I was a person who consumed a lot until the day I realized that my consumption made me sadder and poorer 😑
Now I prefer the minimum of my needs to be happy and achieve my financial freedom.
Without realizingI started to focus on saving and investing to depend on a boss for as little time as possible and to speed up my personal projects.
For several years I have felt happy and I have become richer in a way that I would never have imagined given that I have an average salary in Switzerland.
It is for this purpose that I decided to create this blog. In order to share and learn with other people who seek freedom and simplicity 😉
Are you rather minimalist or frugal Jonny?
I am as minimalist as I am frugalist. However, there are situations where I lean more towards an art of life.
To conclude, I think the most important thing is to feel comfortable in your lifestyle 😊
Commissions Zach
1 – https://www.cler.ch/fr/info/zak
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