Articles in the NZZ, sponsored adverts on the internet and a loud advertising drum have promoted the CSX smartphone solution. "No more apps that play bank" is the slogan. A clear message as to which customer segment they want to win (back)?
A serious Credit Suisse CSX test is only possible in the long term. We have taken a closer look at the conditions and CSX fees.
It may be true that established banks can look back on many decades of experience in the banking business. But the enormously positive response to cost-effective smartphone solutions strongly shows what the demands of the younger generations look like.
Fees are compared and the hidden in the fine print is tracked down and discussed.
People are willing to have their retirement or investment account at a different bank than their savings account. But why actually?
Customer loyalty is rarely rewarded these days; slowly rising and hidden fees are just one example. This can be observed with mobile providers, as with banks.
It is therefore understandable that more and more niche providers with selective and inexpensive offers are spreading out. Buying shares and co are at Zak or perhaps Neon not an issue. It is about a simple savings account with favorable conditions.
Now CS wants to replicate this with CSX?
Let's take a look at the conditions of the free CSX variant.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
Customers under 26 years of age are advised to use a different product at CS. Already from the first cash withdrawal you have to pay 2CHF per withdrawal and abroad it is completely different - that is CSX?
The advertising slogan "No more apps that play bank" is probably aimed at Neon, Yapeal and Zak, isn't it? The product lineup certainly doesn't. After all, customers with an affinity for price will not necessarily cheer at these conditions.
So if you're now looking more at customers who need to be introduced to other CS services, there's another exciting detail:
By the way, from 100'000CHF you pay 0.1% fee (Negative interest) to his CSX account! Wealthy customers are thus driven to other CS offers.
Customers of regional and cantonal banks that have been dragging their feet on digitization for some time may then be addressed.
So it's exciting to see what the product managers here must have thought. The advertising slogan, at least, backfired in our opinion.
We were honestly looking forward to a good solution, because healthy competition is always good for us customers. But cash withdrawals within Switzerland, or at least at CS ATMs, should be free of charge.
By the way, foreign fees are not only dependent on the direct fee. Consider also the CSX fees foreign exchange rates. Because the exchange rate is usually changed at banks and there often accommodated another package of fees. Other suppliers specialize in foreign transfers and offer them at very low cost.
You would like to have the possibility to buy shares, real estate financing and consulting in branches and all this with one provider? Would CSX be something for you?
Did the advertising drum promise too much? If customers of neo-banks were looking forward to your disruption of fees at the big bank, they were disappointed, at least for the time being. You can do the banking services yourself as a customer in the CSX test, and here you will probably not be disappointed.
Those who are not looking for counseling and other services can use a inexpensive account for smartphone banks. Those who prefer a big bank can look forward to more CSX features.
What do you think? Should we do a detailed CSX Credit Suisse Review and a CSX Invest Test? Or will CS fail beforehand and the Fund dissolved?
Let us know in the comments.
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I would also like a detailed review. Ev. also test whether it would be a good (or cheaper) alternative to the 'old' account
The app failed for me. Already the registration took two days and had to be restarted several times. With 30 min. instead of the 10 min. I could still live, but not two days! Besides the usual questions about money laundering etc., I had to state my employer - and whether I would like to transfer more than 3Mio CHF!? My home address was automatically recognized/validated, but still I got nowhere. Then the fees are for me absolutely not comprehensible and beyond the CH co-providers.
From the savings account to the private account or to another savings account 12 transactions are possible per year. The restriction also applies to the same account master! I.e. from the 13th transaction 10CHF!!! are due! If I compare the CSX app with Zak, Neon and N26, CS is still in the stone age - and no comparison with the apps I use in Shanghai. Unfortunately, the CSX app is absolutely not a game changer. Zak is the furthest in CH in terms of usage in my opinion and NEON offers the best payment terms. But no comparison to FinTech solutions abroad - which is embarrassing for the Swiss financial center.
I also received this info mailer because I still have a savings account with CS. The offer is not really attractive and can by far not keep up with the competitors. A pity really.
I have tested the app for myself. Find everything very good, looks optically cool works at least for me objection free.
But I was looking forward to a tool like Transferwise and Revolut. But these two are not comparable.
For example: Test
payment from Switzerland to Thailand. Only with 8CHF
Transferwise: About 1,30 CHF fees.
CSX : 29 CHF fees.
For me obviously what I will continue to use.
Thanks for sharing Sebastian! So you've been with neon Client?
Gladly detailed review best in a YT-Video😊
if it will be YT I can't say yet, but I'll gladly add the review to my list, Luana 🙂