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What is Zak Invest?
Zak Invest is the new trading feature in Zak, Bank Cler's smartphone solution. Zak customers can invest in shares, ETFs and funds directly in the app - without a separate broker app.
Not yet familiar with Zak? Find out all about the banking app here: Zak Bank Cler Field Report
The most important key data:
- 12,000+ shares, ETFs and funds tradable
- Access to international stock exchanges (SIX, NASDAQ, NYSE, LSE, SEHK, etc.)
- Integration directly in the Zak app
- Exclusive Asset Management Insights from Bank Cler
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Many thanks for the usual transparent test report! However, there is one point that is generally overlooked in the perception of Zak Invest: the lack of a cap on custody account fees for larger assets. What looks like «peanuts» for very small amounts turns into a horrendous wealth tax through the back door for serious wealth accumulation.
Anyone using Zak Invest for long-term wealth accumulation is underestimating the destructive power of the compound interest effect.
The sample calculation of horror:
Let's imagine a custody account of 150,000 francs. With a standard market return of 6 %, you already pay 375 francs in the first year just for safekeeping. As the fee is a percentage of the value of the custody account, it grows mercilessly with every price gain. Over 20 years, the lost fees including the lost compound interest add up to over 18,000 francs. That's not pocket money, it's a small car that you give to Bank Cler.
It gets really absurd with a deposit of 1,000,000 francs:
Anyone who has made it to millionaire status and stays with Zak will be asked to pay outright. 0.25 % per million means 2,500 francs in custody account fees - per year! By way of comparison: with capped brokers or flat-rate models, you often only pay 100 to 200 francs for exactly the same service.
Over a period of 20 years (with a return of 6 %), loyalty to Zak costs you a total of over 120,000 francs in end capital for a million-franc custody account compared to a provider with a flat fee or cap. In other words, you pay the equivalent of a luxury saloon car or a deposit for a flat just for the bank to manage a few digital positions.
As long as Bank Cler does not introduce a cap, Zak Invest is a trap for anyone saving more than a few thousand francs. Anyone thinking long-term should not have their returns eaten up by percentage custody account fees with no upper limit. Convenience may cost a lot, but certainly not six-figure sums.
Hello Eric
Thank you for your detailed report, which gives a good overview of the new feature at ZAK.
I already use SAXO but no entry in the share register is possible there.
I don't mind this for most titles, but for some, such as Swatch, I would like to have such an option.
Do I understand correctly that ZAK Invest has created a comparatively inexpensive way to register in the share register free of charge? I know that it is also possible with Swissquote, but the fees are a lot higher.
So would it make sense to use ZAK Invest in addition to Saxo for the securities for which you enjoy an advantage when they are entered in the share register? (e.g. Swatch) and hold the rest with Saxo (advantages: no custody account fee and free tax statement).
The volume held at ZAK Invest would then be manageable, as would the number of securities (the cost of tax returns is also reasonable, as there are only a few securities in the portfolio, which then have to be written off quickly; fortunately, the tax statement is free at SAXO).
Hello Max
Thank you for your exciting approach!
Yes, ZAK Invest does indeed offer free entry in the share register - this is an advantage that Saxo does not offer for Swiss securities with dividends in kind or perks (Swatch, Lindt, etc.).
The combination «ZAK Invest for selected CH shares with share register advantage + Saxo for the rest» can make sense depending on the situation. As long as you only hold a few shares with ZAK, the additional work involved in filing your tax return remains manageable.
Just bear in mind that the brokerage fees at ZAK Invest are higher than at Saxo - but for a small number of positions held over the long term, this is of little consequence.
Best regards
Eric
Nice comparison, thanks for that. Another important thing to mention is the treatment of dividends in foreign currencies. With Yuh it is booked to the respective foreign currency account, while with Zak it is converted into CHF. This is not free of charge and is likely to reduce the return.
Thanks for the addition, Michael!