Zak

3 Reasons Why I’m Still Using my Zak Bank Account (8mths on)

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If you’ve read my last Zak review, you’ll notice I rate them very highly for the ‘digital first’ innovation, slick user experience and fast customer on-boarding experience. It’s a joy to use compared to the traditional banking alternatives.

But this is a fast-moving industry. With all the innovation coming from the likes of Revolut and Neon, new startup companies and general buzz around the future of banking, it’s easy to be attracted to the next ‘latest and greatest’ offering.

So, why am I’m still using and coming back to Zak? And why haven’t I closed the account and just deleted the app?

Well, the reasons might not seem so obvious at first glance – but there are a few key factors that I value that separate them from the pack.

🎁 Reader Bonus: I’ve partnered with Zak to bring Investing Hero readers (that’s you!) a 50CHF welcome bonus when you open a free account. No strings attached and no BS. Just use the code HEROCH to claim your 50 bucks.

Right then, lets get onto my top 3 – step by step 🙂

1. A strong Swiss backbone.

Zak is a product from Bank Cler, formally Bank Coop, who is a FINMA regulated Swiss bank. This means my deposit is insured up to 100,000 CHF and is held in Switzerland. And that feels good.

Bank Cler has to operate under strict regulation and regular auditing to comply with Swiss law. In addition to that, despite Zak being pretty new, Bank Cler is an established player (Coop Bank was actually founded in 1927!) in Switzerland with some 500 employees across the country.

All of this brings confidence to the fact they aren’t going anywhere anytime soon, and my deposit is well protected.

Some might say this isn’t the case for other neo-bank and European startups offering digital banking services. With different laws and jurisdictions, different regulations and different insurance policies – it’s an added layer of complexity should things go wrong.

2. I can walk into a real branch.

Call me old-fashioned, but I like the fact Bank Cler has branches, and ATMs, all over the place and I can speak to a human face-to-face.

In today’s digital world it’s easy to forget the peace of mind having an actual ‘brick and mortar’ presence brings.

The fact I can walk into one of any Bank Cler branches, sit down for a coffee and get support with my account (e.g. such as paying in a wedge of cash) in person is a nice value add – and a great comfort if things go wrong. The thought of losing my iPhone is making me sweat just thinking about it.

And these branches aren’t your standard dusty looking cantonal banks either:

As banks go, it could be worse.

3. Transparent and feature-packed roadmap.

The Zak app I have installed today is different and better than the one I had 8 months ago. Things are always improving. And that’s another great thing to know, there is a dedicated team working on new features and enhancements.

And the cool thing is, they share this info on their public roadmap:

My ‘traditional’ banking apps on the other hand, haven’t changed whatsoever. Sure, they work, but they do the same thing they did 3 years ago.

Where will the Zak app be in 3 years? Ahead of them.

Closing thoughts

In short – so far, so good. Downloading Zak and making my Zak review started as an experiment for me, but I’m still here 8 months later using the app on a daily basis. The 3 examples above are a just a few of reasons why that’s the case.

As the competition heats up in this area, I’m looking forward to seeing how the app and offering develops in the near future.

More to come!

Mr. IH

🎁 Reader Bonus: I’ve partnered with Zak to bring Investing Hero readers (that’s you!) a 50CHF welcome bonus when you open a free account. No strings attached and no BS. Just use the code HEROCH to claim your 50 bucks.

*Update Sept 2020

I’ve had a few questions on where you enter the Zak promo code HEROCH.

1 – Wait for your account to be activated after registering. Takes 2-3 days.
2 – Go to your ‘Profile’ and tap ‘Code eingeben’ and enter the Zak code HEROCH
3 – That’s it! Enjoy 🙂

About me

I’m a British expat who’s been living in Switzerland for the last 10 years. I’m a digital marketing professional by day, and anonymous investing blogger by night. I cover investing basics, robo advisor reviews and epic how to guides. You can call me ‘Mr. IH’ for short, and read more about me here.

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