Streamlining Finances: Seeking the Best All-in-One Solution

[Daniel]

Title: Streamlining Finances: Seeking the Best All-in-One Solution

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In my quest to organize my finances more effectively, I want to share where I currently stand: choosing a bank, preferably one that allows me to manage everything in one place.

My conditions... if its possible: A standard account should generate some interest without requiring funds to be locked. If it also offers fixed-term deposits, even better – this is where Yuh comes into play.

On the other hand, I finally convinced my wife to invest at least a small part of her 3rd pillar savings, or at least new contributions, in equities. I use Finpension, but she’s wondering whether to go with Yuh, Viac, or another bank to have everything visible in a single account. What’s your opinion or experience with this?

As for credit cards, I’ve read the blog and various posts here. Yes, Cembra offers cashback, but Neon has the advantage of low fees for purchases in foreign currencies. The goal would be to create a solid package that doesn’t require managing five accounts with different providers.

For my part, I currently use Raiffeisen (likely not for much longer), Finpension, and IBKR.

Thanks

 

[Baptiste Wicht]

On the other hand, I finally convinced my wife to invest at least a small part of her 3rd pillar savings, or at least new contributions, in equities. I use Finpension, but she’s wondering whether to go with Yuh, Viac, or another bank to have everything visible in a single account. What’s your opinion or experience with this?

Every bank wants to be "the bank that does it all". But currently, there is no such bank with good conditions. There are good banks, good third pillars, good Robo-advisors, but there is no single service that does everything well.

And honestly, I don't think there will ever be. In some cases, it makes sense to simplify, but in most cases, we need to use multiple providers to have a good system. I know this is not what you want with streamline, but currently the system you are looking for would be very sub-optimal.

As for credit cards, I’ve read the blog and various posts here. Yes, Cembra offers cashback, but Neon has the advantage of low fees for purchases in foreign currencies. The goal would be to create a solid package that doesn’t require managing five accounts with different providers.

I think credit cards is one case you can skip to streamline your finances. It's true that Neon has no cashback, but unless you spend a ton with your card, the total cashback per year is not huge. So, you could skip it and keep only your Neon card to simplify your finances. However, keep in mind that Neon only has a debit card and sometimes a credit card is necessary (for renting a car for instance).

 

[gaijin]

I find this an interesting angle. Having streamlining as first criteria (and returns/costs as second) is probably not the pure FIRE concept, but still intersting to consider, since it touches on the needs of the 95% population who are not into FIRE.

Assuming you are happy with the investment limitations offerd by the neo banks and don't need a joint account, my suggestion is to use Yuh, since they offer the largest investment universe. If you are happy with an even more limited investment universe and would like a joint account, Neon is the way to go.

As for radicant and Alpian, not sure if I would recommend them for this streamlining focus, since their future is unclear (radicant) or the investment universe does not allow fully self-managed options (Alpian).

 

[Baptiste Wicht]

Assuming you are happy with the investment limitations offerd by the neo banks and don't need a joint account, my suggestion is to use Yuh, since they offer the largest investment universe. If you are happy with an even more limited investment universe and would like a joint account, Neon is the way to go.

I would also agree with using Neon or Yuh if you want something as integrated as possible.

You could also use Finpension Invest or VIAC Invest, so you would have 3a+vested+free assets in the same provider and then use your bank only as a bank.