If you need a minimum age to open an account and manage your assets, is there a maximum age to change banks or managers? It is the common opinion that, from a certain age, it is no longer really possible to change bank. But beyond beliefs, what is really going on? Is there an age limit for changing banks or wealth managers?
Changing banks, for what reasons?
There are several reasons to choose a new bank. Whether it is to benefit from a more favourable loan, for lower transaction costs, for proximity to its customers or simply to take the plunge and engage with an online bank, there are many reasons to do so. However, from the desire to change to taking action, a gap seems to be created.
What are the steps to change banks easily?
Often perceived as complex, the steps to change banks are not as complicated as they seem. With a little organization, changing wealth managers with ease is within everyone's reach! Once the new bank has been chosen, you will have to provide some basic information to open an account, at least an identity document and proof of residence. In the case of digital banks, the procedure is very simple and fast: it will take you 10 minutes to provide the necessary information and the account is opened the next day.
Regarding the transfer, the new bank will often help to make the process efficient and fast.
What are the costs associated with transferring an account or investment portfolio?
Each bank applies a different fee structure that will be charged as part of a transfer with or without account closure.
These amounts vary enormously from one bank to another, but a conversation with the new banker will provide the necessary insight to reduce these costs. In the case of investment portfolios, fees may vary from CHF 200 to more than CHF 1000. However, with some tips, the cost of this change can be significantly reduced. Talk to a Fyleen manager about it!
Am I too old to change banks or wealth managers?
Whatever the reason for this change, there is no age limit. In the event of assets that will be transferred to next generations, an unfortunate situation with your bank or manager should not be allowed to continue. Indeed, by transmitting a patrimony, we also transmit the associated situation. If something does not or not longer fit your needs, it is better to change it during your lifetime than to leave this choice to future generations.
In addition, if you are involved in a mortgage loan, it can be bought by another bank, which can also lead to more advantageous rates.
Banks change managers very frequently and this does not pose any particular problem. The same applies if it is the client who wishes to change wealth managers!
For a personalized study of your situation, contact Fyleen's advisors at +41 22 539 18 39.