Costs for current account for young clients fell for three months by 20%, for family use only about 5%


GE Money bank is The Jumper of the Quarter, Czech Savings Bank reached worse position Quarter by Quarter.

It results from August; the seventh wave of FEE MONITOR by MindBridge Consulting Company, which quarterly compares current account bank charges for two mystery profiles: „Daddy“ with higher activity and higher financial income and „Young Single“ with lower income and lower banking activity.

Total costs for current account for young clients (Young Single) fell in August 2014 against the previous wave in May by 20%. The main driver of this change was the new GE Money Bank price list. In May Young Single client paid 2,141, – CZK a year, while in August (the same use of services) received 373, – CZK per year.

Air Bank became the most advantageous bank in August too, in spite of the decrease of interest rate from 1.3% to 1.1% per annum under the condition client uses a payment card at least five times for cashless payments. A significant change was measured at GE Money Bank, a bank which launched a special offer for Free&Flexi account. In comparison with May wave of FEE MONITOR costs are lower by 1,800,– CZK a year. The bronze medal was again given to Equa bank.

Choice of the best offer saves client Young Single nearly 2,000 CZK per year.

(see overall ranking FEE MONITOR 2014_08 YOUNG)

Total cost for current account for older clients (Daddy) fell in August compared to May by 5%. Costs reduction by GE Money Bank and UniCredit Bank was compensated by higher costs for Czech Savings Bank, LBBW and mBank.
In case of client profile Daddy first placed Air Bank too, which has an annual interest rate of 1.1%. The following is ZUNO, which currently provides account for free (as Air Bank) and only charges a fee for issuing a second payment card to the account. On the third place came GE Money Bank.

Choice of the best offer client Daddy can save more than 2,600 CZK per year.

(see overall ranking FEE MONITOR 2014_08 DADDY)

In August GE Money Bank and UniCredit Bank offered significantly (by more than 500, – CZK per year) better conditions than in previous period.

Less advantageous conditions (difference more than 500,– CZK per year) in August compared to May were offered by Czech Savings Bank, LBBW or mBank.

The ranking – DADDY annual cost for current account

  • 1st Air Bank – Malý tarif (client receives annually 635 CZK)
  • 2nd ZUNO – účet plus (client pays 80 CZK per year)
  • 3rd GE MB – Free & Flexi (client pays 91 CZK per year)


  • 11th KB – Můj Účet (client pays 1 544 CZK per year)
  • 12th ČSOB – aktivní konto (client pays 1 549 CZK per year)
  • 13th ČS – Osobní účet ČS II (client pays 1 993 CZK per year)

The ranking – YOUNG SINGLE annual cost for current account

  • 1st Air Bank – Malý tarif (client receives annually 448 CZK)
  • 2nd GE MB – Free & Flexi (client receives annually 373 CZK)
  • 3rd EQUA (client receives annually 7 CZK)


  • 12th ČSOB – aktivní konto (client pays 1 433 CZK per year)
  • 13th LBBW – konto 5 za 50 (client pays 1 522 CZK per year)
  • 14th Raiffeisen BANK – eKonto KOMPLET (client pays 1 541 CZK per year)

About measuring

Fifteen banks involved in the test (in alphabetical order):
• Airbank
• Citibank
• Česká spořitelna
• Equa bank
• Fio
• GE Money Bank
• Komerční banka
• mBank
• Poštovní spořitelna
• Raiffeisen Bank
• Sberbank
• UniCredit Bank

Many banks offer product packages which contain various services for the monthly fee. Some banks also provide bonuses to attract clients. These benefits differ from bank to bank. Concrete requirements were defined to eliminate differences in banking offers.

Young Single is single client, whose net monthly income is 18,000 CZK, the account balance is CZK 80,000 and the monthly volume of cashless transactions 3,000 CZK. He requires a current account with embossed debit card, internet banking to operate the account, card is also used for 4 × ATM withdrawal (of which 3 × ATM domestic banks and foreign × 1), 3 × incoming payments, 7 x outgoing payments and 2 x internet payments.

Daddy is married, has two children, he is 40 years old, with account income of CZK 45,000 monthly, account balance CZK 130,000 and a monthly volume of cashless transactions 6,500 CZK. He requires current account, 2 × contactless payment card, internet banking, 3 × ATM withdrawals (2 × ATM domestic banks and 1× foreign one), 4× incoming payment, 11 × outgoing payments and one internet payment.

Mystery shopping was taking place in bank branches in Prague and others methods used were mystery mailing and searching data via internet. The objective of this project is to find the optimal current account thus such which meets all requirements with the lowest costs.